§ Mr. Mastermanwished to ask the right hon. President of the Board of Trade whether the Bill now before Parliament for regulating Joint Stock Companies was intended to have a retrospective effect as to Companies already existing and in operation.
Mr. GladstoneThere was no idea of giving the whole Bill a retrospective operation with respect to the Joint Stock Companies already in existence; it only applied to those Companies with respect to registration; but in case the directors of the Companies thought that it would be for their advantage to be placed within the provisions of the Bill, there was a power contained in it to enable them to come within those provisions. With regard to the individual non-liability, he could state that there was no power given by the Bill to interfere with existing Companies as regarded individual limited liabilities, whether they were so limited by Charter or Act of Parliament. With regard to Companies which might be forming during the progress of the Bill through Parliament, 1113 it was doubtful whether the Bill ought not to be made compulsory on such Companies.