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    Company Law and Secretarial Practice Chapter 1

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    Vipin Mandyam Kadubi
    The document discusses the history of company law in England and India. It notes that the earliest English organizations called companies were merchant adventures receiving royal charters in the 14th century. The Joint Stock Companies Act of 1844 first allowed incorporation by registration without royal charter. The Limited Liability Act of 1855 provided limited liability for members. Subsequent Companies Acts laid out provisions of modern companies including memorandums of association and articles of association. The Companies Act of 1948 emphasized public accountability. The Indian Companies Act of 1913 did not account for Indian commerce features. A committee reviewed it, leading to the Companies Act of 1956.

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    Company Law and Secretarial Practice Chapter 1

    Uploaded by

    Vipin Mandyam Kadubi
    2K views11 pages
    The document discusses the history of company law in England and India. It notes that the earliest English organizations called companies were merchant adventures receiving royal charters in the 14th century. The Joint Stock Companies Act of 1844 first allowed incorporation by registration without royal charter. The Limited Liability Act of 1855 provided limited liability for members. Subsequent Companies Acts laid out provisions of modern companies including memorandums of association and articles of association. The Companies Act of 1948 emphasized public accountability. The Indian Companies Act of 1913 did not account for Indian commerce features. A committee reviewed it, leading to the Companies Act of 1956.

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    The document discusses the history of company law in England and India. It notes that the earliest English organizations called companies were merchant adventures receiving royal charters in the 14th century. The Joint Stock Companies Act of 1844 first allowed incorporation by registration without royal charter. The Limited Liability Act of 1855 provided limited liability for members. Subsequent Companies Acts laid out provisions of modern companies including memorandums of association and articles of association. The Companies Act of 1948 emphasized public accountability. The Indian Companies Act of 1913 did not account for Indian commerce features. A committee reviewed it, leading to the Companies Act of 1956.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    2K views11 pages

    Company Law and Secretarial Practice Chapter 1

    Uploaded by

    Vipin Mandyam Kadubi
    The document discusses the history of company law in England and India. It notes that the earliest English organizations called companies were merchant adventures receiving royal charters in the 14th century. The Joint Stock Companies Act of 1844 first allowed incorporation by registration without royal charter. The Limited Liability Act of 1855 provided limited liability for members. Subsequent Companies Acts laid out provisions of modern companies including memorandums of association and articles of association. The Companies Act of 1948 emphasized public accountability. The Indian Companies Act of 1913 did not account for Indian commerce features. A committee reviewed it, leading to the Companies Act of 1956.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 11

    COMPANY LAW AND SECRETARIAL PRACTICE

    By Vipin Srinath Asst. Professor

    HISTORY OF COMPANY LAW


    The first type of English organization to which the name company was applied was merchant adventures for trading overseas. Royal charters conferring privileges on such companies are found as early as the fourteenth century. The earliest types were the so called regulated companies. The first multinational company in the world was Dutch East India Trading company. It was also known for a IPO.

    HISTORY OF COMPANY LAW


    The history of modern company law in England began in 1844 when the Joint Stock Companies Act was passed. The Act provided for the first time that a company could be incorporated by registration without obtaining a Royal Charter or sanction by a special Act of Parliament. The English Parliament in 1855 passed the Limited Liability Act providing for limited liability to the members of a registered company.

    HISTORY OF COMPANY LAW


    The first enactment to bear the title of Companies Act was the companies Act, 1862. By these acts some of the modern provisions of the company were clearly laid down. First of all, two documents, namely, (a) the memorandum of association, and (b) articles of association formed the integral part for the formation of a limited liability company. Secondly, a company could be formed with liability limited by guarantee

    HISTORY OF COMPANY LAW


    Then the liability of the directors of a company was introduced by the Directors liability Act, 1890 and the compulsory audit of the companys accounts was enforced under the Companies Act, 1900. The concept of private company was introduced for the first time in the companies Act, 1908. The companies Act 1948, which was the Principal Act in force in England was based on the report of a committee under Lord Cohen. Another outstanding feature of 1948 Act was the emphasis on the public accountability of the company

    HISTORY OF COMPANY LAW


    Further, the 1948 legislation extended the protection of the minority (Section 210) and the powers of the Board of Trade to order an investigation of the companys affairs (section 164175); and for the first time the shareholders in general meeting were given power to remove a director before the expiration of his period of office. The independence of auditors vis--vis the directors were strengthened.

    HISTORY OF COMPANY LAW


    The Indian Companies Act, 1913 did not take into account the peculiar features of the Indian trade and commerce and some peculiar institution such as "managing agency. Companies Act of 1956: After the end of World War II, the need for a further revision of the company law was felt. Many changes had taken place in the organization and management of Joint stock companies.

    HISTORY OF COMPANY LAW

    The government of India, therefore, appointed on 25th October, 1950. A committee of 12 members representing various fields under the chairmanship of Shri. H. C. Bhabha for a comprehensive review of the Indian companies Act 1913

    DEFINITION OF JOINT STOCK COMPANY


    It may be defined as an artificial person created by law with a distinctive name and a separate legal entity, a common seal, a common capital contributed by the members and comprising transferable shares of a fixed denomination, with limited liability and with a perpetual succession. Lord Justice Lindley defined a company as, "an association of many persons who contribute money or money's worth to a common stock and employ it is some trade or business and who share the profit and loss arising there from."

    KINDS OF COMPANIES
    Chartered companies Statutory Companies Registered Companies Government Companies Public Companies Private Companies Companies Limited by Shares Companies Limited by Guarantee Holding Company Subsidiary Company

    PRIVATE AND PUBLIC COMPANY DIFFERENCE

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