LEAVE. FIRST READING. (Hansard, 10 April 1862)

THE SOLICITOR GENERAL

said, he rose to move for leave to bring in a Bill for the incorporation, regulation, and winding up of trading companies and other associations. From the year 1844 down to that time a number of Acts had been passed bearing more or less upon the subject. They were seventeen in number, amongst which there were six relating to joint-stock companies generally, four to banking companies in particular, and five to the winding-up of companies. It was intended to repeal the whole of these Acts, except a small number of sections, which would be inserted in a schedule, so that for the future, if the Bill passed, all trading companies would be brought under a simple statute as to their construction, regulation, and winding-up. Instead of the limit of £100 formerly imposed, it was intended that there should be no limit to the amount of the shares of banking companies trading under limited liability. It was proposed also to limit the retrospective liability of past shareholders to one year from the date 828 of the transfer of their shares; to limit it also in the case of contracts made before the transfer; and to make their liability a secondary one, not to be enforced until after that of the existing shareholders. It was further proposed that in all cases, except that of mining companies subject to Stannary jurisdiction, the winding-up should take place in the Court of Bankruptcy, and the Vice Warden of the Stannary Courts would be empowered to refer cases to the same Court. Another useful provision would be one by which every limited company would be bound to keep a register, accessible to shareholders and creditors, of all mortgages effected by the company.