The indigenous origins of UK corporate financial accountability: a comment

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Notes

1 The Times 21. Sept. 1850.

2 Report of the Select Committee on Joint-Stock Companies, Parliamentary Papers 1844 vii, p. v.

3 This comment draws on the research carried out for this book. The full dataset of joint-stock company constitutions, with sources, can be found in UK Data Archive, ref. SN5622, at http://www.data-archive.ac.uk.

4 The Bank of England’s monopoly on joint stock banking in England was ended by the legislation of 1826 and 1833. See Harris (2000, pp. 211–215).

5 Douglas Heron and Company Bankers in Ayr, Contract of Co-partnery, 31 January 1772, Glasgow University Archive Services, UGD129/4/4/2, pp. 23–4; Aberdeen Banking Company, Contract of Co-partnery, 1776, Bank of Scotland Archive, ABC 1/1/1, art. 9.

6 See, for example, Huddersfield Banking Company, Deed of Settlement (printed by J. Lancashire, Kirkgate, 1827), British Library BL 8226.dd.13.(4.), art. 52. An exception was made by the ruling in Hall v Connell (1840), 3 Y&C Ex 707, for shareholders involved in a suit against their company.

7 See, for example, Huddersfield Banking Company, Deed of Settlement, art. 20.

8 In most cases, a simple majority was required, but the Hull Banking Company made it harder for the shareholders to appoint auditors, requiring a two-thirds majority: Hull Banking Company, Deed of settlement, 23 October 1834, printed W. Kennedy, Hull, 1834: British Library, RB.23 a.17862, art. 79.

9 These were the Sheffield and Rotherham Joint Stock Banking Company (1836) and the Royal Bank of Australia (1840).

10 7 & 8 Vict. c. 110, art. 37.

11 7 & 8 Vict. c. 113, art. 4.

12 8 Vict. cc. 16–17.

13 8 Vict. c. 16, arts. 10, 45, 98, 117.

14 Ibid., art. 116.

15 Ibid., art. 118.

16 Ibid., arts. 101–8.