Hull Flax and Cotton Mill Company Act 1841

Publication Date:January 01, 1841
 
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Hull Flax and Cotton Mill Company Act 1841

(4 & 5 Vict.) c. xcv

An Act for regulating legal Proceedings by or against "The Hull Flax and Cotton Mill Company."

[21st June 1841]

ANNO QUARTO & QUINTO VICTORLE REGINiE. ^**********^^**************^*^*********^*********** Cap. xcv. An Act for regulating legal Proceedings by or against " The Hull Flax and Cotton Mill Company." [21st June 1841.] W HEREAS a Number of Persons some Time since formed themselves into a Company of Copartnership, under the Style or Title of The Hull Flax and Cotton Mill Com pany," for the Purpose of purchasing, importing, spinning, manu facturing, and selling of Flax and Cotton, and all Branches or De partments of that Business, and all Matters connected therewith, and the Affairs of the said Company are carried on and conducted, under Rules and Regulations contained in and made by a certain Deed of Settlement, bearing Date the Fifth Day of April One thou sand eight hundred and thirty-seven, and in and by certain Resolu tions of the Company passed in pursuance of Powers for that Purpose contained in the said Deed; but Difficulties have arisen, and may hereafter arise, in legal Proceedings by or against the said Company, since by Law all the Members for the Time being of the said Com pany must be named in such Proceedings: And whereas it is ex pedient that the said Company should be rendered capable of suing. and being sued in the Name of some one Individual as a nominal Party to such legal Proceedings: May it therefore please Your Ma jesty that it may be enacted ; and be it enacted by the Queen's most {Local'] 24 R Excellent 4 & 5* Cap. xcv. Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Par-Company liament assembled, and by the Authority of the same, That in all may sue and the Name of f a criminal Nature, and in all Proceedings in Lunacy or Bankruptcy, the chief whether by way of Petition, Fiat, or, in 6to£fcMTSequestration or Manager or of any Director. Actions, Suits, and other legal Proceedings, other than Proceedings -/ ' mi ---------- # - - -. - v ... v otherwise, to be hereafter instituted or prosecuted by or on behalf of the said Company, either alone or jointly with any other necessary Parties, it shall be sufficient to state and to proceed in the Name, of the chief Manager, or one of the Directors for the Time being of the Company, as the nominal Plaintiff representing the Company in such Proceedings; and that in all Actions, Suits, and other legal Proceedings to be hereafter instituted or prosecuted against the Company, either alone or jointly with any other necessary Parties, it shall be sufficient to state the Name of the chief Manager, or some one of the Directors for the Time being of the Company, or in the event of there being no chief Manager or Director of the Company, then to state the Name of some one of the Shareholders, as the nominal Defendant representing the Company in such Proceedings: Provided always, that any Party suing the Company may, if he think fit, join any Shareholders of the Company or Persons who shall have been Shareholders of the Company together with such nominal Party, as Defendants in Equity, for the Purpose of Discovery, or in case of Fraud. Death, &c. of Officer suing not to abate Suit. Action by or against Shareholders. II. And be it enacted, That the Death or Removal of, or the Resignation or any other Act of or by, any such nominal Party, shall not abate or prejudice any such Action, Suit, or other Proceeding against or by or on behalf of the Company, but the same may be continued, prosecuted, and carried on in the Name of any other chief Manager or Director of the Company, or in the event of there being no chief Manager or Director then in the Name of any Shareholder of the Company. III. And be it enacted, That no Action or Suit by or against the Company shall be in anywise affected by reason of the Plaintiff or Defendant therein being a Shareholder or former Shareholder of the Company, but any such Shareholder, either alone or jointly with another Person, as against the Company, or the Company as against any such Shareholder, either alone or jointly with any other Person, shall have the same Action and Remedy in respect of any Cause of Action whatever which such Shareholder or Company might have had if such Cause of Action had arisen with a Stranger. r Plea in bar of former Suit. Officer suing not inca- IV. And be it enacted, That the Proceedings in any Action or Suit by or against such nominal Party, ir\- which the Merits in respect of the Demand thereby sought to be enforced shall have been tried and determined, may be pleaded in bar,of any other Action or Suit for the same Demand by or against the Company or any other such nominal Party as aforesaid. V. And be it enacted, That the ;chief Manager of the Company shall not, by reason of his being such, nominal Party in any Action or 1 & 5 VICTORIA Cap.xcv. 2183 or other Proceeding instituted or prosecuted under the Authority of patitated as this Act, be incapacitated from being a Witness in any such Action a Wtness-or Proceeding, if in other respects admissible. VI. And. be it enacted, That the Bankruptcy, Insolvency, or Bankruptcy stopping Payment of any such nominal Party, or of any Shareholder pfOffi'cersu- of the Company in his individual Capacity, shall not be construed to ^ctSuit be the Bankruptcy, Insolvency, or stopping Payment of the Com* pany, and shall not in any way abate or prejudice any such Action, Suit, or other Proceeding as aforesaid, and notwithstanding such Bankruptcy, Insolvency, or stopping Payment, such Action, Suit, or other Proceeding may be continued in the Name of such nominal Party, and the Property and Effects of the Company shall in all respects be liable, in the same Manner as if such Bankrpptcy, Insolvency, or stopping Payment had not taken place. VII. And be it enacted, That every Judgment, Decree, or Order Decree or in any Proceeding against any such nominal Party as aforesaid may Judgment to be lawfully executed against and shall have the, like Effect on be enforced the Estate, Funds, and Property of the Company, and upon the c^miny6 Person, Estate, Funds, and Property of every Shareholder thereof, and Share- as, if every individual Shareholder had been by Name a Party to such holders. Proceedings. holders. VIII. And be it enacted, That it shall be lawful for the Plaintiff to Execution cause Execution upon any Judgment, Decree, or Order obtained by against for- him in any such Action or Suit against any such nominal Party as merSnare- aforesaid to be issued against all or any of the Shareholders for the Time being of the Company, and if such Execution shall be in effectual to obtain Satisfaction of the Sums sought to be recovered thereby, then it shall be lawful for him to cause Execution to be issued against any Person who was a Shareholder of the Company at the Time the Contract was entered into upon which such Action or Suit shall have been instituted, but no such Execution against any Person having ceased to be a Shareholder shall be issued without Leave first granted by the Court in which such Judgment, Decree, or Order shall have been obtained, upon Motion in open Court, and after Notice in Writing of such Motion given to the Person sought to be charged: Provided always, that no Person having ceased to be a Shareholder of the Company shall be liable for the Payment of any Debt for which.any Judgment, Decree, or Order shall have been so obtained, for which he would not have been liable as a Partner in case a Suit had been originally brought against him for the same ; nor shall this Act be deemed to enable any Party to a Suit to recover from any individual Shareholder of the Company, or any other Person whomsoever, any other or greater Sum than might have been recovered if this Act had not been passed. IX. And be it enacted, That'every chief Manager, Director, or Share- Reimburse- holder in whose Name any Action, Suit, or other Proceeding under ment of Of- this Act shall be instituted, prosecuted, carried on, or defended, and ^^j111? every. Shareholder against whom, as nominal Defendant, any such share- Action, Suit, or other Proceeding shall be instituted, prosecuted, or holders. carried nu 4 & g6 carried on, and every Shareholder who in any*Suitor Proceeding under this Act shall be joined as a Defendant in Equity for the Purpose* of Discovery, or in case of Fraud, and every Person against who;HCLa,ny such Execution as aforesaid shall have been issued shall be reimbursed out of the Funds or Property of the Company for all Monies paid, and for all Damages, Costs, and Expenees incurred by hw by reason of every or any such Action*, Suit, Proceeding, and Execution respectively, or, in default of Sucb Reimbursement, by Contribution from the other...

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