§ Order for Committee read.
§ Motion made, and Question proposed, "That Mr. Speaker do now leave the Chair."
102§ MR. CRAUFURD moved that the Bill be committed that day three months. The law at present provided for the mode in which meetings should be called, the mode in which the poll should be taken, and the mode in which the shareholders should vote. At present a shareholder who was unable to attend a meeting was at the mercy of the shareholder to whom he might intrust his proxy; and if the hon. Gentleman desired to give the shareholder the power of giving a special as well as a general proxy, that might be a very proper tiling; and if the Bill did not go beyond that there would be no objection to it. But the Bill applied to all companies. Now under the Companies' Act of 1852 companies had the power of regulating their proceedings, and directing the mode in which votes should be taken. This Bill proposed to override the powers given under that general Act. The hon. Gentleman had seen the force of that objection, and had given notice of an Amendment to exclude all companies except those constituted under special Acts. But the Bill went beyond the power of giving a special proxy paper. The present practice was for a meeting to proceed with the poll immediately, or to adjourn it to some future day; but the second clause of the Bill would compel the adjournment in every instance for seven or fourteen days, and the practical result would be to cause delay when time might be of the utmost importance. The sound principle of legislation was to lay down general rules giving a company power to make bye-laws for the purpose of carrying out its proceedings. The second clause was not only unnecessary but mischievous, because it would hamper the free action of all companies to which it applied. He thought the object of the hon. Member would be attained by giving shareholders special proxies in addition to the proxies provided by the general act; for a fortnight's notice must be given of every meeting, the special business of which meeting was required to be set out, and ample time was thus afforded to every shareholder to send a special proxy applicable to the business to be brought forward. He submitted to the hon. Member the propriety of expunging the objectionable clauses, and thus removing the objections to the Bill. In order to enable the hon. Gentleman to state the course which he intended to pursue, he begged to move the Amendment of which he had given notice.
103§ MR. AYRTONseconded the Amendment.
§
Amendment proposed,
To leave out from the word "That" to the end of the Question, in order to add the words "this House will, upon this day three months, resolve itself into the said Committee,"—(Mr. Edward Craufurd,)
—instead thereof.
§ Question proposed, "That the words proposed to be left out stand part of the Question."
§ MR. DARBY GRIFFITHhoped that as the hon. Gentleman did not object to the principle of the Bill he would consent to its going into Committee. The present system of proxies enabled directors to do almost as they liked. A case occurred a few years ago, in which a Board of Directors carried a vote of £5,000 to an officer of the company by means of general proxies without the shareholders knowing anything about it until it was done. He proposed to amend the second clause by enacting that, instead of an adjournment for seven or fourteen days, that "when a poll is demanded the meeting shall he adjourned in the usual manner." He would suggest to the hon. and learned Gentleman to postpone the consideration of his objections until they got into Committee.
§ Amendment, by leave, withdrawn.
§ Main Question put, and agreed to.
§ Bill considered in Committee.
§ (In the Committee.)
§ Clause 1 (Manner of Voting).
§ MR. CRAUFURDproposed an Amendment to enable the holder of the proxy to vote at the original or any adjourned meeting; but withdrew it, and proposed to omit the second paragraph of the clause.
§ After a desultory discussion, Motion, by leave, withdrawn.
§ MR. PEACOCKE moved that the Chairman leave the chair, as it seemed difficult to understand the effect of the proposed changes.
§ Motion made, and Question put, "That the Chairman do leave the Chair."—(Mr. Peacocke.)
§ The Committee divided:—Ayes 76; Noes 49: Majority 27.
§ House resumed.
§ [No Report.]