Joint Stock Companies Act 1856
1856 | |
Other legislation | |
---|---|
Repeals/revokes | |
Repealed by | Companies Act 1862 |
Relates to | Companies Act 2006 |
Status: Repealed |
The Joint Stock Companies Act 1856 (
Overview
Unlike other
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Debate
The Joint Stock Companies Bill was introduced to Parliament by the then Vice President of the
A company formed on the principle of limited liability carries on the face of it something like prudence and caution. Its shareholders seem to say, "we have entered into a partnership, but it is impossible to tell what may happen, and since the company may fail, we will not risk all we possess in the undertaking...[2]
My object at present is not to urge the adoption of limited liability. I am arguing in favour of human liberty – that people may be permitted to deal how and with whom they choose without the officious interference of the state; and my opinion will not be shaken even though very few limited companies be established. Every man has a right to choose for himself between the two principles, and it is ill advised legislation which steps in between him and the exercise of that right. It is right the experiment should be tried; and, in my judgment, the principle we should adopt is this, – not to throw the slightest obstacle in the way of limited companies being formed – because the effect of that would be to arrest ninety-nine good schemes in order that the bad hundredth might be prevented; but to allow them all to come into existence, and when difficulties arise, to arm the courts of justice with sufficient powers to check extravagance or roguery in the management of companies, and to save them from the wreck in which they may be involved.[3]
The third reading of the bill took place on 2 June 1856, and passed easily.[4]
See also
Notes
References
- W Paterson (ed). "Joint Stock Companies Act". The Practical Statutes of the Session 1856. London. 1856. Pages 61 to 119.
- Welsby and Beavan. Chitty's Collection of Statutes. Third Edition. 1865. Volume 1. Title "Companies (Joint Stock). Pages 684 to 717.
- Charles Wordsworth. The Joint Stock Companies Act, 1856. Fourth Edition. Shaw and Sons. London. 1856.
- Charles Wordsworth. The New Joint Stock Company Law. Shaw and Sons. London. 1859. Pages 1 to 70.
- Henry Thring. The Joint Stock Companies Act, 1856. London. 1856.
- William George Harrison and George A Cape. The Joint Stock Companies Act, 1856. London. 1856. Bibliography. Catalogue.
- Edward W Cox. "The Joint Stock Companies Act, 1856". The New Law and Practice of Joint Stock Companies. Fourth Edition. London. 1857. Pages 1 to 83.
- Harris, R. (2000). Industrialising English Law: Entrepreneurship and Business Organisation, 1720–1844. Cambridge, UK: Cambridge University Press. ISBN 0-521-66275-3.
- Hunt, B.C. (1936). The Development of the Business Corporation in England, 1800–1867. Cambridge, MA: Harvard University Press.
- Mayson, S.W; et al. (2005). Mayson, French & Ryan on Company Law. London: Oxford University Press. ISBN 0-19-928531-4.
External links
- Joint Stock Companies Act 1856 Table B, original text
- Joint Stock Companies Act 1856, explanations