A trading company was established in 1838, upon the terms contained in the prospectus, which placed its affairs under the management of individual directors, but contained no provision as to the transfers of shares. The certificates of shares purported to, give the holder a title to the shares, which accordingly were treated transferable by delivery was not such an assumption of a corporate character as to make the company illegal.
A person who buys shares in a trading company is to be taken to have bought them subject to their existing liabilities, and, on the winding up of the company, is liable to contribute, as well towards debts incurred before as those incurred after the purchase.
Citations:
[1859] EngR 854, (1859) 4 De G and J 544, (1859) 45 ER 211
Links:
Cited by:
Cited – English Bridge Union Ltd, Regina (on The Application of) v The English Sports Council and Others Admn 15-Oct-2015
The claimant Union claimed that the defendant should recognise the game of bridge as a sport. The defendant had adopted a definition from Europe which required physical activity, and the Union said that this was a misconstruction of its Royal . .
Lists of cited by and citing cases may be incomplete.
Company
Updated: 11 May 2022; Ref: scu.288206
