Incorporation Laws 

1767

An Act for regulating the Proceedings of certain Public Companies and Corporations carrying on Trade or Dealings with Joint Stocks, in respect to the declaring of Dividends; and for further regulating the Qualification of Members for voting in their respective General Courts,  (7 George III. c. 48) - copied from Goldsmiths'-Kress collection (1817 printing).

• ". . . of late Years a most unfair and mischievous Practice has been introduced of splitting large Quantities of Stock, and making separate and temporary Conveyances of the Parts thereof, for the Purpose of multiplying or making occasional Votes immediately before the Time of declaring a Dividend, of choosing Directors, or of deciding any other important Question; which Practice is subversive of every Principle upon which the Establishment of such General Courts is founded, and, if suffered to be become general, would leave the permanent Interest of such Companies liable at all Times to be sacrificed to the partial and interested Views of a few, and those perhaps temporary Proprietors . . . ." (§1)

• only those who have held shares for at least six months are entitled to vote (§1)

• the usual oaths and affirmations that stockholders must make before voting are to be altered to include this new requirement. (§2)

• at least five months must intervene between declarations of dividends; only one declaration of a half-yearly dividend per meeting of the General Court; decisions to increase dividends must be made by ballot at least three days after the proposal is made. (§3)

1837

An Act for better enabling Her Majesty to confer certain Powers and Immunities on trading and Other Companies [Chartered Companies Act], 17 July 1837 (7 Will. 4 & 1 Vict. c. 73) -- copied from The Statutes of the United Kingdom

• repeals 6 G. 4. c. 91 and 4 & 5 w. 4. c. 94. (§1)

• ". . . it shall and may be lawful for Her Majesty, Her Heirs and Successors, by Letters Patent to be from Time to Time for that Purpose issued under the Great Seal of the United Kingdom of Great Britatin and Ireland, or in Scotland under the Seal appointed by the Articles of Union to be used instead of the Great Seal thereof, to grant to any Company or Body of Persons associated together for any trading or other Purposes whatsoever, . . . any Privilege or Privileges which, according to the Rules of the common Law it would be competent to Her Majesty, Her Heirs and successors, to grant to any such Company or Body of Persons in and by any Charter of Incorporation." (§2)

• such Letters Patent may provide that suits shall be carried on in the name of one of the officers of the corporation (§3) and may limit the liability of members of the company (§4)

• other provisions require the company to be formed on a written agreement (§5) and to make returns [reports to the government] (§6), prohibit changing the name of the company (§7), govern transfers of shares and other returns, bankruptcy, etc., and permit the duration of charters to be limited (§29).

• Schedules A-H provides forms for various returns to be filed.

1844

An Act for the Registration, Incorporation, and Regulation of Joint Stock Companies [Joint Stock Companies Act], 5 September 1844  (7 & 8 Vict. c. 110) -- copied from The Statutes of the United Kingdom

• takes effect 1 November 1844 (§1)

• [to be continued]

1845

An Act for consolidating in One Act certain Provisions usually inserted in Acts with respect to the Constitution of Companies incorporated for carrying on Undertakings of a public Nature, 8 May 1845 (8 & 9 Vict. c. 16) -- copied from The Statutes of the United Kingdom.

• applies to all companies incorporated by acts hereafter to be passed "and all the Clauses and Provisions of this Act, save so far as they shall be expressly varied or excepted by any such Act, shall apply to the Company which shall be incorporated by any such Act . . . ." (§1)

• ". . . Words importing the Masculine Gender only shall include Females . . . ." (§3)

• act may be referred to as The Companies Clauses Consolidation Act, 1845 (§4)

• provisions regarding distribution of capital, §§6-35; regarding remedies against shareholders, §§36-37; regarding power to borrow money, §§38-55; regarding loans, §§56-60; regarding consolidation of shares, §§61-64; regarding application of capital, §65; regarding general meetings, §§66-80; regarding appointment and rotation of directors, §§81-89); regarding powers of directors, §§90-91; regarding proceedings of directors, §§92-100; regarding auditors, §§101-108); regarding accountability of officers, §§109-114; regarding accounts, §§115-119; regarding dividends, §§120-123; regarding Bye Laws, §§124-127; regarding arbitration, §§128-134; regarding notices, §§135-141; regarding recovery of damages and penalties, §§142-158; regarding appeal, §§159-160; regarding access to the special act, §§161-2.

• ". . . this Act shall not extend to Scotland." (§163)  But companies to which this act applies may proceed against any shareholders residing in Scotland who fail to meet calls on the shares. (§164)

• "And be it enacted, That this Act may be amended or repealed by any Act to be passed in this Session of Parliament." (§165)

• Schedules A-G provide forms, e.g., for Certificate of Share, for share transfers, for mortgage deed, and proxy.

• Voting rights:  "At all General Meetings of the Company every Shareholder shall be entitled to vote according to the prescribed Scale of voting, and where no Scale shall be prescribed every Shareholder shall have One Vote for every share up to Ten, and he shall have an additional Vote for every Five Shares beyond the first Ten Shares held by him up to One hundred, and an additional Vote for every Ten Shares held by him beyond the first Hundred Shares; provided always, that no Shareholder shall be entitled to vote at any Meeting unless he shall have paid all the Calls then due upon the Shares held by him." (§75)

• Proxies:  votes may be given personally or by proxy according the annexed form ". . . and every Proposition at any such Meeting shall be determined by the Majority of Votes of the Parties present, including Proxies, the Chairman of the Meeting being entitled to vote, not only as a Principal and Proxy, but to have a casting Vote, if there be an Equality of Votes." (§76)

• Majority/Poll:  if a particular majority of votes is needed to authorize a proceeding, "such particular Majority shall only be required to be proved in the event of a Poll being demanded at such Meeting . . . ."  If a poll is not demanded, the chairman's declaration of the results is sufficient. (§80)

1855

Limited Liability Act, 1855 (18 & 19 Vict. c. 133) -- have copy from The Statutes of the United Kingdom

• shares must have a nominal value not less than ten pounds (art. I)

• the word "limited" shall be the last world of the name of the company (Art I.2)

• increases in capital must be registered with the Registrar of Joint Stock Company (Art. VI)

• the appointment of at least one auditor shall be subject to approval of the Board of Trade (Art. XIV)

• does not apply to Scotland (Art. XVIII)

1856

Joint Stock Companies Act, 1856 (19 & 20 Vict. c. 47) -- have copy from The Statutes of the United Kingdom

• does not apply to persons engaged in banking or insurance (Art. II)

• applies to England, Scotland, and Ireland (Art. V)

• companies completely registered under the 1844 act must re-register under this act (Art. CX)

• incorporation under this act is mandatory for more than 20 persons "in Partnership in any Trade or Business having Gain for its Object" (with some exceptions -- Art. IV)

• minimum number of subscribers:  7 (Art. III); each must subscribe at least one share (Art. VIII)

• includes Table B, Regulations for Management of the Company, which serves as the default if the company declines to file its own articles of association. 

1857

Joint Stock Companies Act, 1857 (20 & 21 Vict. c. 14) -- have copy from The Statutes of the United Kingdom

1858

An Act to enable Joint Stock Banking Companies to be formed on the Principle of Limited Liability (21 & 22 Vict. c. 91) -- have copy from The Statutes of the United Kingdom

1862

Companies Act (25 & 26 Vict. c. 89) -- have copy from Chadwyck Healey (1886), Appendix II

1863

An Act for consolidating in One Act certain Provisions frequently inserted in Acts relating to the Constitution and Management of Companies incorporated for carrying on Undertakings of a public Nature, 28 July 1863 (26 & 27 Vict. c. 118) -- copied.

• adds to the Companies Clauses Consolidation Act, 1845, and the Companies Clauses Consolidation (Scotland) Act, 1845, "sundry Provisions" that "are now frequently introduced into Acts of Parliament relating to such Companies . . . ."  Applies to England, Ireland, or Scotland.  (preamble)

• this Act may be cited as The Companies Clauses Act, 1863. (§1)

• additions are under the following headings:  Part I, relating to Cancellation and Surrender of Shares (§§3-11); Part II, relating to Additional Capital [including Preference Shares] (§§12-21); Part III, relating to Debenture Stock (§§22-35); Part IV, relating to Change of Name (§§36-39).

1867

Companies Act (30 & 31 Vict. c. 131) -- have copy from Chadwyck Healey (1886), Appendix II

• liability of directors may be made unlimited (Art 4-8)

• provisions regarding reductio of capital and shares (Art. 9-20)

• provisions regarding subdivision of shares (Art. 21-22)

• associations not for profit may be registered with limited liability, but need not include the word in their name (Art. 23)

• etc. (calls upon shares, transfers of shares, share warrants to bearer, contracts, meetings, winding-up, Art. 24-47)

1869

An Act to amend The Companies Clauses Act, 1863, 2 August 1869 (32 & 33 Vict. c. 48) -- copied.

• may be cited as The Companies Clauses Act, 1869. (§9)

• extends to other companies certain amendments to The Companies Clauses Act, 1863, relating to railway companies. (preamble)

• provisions relate to rate of interest on debenture stock (§1, amending Part III of 26 & 27 Vict. c. 118, and §2), power to issue debenture stock (§3), advances to meet debentures falling due (§4), power to issue shares or stock at discount (§5), power to issue residue of original or other capital at discount (§6), restriction on issuing at discount shares or stock already authorized (§7), provided that this act is not to affect provisions as to capital upon which the dividend is limited (§8).

1870

Life Assurance Companies Act, 1870 (33 & 34 Vict. c. 61) -- have copy from Chadwyck Healey (1886), Appendix II

1870

Joint Stock Companies Arrangement Act (33 & 34 Vict. c. 104) -- have copy from Chadwyck Healey (1886), Appendix II

• concerns arrangements between companies in the process of being wound up and their creditors

1871

Life Assurance Companies Act, 1871 (34 & 35 Vict. c. 53) -- have copy from Chadwyck Healey (1886), Appendix II

1872

Life Assurance Companies Act, 1872 (35 & 36 Vict. c. 41) -- copy from Chadwyck Healey (1886), Appendix II

1877

Companies Act, 1877 (40 & 41 Vict. c. 26) -- have copy from Chadwyck Healey (1886), Appendix II

• further provisions regarding reduction of capital

1879

Companies Act, 1879 (42 & 43 Vict. c. 76) -- have copy from Chadwyck Healey (1886), Appendix II

• does not apply to the Bank of England

• a bank of issue registered as a limited company shall not be entitled to limited liability in respect of its shares, and this may be indicated on its notes (Art.6)

• provisions regarding mandatory auditors and their duties (Art. 7-8)

1880

Companies Act, 1880 (43 Vict. c. 19) -- have copy from Chadwyck Healey (1886), Appendix II

• more on the reduction of capital

1883

Companies Act, 1883 (46 & 47 Vict. c. 28) -- have copy from Chadwyck Healey (1886), Appendix II

• certain wages and salary are to be paid before other debts when a company is being wound up

1883

Companies (Colonial Registers) Act, 1883 (46 & 47 Vict. c. 30) -- have copy from Chadwyck Healey (1886), Appendix II

• specifying conditions under which a branch (colonial) register or registers of members resident in a colony may be kept in the colony

1886

Companies Act, 1886 (49 Vict. c. 23) -- have copy from Chadwyck Healey (1886), Appendix II

• concerns the winding up of companies

1888

An Act to amend the Companies Clauses Consolidation Act, 1845, in respect to voting by Proxy, 24 December 1888 (51 & 52 Vict. c. 48) -- copied.

• Adds to §76 of the CCC (1845):  "Provided, that where the shareholder is a member of a body corporate, the proxy may be any member of such body, though not personally a shareholder in the company." (§2)

• Provides templates for forms of proxy papers (§4):  general appointment (directs the proxy "to vote in our name as he shall think proper . . . at any meeting"); revocation of general proxy; special appointment (directs the proxy "to vote in our names as he shall think proper . . ." at a specific meeting.

1888

Preferential Payments in Bankruptcy Act (51 & 52 Vict. c. 62) -- copy from Palmer, Company Law, 3d ed. (1901)

1889

An Act to amend the Companies Clauses Consolidation Act, 1888, 12 August 1889 (52 & 53 Vict. c. 37) -- copied.

• Repeals the words "a member of" in the proviso added in §2 of the 1888 act (51 & 52 Vict. c. 48).

1890

Companies (Memorandum of Association) Act (53 & 54 Vict. c. 62) -- have copy from Palmer, Company Law, 3d ed. (1901)

1890

Companies (Winding-Up) Act (53 & 54 Vict. c. 63) -- have copy from Palmer, Company Law, 3d ed. (1901)

1890-98

miscellaneous acts -- have copie from Palmer, Company Law, 3d ed. (1901)

1900

Companies Act (63 & 64 Vict. c. 48) -- have copy from Palmer, Company Law, 3d ed. (1901)

1907

Companies Act, 1907 (7 Edw. 7, c. 50) -- do not have separate copy; see copy of Palmer, The Companies Act, 1907 . . . , 2d ed. (1908).

1907

Limited Partnerships Act (7 Edw. 7, c. 24)-- do not have separate copy; see copy of Palmer, The Companies Act, 1907 . . . , 2d ed. (1908).

1908

Companies (Consolidation) Act (8 Edw. 7, c. 69) -- have copy from Palmer, Company Law, 9th ed. (1911)

1913

Companies Act, 1913 (3 & 4 Geo. 5, c. 25) -- have copy from Palmer, Company Law, 10th ed. (1916)

The code was approved on 15 September 1807 and took effect on 1 January 1808 (Freedeman 1979, 13).  Ordinances authorizing formation of corporations from then until the general incorporation law of 1867 subjected companies to articles 29-37, 40, and 45 of the code:

• Art 29:  "La société anonyme n'existe point sous un nom social:  elle n'est désignée par le nom d'aucun des associés."

• Art. 30:  Elle est qualifée par la désignation de l'objet deson entreprise.

• Art. 31:  Elle est administrée par des mandataires à temps, révocables, associés ou non associés, salariés ou gratuits.

• Art. 32:  Les administrateurs ne sont responsables que de l'exécution du mandat qu'ils ont reçu. ¶ Ils ne contractent, à raison de leur gestion, aucune obligation personnelle ni solidaire relativement aux engagemens de la société.

• Art. 33:  Les associés ne sont passibles que de la perte du montant de leur intérêt dans la société. = The members are liable only to the loss of the amount of their interest in the society.

• Art. 34:  Le capital de la société anonyme se divise en actions en même en coupons d'action d'une valeur égale.

• Art. 35 permits bearer shares:  L'action peut être établie sous la forme d'un titre au porteur.  ¶ Dans ce case, la cession s'opère par la tradition du titre.

• Art. 36:  La propriété des actions peut être établie par une inscription sur les registres da la société.  ¶ Dans ce case, la cession s'opère par une déclaration de transfert inscrite sur les registres, et signée de celui qui fait le transport ou d'un fondé de pouvoir.

• Art 37:  La société anonyme ne peut exister qu'avec l'autorisation du Gouvernement, et avec son approbation pour l'acte qui la constitue; cette approbation doit être donnée dans la forme prescrite pour les règlemens d'administration publique.

• Art 40:  Les sociétés anonymes ne peuvent être formées que par des actes publics.

• Art. 45:  L'acte du Gouvernement qui autorise les sociétés anonymes, devra être affiché avec l'acte d'association et pendant le même temps.

Source:  Code de Commerce.  Édition originale et seule officielle (Paris:  L'imprimerie impériale, 1807).  Effective 1 January 1808.

• Régime légal de la division due capital en actions; souscription préalable à la constitution définitive de la société; les actions sont nominatives jusqu'à libération responsibilité des souscripteurs; condition préalable à la négocation des actions ou coupons; apports ne consistant pas en numéraire our en avantages particuliers; constitions définitive des sociétés; délibérations à la majorité des membres (Ibid.)
• Conseil de surveillance (Ibid. 280)
• Dispositions pénales; instances judiciaires (Ibid. 281)
• Organisation immédiate des conseils de surveillance dans les sociétés existantes (Ibid. 282.)

We have compiled extensive tables, but the descriptions of the governance-related provisions of the laws are incomplete and the tables, therefore, are "hidden" for the time being.

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