An Act for better enabling Her Majesty to confer certain Powers and Immunities on trading and other Companies.
[17th July 1837]
WHEREAS divers Associations are and may be formed for trading or other Purposes, some of which Associations- it would be inexpedient to incorporate by Royal Charters, although it would be expedient to confer on them some of the Privileges of and incident to Corporations created by Royal Charters, and also to invest such Associations or some of them with certain other Powers and Privileges: And whereas it would also be expedient to extend the Powers of Her Majesty in reference to the Creation of Corporations, and to the conferring of Privileges upon Corporations, and upon other Bodies or Companies enabled to sue and be sued: And whereas by an Act passed in the Sixth Year of the Reign of His Majesty King George the Fourth, intituled An Act to repeal so much of an [6 G. 4. c. 91.] Act passed in the Sixth Year of His late Majesty King George the First as relates to the restraining of several extravagant and unwarrantable Practices in the said Act mentioned; and for conferring additional Powers upon His Majesty with respect to the granting of Charters of Incorporation to trading and other Companies, it was amongst other things enacted, that in any Charter thereafter to be granted by His Majesty, His Heirs or Successors, for Incorporation of any Company or Body of Persons, it should and might be lawful in and by such Charter to declare and provide that the Members of such Corporation should be individually liable in their Persons and Property for the Debts, Contracts, and 'Engagements 01 such Corporation, to such Extent, and subject to such Regulations and Restrictions, as His Majesty, His Heirs Or Successors, might deem fit and proper, and as should be declared and limited in and by such Charter, and the Members of such Corporation should thereby be rendered so liable accordingly : And whereas by an [4 & 5 W. 4. c. 94.] Act passed in the Session of Parliament held in the Fourth and Fifth Years of the Reign of His late Majesty, intituled An Act to enable His Majesty to invest trading and other Companies with the Powers necessary for the due Conduct of their Affairs, and for the Security of the Rights and Interests of their Creditors, His Majesty, His Heirs and Successors, were empowered to grant to unincorporated Companies and Associations certain Privileges in such last-mentioned Act set forth : And whereas the aforesaid Provisions of the said recited Acts have not been found effectual for the Purposes thereby intended, and it is therefore expedient to repeal the same, and to make such Provisions in reference to the several Matters aforesaid as are herein-after contained:
Now therefore be it enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same,