THE KEDUCTION OF THE NOMINAL CAPITAL OF COMPANIES.
The principle of limited liability may be regarded as established, and, as the late Parliamentary Returns of Joint Stock Companies include, I believe, only seven which are registered as “ unlimited,” the probability is, that few such Companies will be formed hereafter except on that basis.
Where legislation on a new and important subject is comprised in a single Act, as is the case with “The Companies Act, 1862,” it is hardly possible that an Act, however ably framed, must not be susceptible of some improvement, or that some mistaken view must not be taken therein, or some casus omissus arise. Hut the defects which undoubtedly exist are defects more in the carrying out of the principle than ...
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