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In The Matter Of The Mexican And South American Company Grisewood And Smith’s Case De Pass’s Case; 15 Jul 1859

References: [1859] EngR 854, (1859) 4 De G & J 544, (1859) 45 ER 211
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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.
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Last Update: 25-Oct-15 Ref: 288206

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