§ [No. 249.] SECOND READING.
§ (The Lord Privy Seal.)
§ Order of the Day for the Second Reading, read.
§ THE EARL OF KIMBERLEY, in moving that the Bill be now read the second time, said, that by the Act of 1867 the Parliamentary deposit of any company 1140 was made liable to its debts in the event of its being wound up. Schemes were sometimes got up without any expectation of fulfilment, and the solicitors and others who promoted them not unfrequently incurred considerable expenses, which were at present paid out of the Parliamentary deposits. Now, it was very desirable that, in the case of schemes of an illusory nature, the promoters should be prevented from obtaining repayment of their costs out of the Parliamentary deposit.,It did not appear that the Board of Trade was the proper tribunal for determining whether the scheme was or was not of an illusory character, and this question would be decided by a court of law. The Bill, therefore, empowered a court of law to decide whether the promoters should receive their expenses out of the Parliamentary deposit until all the other creditors had been satisfied.
§ Motion agreed to: Bill read 2a accordingly, and committed to a Committee of the Whole House on Thursday next.