The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1855-08-14 00:00:00

THURSDAY.

The Royal Conical Flour Mill Bill was read a third time and
passed.—The Nuisances Removal and Diseases Prevention
Acts Consolidation and Amendment Bill was read a third time
and passed.—The Public-houses (Ireland) Bill, the Public
Health Act (1854) Continuance and Amendment Bill, and the
Diseases Prevention Bill were read a second time.
LIMITED LIABILITY BILL.—On the order being read for
going into committee, a smart debate arose upon a proposition
by Lord St. LEONARDS to refer it to a select committee, Lord
CAMPBELL, Lord GREY, Lord MONTEAGLE, and Lord REDES-
DALE all supporting the motion, which was resisted by Lord
GRANVILLE and Lord STANLEY of Alderley.—Upon a division
the motion of Lord St. Leonards was negatived by a majority of
28 to 11, and their lordships, in spite of further remonstrance,
went into committee upon the bill.—On clause 1, Lord MON-
TEAGLE moved an amendment to the effect that the capital of a
company established under the act should be not less than £lO,OOO
divided into shares of not less than £25 each.— After some
discussion the amendment was negatived by 18 to 9.—Earl
GREY proposed an amendment, to the effect that companies
should consist of not less than 25 shareholders, and the amend-
ment was adopted.—Upon clause 2, Earl GREY proposed to add
in line 35, after the word " liability," the words " after the
affairs of the company shall have been audited by some person
appointed by the Board of Trade, and a certificate from the
said board that the complete solvency of such company has
been established to the said auditor's satisfaction."—The
amendment was agreed to.—Upon clause 4, Lord CAMPBELL
proposed an amendment to the effect that all negotiable securi-
ties issued by companies with limited liability should have
that fact mentioned on them.—The amendment was agreed to.
—Another discussion took place on a motion to adjourn the
committee, which was defeated by 19 to 9.—After clause 8 had
been agreed to, Earl GREY moved to insert a clause providing
that if the directors of any company formed under the bill de-
clared and paid a dividend when the undertaking was insolvent,
they should be jointly and severally liable for the whole of the
debts of the company ; exemption, however, to be allowed to
any director who was proved to have resisted the declaration
of such dividend.—After a short conversation the clause was
agreed to.—Earl GREY next proposed a clause to prevent the
note-of-hand of any shareholder being received in payment for
stock of the company, which was also agreed to.—Lord
MONTEAGLE proposed a clause, providing that, whenever it
should appear that any company had lost or wasted three-
fourths of its subscribed capital, the business of the company
should forthwith cease, or only be continued for the purpose of
winding up the affairs of the company. This was also agreed
to, as were the remaining clauses up to 12, with verbal amend-
ments.—Clauses 13 and 14 were struck out of the bill, and
their lordships resumed.
The Appropriation Bill and the Exchequer Bill were read a
second time, and their lordships adjourned at one o'clock.