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CHAPTER 1
THE GENERAL NATURE OF A COMPANY

and dilatory to meet the growing commercial needs of the nation. Accordingly there grew up a new type of company based upon contract. This contract took the form of an elaborate deed of settlement containing provisions regulating the relations of the members among themselves and providing for the transfer of shares. A body formed in this way was only a partnership in the eye of the law, and accordingly the liability of the members was unlimited. This type of unincorporated company fell into disfavour with the Legislature, largely owing to the activities of fraudulent promoters and unscrupulous share dealers, and the Bubble Act (6 Geo. I, c. 18) was passed to deal with it. Unfortunately, that Act had the effect of suppressing unincorporated companies without satisfying the want which had given rise to their existence, so that " joint-stock enterprise had to wait till the middle of the nineteenth century before corporateness ` for any lawful purpose' could be obtained by the simple process of registration, and personal liability be limited by one magic word." (3)
In 1825 the Crown was empowered in grants of future charters to provide that the members of the corporation should be individually liable for the debts of the corporation to such extent as the Crown should think proper. (4) This was the beginning of " limited liability." By the Chartered Companies Act, 1837, the Crown was empowered to grant letters patent to a body of persons associated together for trading purposes. The persons in question had to register a deed of partnership, dividing the capital into shares and providing for transfers, and on doing this, and satisfying the other requirements of the Act, limited liability was granted to them. The association to which the letters patent were granted did not become a body corporate, and therefore the grant of limited liability was an advantage to which they would otherwise not have been entitled.
Finally, by the Companies Act, 1844, provision was made for the incorporation and registration of companies without the necessity of obtaining a Royal Charter or a special Act of Parliament. The peculiarity of this statute was, however, that instead of allowing the usual common law consequences of incorporation to follow, it proceeded on the lines of the Chartered Companies Act, 1837, and merely gave a corporate existence to a body which it still evidently regarded as a

3 Carr, Select Charters of Trading Companies, Selden Society, vol. 28, p. xx.
4 6 Goo. IV, c. 91, s. 1.

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where is HTML where is HEAD where is TITLE and dilatory to meet what is growing commercial needs of what is nation. Accordingly there grew up a new type of company based upon contract. This contract took what is form of an elaborate deed of settlement containing provisions regulating what is relations of what is members among themselves and providing for what is transfer of shares. A body formed in this way was only a partnership in what is eye of what is law, and accordingly what is liability of what is members was unlimited. This type of unincorporated company fell into disfavour with what is Legislature, largely owing to what is activities of fraudulent promoters and unscrupulous share dealers, and what is Bubble Act (6 Geo. I, c. 18) was passed to deal with it. Unfortunately, that Act had what is effect of suppressing unincorporated companies without satisfying what is want which had given rise to their existence, so that " joint-stock enterprise had to wait till what is middle of what is nineteenth century before corporateness ` for any lawful purpose' could be obtained by what is simple process of registration, and personal liability be limited by one magic word." (3) In 1825 what is Crown was empowered in grants of future charters to provide that what is members of what is corporation should be individually liable for what is debts of what is corporation to such extent as what is Crown should think proper. (4) This was what is beginning of " limited liability." By what is Chartered Companies Act, 1837, what is Crown was empowered to grant letters patent to a body of persons associated together for trading purposes. what is persons in question had to register a deed of partnership, dividing what is capital into shares and providing for transfers, and on doing this, and satisfying what is other requirements of what is Act, limited liability was granted to them. what is association to which what is letters patent were granted did not become a body corporate, and therefore what is grant of limited liability was an advantage to which they would otherwise not have been entitled. Finally, by what is Companies Act, 1844, provision was made for what is incorporation and registration of companies without what is necessity of obtaining a Royal Charter or a special Act of Parliament. what is peculiarity of this statute was, however, that instead of allowing what is usual common law consequences of incorporation to follow, it proceeded on what is lines of what is Chartered Companies Act, 1837, and merely gave a corporate existence to a body which it still evidently regarded as a 3 Carr, Select Charters of Trading Companies, Selden Society, vol. 28, p. xx. 4 6 Goo. IV, c. 91, s. 1. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 2 where is strong CHAPTER 1 what is GENERAL NATURE OF A COMPANY where is p align="justify" and dilatory to meet what is growing commercial needs of what is nation. Accordingly there grew up a new type of company based upon contract. This contract took what is form of an elaborate deed of settlement containing provisions regulating what is relations of what is members among themselves and providing for what is transfer of shares. A body formed in this way was only a partnership in what is eye of what is law, and accordingly what is liability of what is members was unlimited. This type of unincorporated company fell into disfavour with what is Legislature, largely owing to what is activities of fraudulent promoters and unscrupulous share dealers, and what is Bubble Act (6 Geo. I, c. 18) was passed to deal with it. Unfortunately, that Act had what is effect of suppressing unincorporated companies without satisfying what is want which had given rise to their existence, so that " joint-stock enterprise had to wait till what is middle of what is nineteenth century before corporateness ` for any lawful purpose' could be obtained by what is simple process of registration, and personal liability be limited by one magic word." (3) In 1825 what is Crown was empowered in grants of future charters to provide that what is members of what is corporation should be individually liable for what is debts of what is corporation to such extent as what is Crown should think proper. (4) This was what is beginning of " limited liability." By what is Chartered Companies Act, 1837, what is Crown was empowered to grant letters patent to a body of persons associated together for trading purposes. what is persons in question had to register a deed of partnership, dividing what is capital into shares and providing for transfers, and on doing this, and satisfying what is other requirements of what is Act, limited liability was granted to them. what is association to which what is letters patent were granted did not become a body corporate, and therefore what is grant of limited liability was an advantage to which they would otherwise not have been entitled. Finally, by what is Companies Act, 1844, provision was made for what is incorporation and registration of companies without what is necessity of obtaining a Royal Charter or a special Act of Parliament. what is peculiarity of this statute was, however, that instead of allowing what is usual common law consequences of incorporation to follow, it proceeded on what is lines of what is Chartered Companies Act, 1837, and merely gave a corporate existence to a body which it still evidently regarded as a 3 Carr, Select Charters of Trading Companies, Selden Society, vol. 28, p. xx. 4 6 Goo. IV, c. 91, s. 1. where is Server.Execute("_SiteMap.asp") %

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