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The Financing of Public Service Corporations

The Financing of Public Service Corporations


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Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: chant Adventurers of England, chartered by Richard II, in 1390; of the Russia Company, chartered by Queen Mary in 1554; of the East India Company, chartered by Queen Elizabeth in 1600; of the Hudson Bay Company, the Turkey Company, etc. The beginnings of the joint-stock principle are illustrated in the transactions of the East India Company, which during its earlier years used to form a joint stock for each voyage, made up of the contributions of groups of members who thereafter shared pro rata in the profits of that individual enterprise. As these chartered companies increased in size and importance, Parliament began to claim regulatory authority over them and before long was granting charters of a similar nature. Along with this development came the organization of joint-stock associations under the common law. In substance these were simply large partnerships which used the device of transferable shares; the only differences in form were those necessitated by the size of the organization and the special machinery required to unify the control of the many members. Joint-stock companies were quite numerous at the end of the seventeenth century and the beginning of the eighteenth; they seem to have become almost as popular as some of the modern trusts. The Bubble Act of 1719, taking its name from the speculative enterprise of the South Sea Company and enacted after the bursting of the bubble had caused a disastrous panic, declared these companies to be common nuisances and indictable as such. They continued to flourish, however, in spite of the Act, which was extended over the American colonies in 1741 and was eventually repealed in 1825. In the meantime incorporation by special parliamentary bills had come into general use. 3. Joint-Stock Associations Defined A j...


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Product Details
  • ISBN-13: 9780217940542
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 170
  • Spine Width: 9 mm
  • Width: 189 mm
  • ISBN-10: 0217940544
  • Publisher Date: 03 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 313 gr

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