§ House in Committee on the Joint Stock Companies Remedies at Law Bill.
The Solicitor General, in reply to a question, said, that the main object of the Bill was to apply the law of Bankruptcy to Joint-Stock Companies.
§ On Clause 8 being proposed,
§ Sir W. Clayobjected to the Clause, as he thought that in the case of large Companies it might be very unnecessary, and inconvenient to call upon them to give security for claims within a month.
§ Mr. Hawesopposed the Clause, and alluded to the case of a Railway Company which had entered into a contract to the amount of 600,000l. for a bridge or tunnel. There was no doubt of the solvency of the Company, yet it might be most 560 hard upon them to make them find security within a month. He suggested that the Clause should be postponed.
Mr. Gladstonesaid, that if the Clause was agreed to now, he would take care that the objections made by the hon. Members opposite should be taken into consideration before the Report, and some amendment made to prevent its inconvenient operation.
§ Clause agreed to. Remaining Clauses agreed to. House resumed.