On the laws relating to joint-stock companies
Citation:Murphy, Joseph John. 'On the laws relating to joint-stock companies'. - Dublin: Dublin Statistical Society,Vol.II, Part VIII, 1857, pp27-36
The limited liability act of 1856 has placed the law of joint-stock companies in a satisfactory state, so far as regards the position of the shareholders. They can obtain a charter of incorporation by simply ^plying for it, and the liability of shareholders is limited to the amount of the shares. But if the principle I have stated is sound ? that mercantile liability for the consequences of a man's own actions ought to be unlimited ? it follows, that in every concern the acting partners ought to be under unlimited liability. The acting partners of a joint-stock company are the directors; and yet the law does not recognise their unlimited liability. This ought to be changed.
Publisher:Dublin Statistical Society
Series/Report no:Journal of the Dublin Statistical Society
Vol.II, Part VIII, 1857
Description:Read 19th January, 1857