HC Deb 25 May 1848 vol 98 cc1415-6

The Joint Stock Companies Bill read a Third Time.

MR. HEADLAM moved the introduction of the following clause:— And be it enacted, That after an order absolute shall have been made, execution shall not issue against any contributories of the company at the suit of any creditor, in respect of any debt due from the company, unless on motion to the Court of Chancery, leave to that effect being given; and that upon such motion it shall be lawful for the Court of Chancery either to permit execution immediately to be issued, or to suspend the same for such period and upon sash terms as the said court shall, in its discretion, think fit, regard being had both to the proceedings pending under this Act, and to the conduct of the shareholder against whom execution is sought to be enforced in obeying the same.

Clause read a first time.

On the question that it be read a second time,

MR. T. M. GIBSON said. that the Bill was simply for the purpose of giving shareholders the power of settling their own equity differences, and therefore it had nothing whatever to do with creditors. Under these circumstances he must oppose the clause.

House divided on the clause:—Ayes 9; Noes 94: Majority 85.

List of the AYES.
Bunbury, E. H. Ord, W.
Dundas, G. Spearman, H. J.
Farrer, J. Wawn, J. T.
Forster, M. TELLERS.
Hutt, W. Headlam, T. E.
Ogle, S. C. H. Aglionby, H A.

[It seems sufficient to publish the names of the Minority.]

Bill passed.