Secretarial practice

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Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXIII. Statuory companies

Collection:: Economics Books

CHAPTER XXIII STATUTORY COMPANIES THE name ‘Statutory Companies’ is frequently used to describe that large and important class of companies which are incorporated by special Acts of Parliament for certain specific purposes. The objects of these companies are to work undertakings of a public nature, such as are calculated to be of benefit to the public at large, or to a section of the public; and whilst there is also the intention to make profits for the shareholders in these undertakings, yet so largely are the public interested in the proper working of them, that the legislature has assumed the right to restrict and limit their powers and to impose upon them conditions intended to be for the general welfare of the community, to whom the proper working of these undertakings is a matter of grave concern. Among the companies of this class are railway companies, gas companies, water companies, dock and harbour companies and many others; in fact, it is not too much to assert that the companies in question are, from the public point of view, the most important in existence, and some of them are per- haps also the largest commercial undertakings in the country. As stated above, each of this class of companies owes its Special Act. existence to a special Act of Parliament whereby its powers are carefully defined. It is, as Bowen, L.J., has said, ‘a simple statutory creature,’ and in this respect it resembles a company incorporated under the Companies Acts. ‘It is made up of persons who can act within certain limits, but, in order to ascertain what are the limits, we must look to the statute. The corporation cannot go beyond the statute.’ In the case of a company incorporated under the Com- panies Acts, the memorandum of association, together with the Companies Act, 1929, must be looked at to ascertain its powers. In the case of a statutory company its special Act must alone be looked at. And whilst in the case of a company incorporated under the Companies Acts its articles of associa- tion must be examined in order to ascertain by what regula- tions it is governed, in the case of a statutory company its special Act expressly or by reference contains also its code of reculations.

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