§ MR. BRADLAUGHasked the Secretary to the Treasury, in reference to the 176,602 shares and 300 shares in the Suez Canal Company, mentioned in a Treasury Minute dated July 17th, 1876, In whose names the said several shares now stand on the register of shareholders of the said Company, whether each or any of the persons in whose names the said shares now stand has 819 executed a declaration of the trusts on which they respectively hold the said shares; whether the statutes of the said Suez Canal Company recognize any trust in shares; whether the said shares are not subject in all respects to French Law; and, whether, in the event of any of the persons in whose names the said shares now stand dying, or becoming bankrupt or insolvent, the shares standing in such person's name would not be part of the general estate of the person so dying or becoming insolvent?
§ LORD FREDERICK CAVENDISHThe Suez Canal shares do not stand in any names, being payable to bearer. A Director qualifies by the actual deposit at the offices of the Company of 100 shares, which cannot be withdrawn, except upon production of the document which he receives in return. In the case of the British Directors, these documents were handed over to, and are now in the possession of, the Treasury, which Department, therefore, has absolute hold over the shares, receives the dividends thereon, and, in the event of a change in the Directors, could withdraw the 100 shares in order to qualify the new Director. It was originally the intention of the Treasury that, in addition to the declaration of trust, a bond with sureties should be executed by each Director; but in the circumstances already mentioned, it was obviously unnecessary. The Suez Canal, not being situated in France, the shares are not subject to the law of France, in which country the Company is registered as a foreign Company. The 176,602 shares being payable to bearer, have been deposited in the Bank of England; and under the Act 39 & 40, Vie. c. 67, are vested in the Treasury, on behalf of Her Majesty the Queen, her Heirs and Successors, intrust for public purposes. In the event, therefore, of the demise of the Sovereign, these shares would pass to her Heirs and Successors in trust for public purposes.