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COMPANIES ACT, 1862.

Date and
Chapter of Act.

20 & 21 Vict. c. 14 20 & 21 Vict. c. 49. 20 & 21 Vict. c. 78.

20 & 21 Vict. c. 80.

21 & 22 Vict. c. 60.

21 & 22 Vict. c. 91.

Title of Act.

An Act to amend the Joint Stock Companies
Act, 1856. (l)

An Act to amend the law relating to banking
companies. (m)

An Act to amend the Act seven and eight Vic-
toria, chapter one hundred and eleven, for
facilitating the winding up the affairs of joint
stock companies unable to meet their pecu-
niary engagements, and also the Joint Stock
Companies Winding-up Acts, 1848 and
1849. (n)

An Act to amend the Joint Stock Companies
Act, 1856. (0)

An Act to amend the Joint Stock Companies
Acts, 1856 and 1857, and the Joint Stock
Banking Companies Act, 1857. (p)
An Act to enable joint stock banking com-
panies to be formed on the principle of
limited liability. (9)

Acts not incorporated in Companies Act, 1862.

NOTE.

Of the above Acts, the following may be disposed of at once as not being incorporated in the Act of 1862 :—

First. The Irish Act, (a) which was passed for the purpose

of allowing limited partnerships to be formed in Ireland, and has never been practically of any use. Secondly. The Joint Stock Companies Act, 1844, (b) and its amending Act, 10 & 11 Vict. c. 78. (h)

These Acts (b and h), except in so far as relates to insurance companies, were repealed by the Joint Stock Companies Act, 1856 (k) as amended by 20 & 21 Vict. c. 80. (o) A total repeal is now necessary, as insurance companies are included in the Act.

Schedule III. Part I. Acts Repealed.

471

Thirdly. The Act for making Companies bankrupt in
England, (c) and a similar Act for making Companies
bankrupt in Ireland. (e)

These Acts have been practically useless, for the simple reason that they applied to companies the law of bankruptcy, without making any provision for the apportionment of contributions amongst the members.

Fourthly. The original Banking Act of 1844 (d) apply-
ing to England, and the similar Act of 1846 (g)
applying to Scotland and Ireland.

These Acts have expired by virtue of the Banking Act of 1857. (m)

Fifthly. Lord Dalhousie's Act, (f) providing for the Dis

solution of certain Railway Companies.

The remaining Acts are either wholly or partially consolidated Acts incorin the present Act. Of these Acts the most material is the Joint porated in Companies Stock Companies Act, 1856, (k) which forms the foundation of Act 1862. the present Act. This Act was amended in 1857 by the Joint Stock Companies Act, 1857, (l) for the purpose principally of facilitating the winding-up of companies, and the registration of new companies, and by the Joint Stock Companies Banking Act, (m) for the purpose of including banking companies; and by the Act of 20 and 21 Vict. c. 80, (o) for the purpose of setting at rest a doubt that had been raised with respect to insurance companies, and showing plainly that such companies still remained subject to the Act of 1844.

The Act of 1856 (k) was again amended in 1858 by 21 & 22 Vict. c. 60, (p) for the purpose of imposing on the courts imperatively the duty of carrying into effect the general power conferred by the 19th section of the Act of 1857.

The Act of 21 & 22 Vict. c. 91 (q) was passed in 1858, for the purpose of enabling banking companies to acquire limited liability; a privilege which was denied to them in 1857, at the time of the passing of the Joint Stock Banking Companies Act, 1857. (m)

There remain only to be noticed the Winding-up Acts of 1848

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and 1849 (i and j) as amended by 20 & 21 Vict. c. 78, (=) 1858.

These Winding-up Acts are superseded by the provisions of the Act which extend to all companies the process of winding-up established by the Act of 1856; but a variety of provisions, taken from the last mentioned Acts, will be found incorporated in the Act of 1862.

Existing companies

to have the powers of suing and being sued.

SECOND PART.

7 & 8 VICT. c. 113, s. 47.

EVERY company of more than six persons established on the sixth day of May, one thousand eight hundred and forty-four, for the purpose of carrying on the trade or business of bankers within the distance of sixtyfive miles from London, and not within the provisions of the Act passed in the session holden in the seventh and eighth years of the reign of Her present Majesty, chapter one hundred and thirteen, shall have the same powers and privileges of suing and being sued in the name of any one of the public officers of such copartnership as the nominal plaintiff, petitioner, or defendant on behalf of such co-partnership; and all judgments decrees and orders made and obtained in any such suit may be enforced in like manner as is provided with respect to such companies carrying on the said trade or business at any place in England. exceeding the distance of sixty-five miles from London, under the provisions of an Act passed in the seventh year of King George the Fourth, chapter forty-six,

ntituled "An Act for the better regulating co-parterships of certain bankers in England, and for mending so much of an Act of the thirty-ninth and ortieth years of the reign of His late Majesty, King George the Third, intituled 'An Act for establishing in agreement with the Governor and Company of the Bank of England for advancing the sum of three millions towards the supply for the service of the year one thousand eight hundred,' as relates to the same," provided that such first-mentioned company shall make out and deliver from time to time to the Commissioners of Stamps and Taxes the several accounts or returns required by the last-mentioned Act, and all the provisions of the last recited Act as to such accounts or returns shall be taken to apply to the accounts or returns so made out and delivered by such first-mentioned companies as if they had been originally included in the provisions of the last-recited Act.

This provision continues to banks of deposit, consisting of more than six partners, and established before the year 1844, within sixty-five miles of London, the privilege of suing and being sued in the name of their public officer, conferred by 7 & 8 Vict. c. 113, s. 47.

20 & 21 VICT. c. 49, Part of Section XII.

ing partner

Notwithstanding anything contained in any Act passed Power to in the session holden in the seventh and eighth years of form bankthe reign of Her present Majesty, chapter one hundred ships of ten and thirteen, and intituled "An Act to regulate joint stock banks in England," or in any other Act, it shall

persons.

be lawful for any number of persons not exceeding ter to carry on in partnership the business of banking is the same manner and upon the same conditions in al respects as any company of not more than six persons could before the passing of this Act have carried on such business.

It may be doubted whether this provision enables a country bank of issue to increase its partners beyond the number of six, and yet retain its issue, in spite of 7 & 8 Viet. c. 32.

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