K. M. Hasan & Jurists stands out as a premier provider of specialized legal services, renowned for our expertise in advisory, drafting, and advocacy in matters pertaining to companies. Our seasoned legal team is well-equipped to guide and represent clients in a wide spectrum of company-related disputes within Bangladesh. Whether in advisory capacities or courtroom representation, we offer comprehensive support tailored to the unique needs of each case, ensuring effective resolution and protection of our clients’ interests.
From Charters to Salomon: A Historical Journey in Company Law
Once upon a time, there was a law called the Joint Stock Companies Act 1844. It gave birth to something big—the ‘monster’ joint-stock economy. But there was a problem: getting Royal charters (basically official permission) for companies was a hassle. People started trading old charters like collectible cards!
Then, in 1856, Mr. Robert Lowe (the Vice President of the Board of Trade) waved his magic legislative wand and created the Joint Stock Companies Act. Suddenly, companies were popping up like mushrooms after rain.
But the real game-changer was a court decision called Salomon v. Salomon & Co. The House of Lords said, ‘Hey, companies are like separate beings. Their debts don’t stick to their owners.’ Boom! Modern corporate law was born.
Now, let’s talk company shapes. Some got their start with fancy letters patent (fancy invitations to the business party). Others were charter corporations—like exclusive clubs. And in far-off lands, they invented cool company structures: ‘segregated portfolio companies’ and ‘restricted purpose companies.’
Lastly, companies had labels: public or private. Public ones had shares traded in the stock market, like hot samosas at a fair. Private ones were more like secret societies—they kept their shareholder numbers low.
So, from old cartoons to today’s legal maze, it’s been quite a ride!