No. 43. NORMAN, GEORGE WARDE, a Director of the Bank of England, LONDON. P. P. 3, 19. Liability of non-acting partners may be limited in any business. 16. Shares transferable. 19. Registration of constitution, (21) not of accounts. 15, 16. Refers to foreign experience for details. J. S. A. 11. To be formed only by special authorization of some public body, acting on definite rules. PAGE 168 93 93 P. P. and J. S. A. 11. Unlimited liability to continue the established principle of commercial legislation; any suspension to be permitted only under the special authority of Board of Trade or Parliament, and for a limited period. P.P. 1, 3. Unlimited liability to continue. MANCHESTER. J. S. A. 1, 2, 3. Limitation of liability desirable, but a definite amount of paid-up capital to be certified and published. Accounts strictly verified at given periods, (21) under the inspection of an official. No. 7. PERRY, JAMES, late Warehouseman and Merchant (Selected by the Chamber of Commerce of Dublin.) DUBLIN. P. P. and J. S. A. 3. Liability of all or any partners may be limited in any business without special authorization. 14. Profits withdrawn in last three years beyond legal interest, to be liable to be refunded. 16. Shares transferable, but liability at transfer to continue for (say) two years. 18. Compulsory dissolution on loss of half the capital. 20. Registration of constitution, (21) and of annual accounts. No. 65. PoWLES, A. W., Merchant (Selected by the Chamber of Commerce of Liverpool.) LIVERPOOL. P.P. and J.S.A. 3, 17. Liability of non-acting partners may be limited in any business, (11) without special authorization, (14) to declared capital. to be all paid up at once; profits divided to be retained. 16. Shares transferable, with publicity. 17, 18. On loss of a large portion of the capital, compulsory dissolution, or replacement of the deficiency. 20. Registration of term, names of all partners, sums paid down by limited partners; the signature should indicate the limitation. 21. No compulsory publicity of accounts. No. 30. PRESCOTT, HENRY JAMES, a Director of the Bank of England, LONDON. P. P. 1-4. Limitation of liability of non-acting partners in any business (as in partnerships en commandite) might be more extensively introduced; (11) but for the present the privilege to be sanc. tioned in each case by Board of Trade or other authority. 20-22. Great publicity an essential condition. No. 64. RICKARDS, G. K., Counsel to the Speaker of the House of Commons, - OXFORD. P.P. and J.S.A. 3, 19. Liability of all or any partners may be limited in any business, (11) without special authorization, (14, 15) to declared capital, to be paid up before registration; past profits not to be followed. 16. Shares transferable on due publicity. 18. On loss of certain proportion of capital compulsory dissolution, or replacement of original capital, or re-registration with the diminished capital. 20. Name of partnership to indicate limitation; the firm, the names of the unlimited partners, and sums subscribed by limited partners to be registered and published. 21, 22. No compulsory publicity 3. No limitation of liability in any copartnery, of many or few partners, of large or small means. 11. If the privilege be granted at all, Parliament is a safer medium than the Board of Trade. - LONDON. No. 10. ROSE, Sir GEORGE, a Master in Chancery P. P. and J.S.A. 3. Liability of all or any partners may be limited, without special authorization, in any business, (14) to declared contribution. 15. Fair profits withdrawn to be retained. 16. Shares not transferable otherwise than at present. 20. Publication of constitution, (21) not of accounts. 199 66 233 128 228 218 102 72 No. 53. SLAGG, JOHN, Merchant MANCHESTER. 197 (Selected by the Chamber of Commerce of Manchester.) P. P. 1. Unlimited liability should not be altered. J. S. A. 11. Board of Trade should not have power to confer limited liability. All should be established on one common principle of unlimited liability. No. 16. SLANEY, R. A., late M.P. for Shrewsbury P. P. 3. Liability of non-acting partners may be limited, without special authorization, in any business, except (at first) banking and insurance, (14) to registered share, (12) but in banks of issue to four or six times that amount. 16. Profits withdrawn not to be refunded, except, in case of fraud, those in last preceding three years. 16. Shares transferable. 18. Compulsory dissolution on loss of 50 per cent. 20. Compulsory registration of constitution, (21) and of periodical accounts. J. S. A. 3. Of not more than 1,000 partners, and capital not exceeding 50,0001, may be formed without special authorization; liability of non-acting members may be limited as in P, P., (8) that of managers and directors to double or four times registered shares, 11. Board of Trade to grant charters 6f Bruited liability as less cost to parties proving a fair case under general rules, SHEFFIELD. No. 59. SMITH, WILLIAM, Junior, Solicitor No. 6. STEWART, JAMES, Barrister-at-Law, Secretary to the Copyhold LONDON. P. P. 3. Liability of non-acting partners may be limited, without special authorization, in any business. 14. Profits withdrawn to be retained. 16. shares transferable if published. 18. No general provision for dissolution on loss. 20. Registration of constitution. 21. Publication of periodical accounts. J. S. A. 11. Power in Board of Trade injurious. A general alteration in the law, giving power to partnersby taking certain steps to limit their liability. LONDON. No. 2. SWANSTON, CLEMENT TUDWAY, Queen's Counsel Refers to his evidence, given in 1836 (which recommends "the admission of partnerships in which the liability of each partner should be limited by a contract, to which publicity is given before the parties can act upon it." Mr. H. Bellenden Ker's Report, 1837, p. 54.) P. P. 3. Liability of non-acting partners may be limited, without special authorization in any business, (14) to declared contribution; but profits withdrawn during last preceding six years to be liable to be refunded. 16. Shares transferable with registration. 18. No compulsory dissolution on loss. 20. Limitation to be indicated by name; registration of names and contributions of limited partners, (21) not of accounts. J. S. A. Same as with respect to P. P. 11. All public joint stock companics to be established on one common principle as to capital and limited liability. No. 44. TINNEY, WILLIAM HENRY, Master in Chancery P. P. Liability not to be limited. LONDON. J. S. A. Should any have limited liability? And should not all public partnerships be subject to the control of a public board with larger powers? No. 21. TURNER, J. ASPINALL, Merchant MANCHESTER. (President of and selected by the Manchester Commercial Association.) P. P. 3. Liability of non-acting partners (not exceeding two) may be limited, in any business to cash contributions, if amounting together to 5,0007. 14. Reserve fund to be formed out of profits between 5 and 15 per cent., and profits beyond 15 per cent. within previous five years, to be liable to be refunded. 16. Shares transferable if capital intact, but liability to refund profits to continue as if no transfer. 18. When one-fourth of capital lost, to be replaced or partnership dissolved. 20. Registration and publication of partners' names and cash contributions, (21) but not of accounts. J. S. A. 11. Authorization of Board of Trade to be requisite for limitation of liability; to be fixed for banks of issue at four times-other banks at double-insurance societies at ten times—the paid-up capital. No. 13. VALENTINE, WILLIAM, of the Firm of Richardson, Brothers BELFAST. (President of and selected by the Chamber of Commerce of Belfast.) P. P. 3. Liability of non-acting partners may be limited without special authorization in any business, except banking and insurance, (14) to declared contribution, but all profits withdrawn beyond five per cent. per annum to be liable to be refunded. 16. Shares transferable with consent of the various partners. 20. Registration of names and total contribution of limited partners, (21) not of accounts. J. S. A. Same as with respect to P. P., (17) but with compulsory dissolution on loss of 75 per cent., (21) and periodical statements of accounts to be furnished to Board of Trade. No. 29. WEGUELIN, THOMAS MATTHIAS Deputy Governor of the Bank P. P. 4 and 14. Limitation of liability may be permitted on certain conditions, viz., capital paid up; books kept in prescribed form; no dividend till liabilities to a given date run off: registration unnecessary. 19. Limited partner, if he act, to do so manifestly as agent, and not responsible. 14. Partnership terminable, as to public, by notice in Gazette; (16) as to other partners only with their consent. 18. No compulsory dissolution on loss. J. S. A. 3. For banking or insurance, liability may be limited to (say) double the subscribed capital. 11. Interference of Board of Trade, and necessity for special Act of Parliament, objectionable. PAGE 211 64 57 76 172 98 74 123 No. 73. CHARLES G. LORING, Counsellor-at-Law With opinions of officers of Banks in Boston, U.S.A., on the practical working of the system of limited partnership in Massachusetts, and a copy of an Act of the Legislature of Massachusetts for incorporating a manufacturing company, No. 74. E. H. GILLILAN, of the Firm of Bird, Gillilan and Co., LIVERPOOL and NEW YORK, 2. To the Questions in French. - PARIS. No. 75. (French.) M. HORSON, Avocât à la Cour Impériale de PARIS. No. 79. (English.) Mr. H. O'SHEA, of the Firm of H. O'Shea and Co., PAGE 257 261 264 266 MADRID. 268 |