§ On the order of the day for committing this bill,
The Lord Chancellorsaid, their lordships were aware, that in the case of companies chartered by the Crown, should these charters become at any time hurtful, they might be abolished, under a proceeding by scire facias; but, if joint-stock companies, incorporated by act of parliament, should become injurious to the public, there was no way of abolishing them, as they were not liable to that process. Now, to make these bills, establishing joint-stock companies, as little injurious, or rather of as much benefit to the public, as possible, it was in his opinion proper that there should be clauses in them which he intended to propose on Monday. Their lordships would, he 1457 thought, do a great mischief, unless, with respect to these partnerships, some clause was introduced, by which the world should know of whom they consisted. The means of attaining that object would be, that the names should be enrolled and registered in some of his majesty's courts, to which the public might at all times refer. And further, the parties should not be obliged to sue the whole of the partnership, but have a power to sue any two of the partners, and execution to be taken as if all the partners were parties to the cause. Another clause necessary to be inserted was, that persons should remain liable till they had given a notification to the world, by a new memorial and enrolment; and the clause should be so worded, that if the new members of the partnership were not responsible persons, then the old members should remain liable for all contracts made during their being of the partnership. The remedy to be, that all transfers should be null and void until so memorialled, and enrolled. To give time for the consideration of what he had thrown out, he should not move the clauses till Monday. If their lordships should agree to pass this bill as it stood at present, in justice to the companies, who ought to be apprized of his intention, he gave notice, that if he were alive at the next meeting of parliament, one of the first measures which he would introduce, would be a general act for effecting all the views which he had of the subject.
The Earl of Liverpoolentirely agreed with his noble and learned friend, but thought the clauses which he intended to propose would more properly come under their lordships' discussion as a general measure; and he could see no possible reason, in the case of all companies created by acts of parliament, why they should not be voided by the same process which was applicable to charters. A provision of that kind, he thought, would be just and proper.
§ Lord Redesdalewished the learned lord had proposed his clauses now, as he apprehended there would be less difficulty in the way of their becoming part of the law of the land by being attached to this bill, than if they formed a separate measure.
The Lord Chancellorsaid, he certainly should move the clauses; but not now, as it would be taking the House by surprize.
§ The bill then went through the committee.