HC Deb 28 June 1844 vol 76 cc101-2
Mr. Gladstone

moved, that the Joint-stock Companies Registration and Regulation Bill be committed pro formâ, as there were some amendments of an important character, which he wished to introduce into the Bill. One of those amendments was a modification of the office of registrar, with respect to the use of the joint seal of the Bank. As the Bill stood, it proposed that it should be the duty of the registrar to satisfy himself of the legality of any instrument before he affixed the seal of the company to it. This was a large discretion, and almost amounted to the establishment of a double government of the concern. It was found that the objects which it was desirable so attain, could be accomplished with a relaxation of this provision. There was, likewise, an important qualification proposed of the duties of auditors. As the Bill stood, it would be the duty of one of the auditors to make himself cognizant of every contract previous to its execution. Now, the duties of an auditor were properly corrective and retrospective, and he ought not to be made a party to contracts before, hand, as was thus proposed. It was to meet the objections to which these provisions were liable, that he wished to introduce the amendments he had referred to.

Sir T. Wilde

suggested for the consideration of the right hon. Gentleman, whether it would not be desirable to make such an alteration in the existing law as to give to a court summary power to pronounce judgment against a second member of a company, where the judgment already delivered against a first was ineffectual, owing to insolvency.

The Bill passed through Committee. Report received.

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