The ICJ does not always transfer general principles from municipal law to international law, but it also sometimes resorts to the rules and institutions that are created within municipal law. In the Barcelona Traction Light and Power Company case (Belgium v. Spain, 1970), the Court had to decide whether Belgium could exercise its right of diplomatic protection against Spain in respect of its nationals, who were shareholders in the company that was registered in Canada and operated in Spain. Spain had declared the company bankrupt and took certain other measures injurious to the company. The Court, applying the municipal law doctrine of “corporate personality”, held that the alleged wrongful acts were committed against the company and, though shareholders suffered indirectly, Belgium had no cause of action. The corporate personality is distinct from shareholders under municipal law, and separation of property rights was an important manifestation of this corporate personality. The court observed that “whenever legal issues arise concerning the right of States with regard to the treatment of companies and shareholders, as to which international law has not established its own rules, it has to refer to the relevant rules of municipal law” disregarding of which invite serious legal difficulties.