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Index

Age of Exploration 82 Act Amendment Act agency problem 79, 122, 269–70, 358, (1917) 460–61 361, 608 Confederation (1867) 455 Asian Commonwealth Association 415 Federation (CCF) 463 corporate Bullock Report on Industrial Dickerson report 466, 467–8 Democracy (1997) 157–8, 164 disclosure rules 459–60 fiduciary duty 471–3 Canada 11, 451 following US law 458, 459 Bankruptcy Act (1919) 459 Kimber Report (1965) 464 Canada Business Act lack of legal certainty in 461 (CBCA) (1975) 451, 466–7 Lawrence report 465 Oppression Remedy in 470 provincial differences in 469 section 122(1)(a) 470–71 reform 464–5 Canada Joint Stock Companies Act shareholder-centric, as 467–8 (1887) 459–60 shareholder rights 467, 469 Canada Joint Stock Companies Act stakeholder-centric 468, 470–71 (1902) 460 Canada Joint Stock Companies concession theory of 455 Letters Patent Act (1869) 457 corporate personhood 459 case law evolution of 458, 459–62 BCE Inc. v. 1976 incorporation 453–4, 455 Debentureholders (2008) modern 464–9 471–2, 474 Dominion of Canada 457 Bonanza Creek Gold Mining Co. Hudson’s Bay 452 Ltd. v. The King (1916) 461 ‘Body corporate and Politique’ 453–4 Peoples Department Stores Inc. corporation, as 453 (Trustee of) V. Wise (2004) exclusive monopoly 453 471, 472, 474 incorporation (Royal Charter) 453 colonial incorporation (colonial) corporations in 452 act of legislature, by 455, 457 Hudson’s Bay Company see general statutes 455–7 Hudson’s Bay Company judicial decree, by 455, 457 below letters patent, by 454–6, 457, 465 incorporation in see incorporation Lower Canada, in 456 (colonial) below privilege, as 455 Province of Canada 455 Province of Canada, in 456, 457 restrictions on corporations 456–7 registration, by 455, 457, 465

621

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Royal Charter, by 453, 454, 455 adoption in 367 Upper Canada, in 456 368 incorporation (Dominion) ancestral trusts 362–3, 364 authority 461 bottom line 369–71 differing provincial approaches functional elements 364 457 management 363, 371–3 Ontario Business Corporations Act posthumous 364–5 (1970) 465–6 prototype for 363 Ontario Companies Act (1907) 460 sale of property 370 Securities Act (1966) 464 voluntary associations, as 364–9 shareholder clan corporations 355, 356, 365–6 -centricity 467–8, 469, 470 buying women 368–9 empowerment 473 fiduciary duty in 375–6 rights 467, 469–70 kinship in 357, 366–7 socio-economic determinants in legal person, as 373–4 462–4 374–5 reform 463–4 New Male Books 367 de facto sovereignty 462 organizing principle 357 expanding autonomy 462 transferability of ownership 374 Great Depression 462–3 primarily commercial, as 357, socialist theory 463 365 welfare state 463, 464, 468 scale of business 370–71 WWII 463 clan (zong/zu) 363 stakeholder collectivization of capital 365 -centricity 468, 470–71 mega- 366 empowerment 473–4 colonial epistemology 356–7 model 472 commercial agriculture 370 Statute of Westminster (GB) (1931) Confucianism 462 anti-mercantile attitude 356, 369 capitalism collective unity 376 clash of capitalisms 333 moral hierarchy 356 cooperative 222 society 360 coordinated 333, 334 women as non-persons 360 EU see EU corporation 377–8 European 272–3 defining 357–8 financial 127 /US comparison 355–6 industrial 254, 255, 513 dian pu (tenant/servant) 369 liberal 334, 338–46 family 358, 376–7 managerial 287 ancestral sacrifices 359, 367 Manchester 224 domestic harmony 360 New 227 fen-jia (division of household non-development in china 355 property) 361–2 private 249, 265 fiduciary duty in 361 triumph of 273 filial impiety 367 varieties of 332–3, 410 law 358–9 welfarist market 166 natural person, as 373 China 9, 355 one body conception of 376 absentee landlordism 370 patrilineal continuity 359–60, 361

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Index 623

prototype for clan corporation shareholder exclusivity 359 shareholders’ rights 147–50 proto-corporate characteristics of stakeholders 145 358–62 sustainability of 163–6 ritual primogeniture 359 Takeover Code (2013) 148 xiao (filial piety) 360 concession theory 176, 455, 456 marriage corporate law 2 bride price/dowry 368 see also individual countries primarily contractual, as 368 evolutionary models see virilocal 367 evolutionary models uxorilocal 367–8 CSR, and 570–72, 579 Neo-Confucianism 359, 362, 369 corporate social responsibility unity of family 376–7 Qing Code 361 history 570–72 common law 3, 5, 317, 395, 453, India, in 392, 395, 397–8 484 USA, in 12–13, 534, 592–3 /civil law comparison 138–9 corporation 82 remedies 454 see also individual states communism 545 aggregation theory 574 company law (GB) 121, 142, 166–7 concession theory 455 Companies Act (1844) 383 corporate personhood 573–7 Companies Act (1862) 135, 136, significance of 576 137 close 251–2, 259 Companies Act (1879) 136 incorporated , as 358 Companies Act (1907) 137 statutory 206 Companies Act (1985) early European 91–4 section 309 151–2 joint-stock companies 93–4 Companies Act (2006) regulated companies 92–3 section 170 150–151 stability 92 section 172 145, 146, 150, 151, features of 357–8 152, 156–7 open access to 299 Companies (Model Articles) origins of 89–91 Regulations (2008) 149 uniquely European 91–2 corporate governance 148 Corporate Governance code (2016) 149 Danish East India Company 111 pro-worker 165–6 Delaware 515, 581 evolution of 122–4, 134, 137–9 see also United States historic ambivalence of 142–4 527 industrial democracy 157–60, CAPM, and 527 163–4 case law reform 133 Aronson v. Lewis (1984) 524 shareholder primacy 143, 150, 165, Benihana of Tokyo, Inc. v. 331 Benihana (2006) 525 director’s duty of loyalty, and Cede & Co. v. Technicolor, Inc. 145–7, 152–3 (1993) 528 foundations of 144–5 Gagliardi v. TriFoods historic ambiguity 150–57 International Inc. (1996) 527

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624 Research handbook on the history of corporate and company law

In re Caremark International Inc. Council Directive 2001/86/EC 160, Derivative Litigation (1996) 161, 330, 336–7 528–9, 613–14 Directive 2003/6/EC 340–41 In re Walt Disney Co. Derivative Directive 2003/71/EC 341 Litigation (2006) 529 Directive 2004/39/EC 341 Kahn v. M&F Worldwide Directive 2004/109/EC 341 Corporation (2014) 525, 527 Directive 2005/56/EC (cross-border Smith v. Van Gorkom (1985) 528 mergers) 329, 343 Stone v. Ritter (2006) 529–30, Directive 2006/43/EC (audits) 345 614 Directive 2007/36/EC (shareholder Unocal Corp. v. Mesa Petroleum rights) 335, 343 Co. (1985) 524 revision 344, 345 deference to expert opinion 524 directors’ duties, erosion of 524, Directive 2012/30/EU 339 527, 530 Directive 2014/56/EU 335 directors’ liabilities 528 proposed Fifth directive 335–6 fairness 524–5, 527 Dutch East India Company (DEIC) 5, good faith 525, 527–31 103, 112–14 breach of duty of care 528, 529 see also , the; India defining 528–9 capital 105 subjective nature of 259 charter 104 General Corporation Law (DGCL) corporation (1899) 524 /EIC comparison 109–110 section 102 528 failure of European competitors independent directors’ protective 110–12 effect 524 financing 105 mergers 525 governance structure 106, 107 monitoring model of board, courts Chambers 104, 106 embracing 523–4 voting rights 106 resilience 609–11 institutional framework 88–9 safe harbour 524 joint stock company 105, 112 Directives (EC/EEC/EU) limited liability 271 Council Directive 68/151/EEC quasi-state powers 271 (publicity) 233–4 shareholders 105–6 equivalent safeguards in 325–6 First Council Directive 77/91/EEC lock-in 108 234 subscribers 105 Second Council Directive trade 77/91/EEC 328–9 dominance in Cape Route 109 Fourth council Directive monopoly 108–9 78/660/EEC 332, 341 transfer of shares 108 Third Council Directive 78/855/EEC 329, 334 East India Company (EIC) 5, 96–7, Sixth Council Directive 112–14 82/891/EEC 329, 334 see also England; India Seventh council Directive capital 101, 102, 125 83/349/EEC 332, 341 charter 97–8 Directive 2004/25/EC 340–41 /DEIC comparison 109–110

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Index 625

failure of European competitors business 124 110–112 Crown monopoly over creation governance structure 97–9 123, 124–5 incorporation 383 joint-stock 123, 124 institutional framework 88–9 legal characteristics 121–2 joint stock company 99–102, 112, legal fiction, as 122 125 mercantilist 123 limited liability 271 public governance, for 123 trade monopoly 97, 134 regulated company 123, 124 EC see European Community delegated management 122 EEC see European Economic diffuse ownership 136–7 Community East India Company see East India England (GB) 5–6 Company see also United Kingdom government debt 125–6 Bank of England 125, 132–3 Glorious Revolution (1688) 125, Bank of England Privileges Act 138 (1833) 133 High Court of Admiralty 132 Banking Copartnerships Act (1826) Hudson’s Bay Company 125, 425 133 incorporation 131 banks freedom of 132–4 re-registration 135 letters patent, by 454 unlimited liability 135–6 liberalisation of 135, 137 Bubble Act (1720) 125–7, 128, 130 parliamentary private long-term effect 127 incorporation bills 134 repeal 132 reform 133 case law registration, by 133, 454 Child v. Hudson’s Bay Company Royal prerogative, by 453, 454 (1723) 130 Industrial Revolution 5, 121, 128, City of London (1680) 131 137, 138 Craven v. Knight (1683) 128 investor ownership 122 Dr Salmon v. The Hamborough Joint Stock Bank Act (1844) 133 Company (1671) 131 charter duration 133–4 Ex parte Crowder (1715) 128 Joint Stock Companies Registration Greenhalgh v. Arderne Cinemas and Regulation Act (1844) 133, Ltd (1951) 153 economic effects 134 Huddersfield Canal Company v. exemptions to 134 Buckley (1796) 130 legal personality 121–2 Hutton v. West Cork Railway limited liability see limited liability Company (1883) 154, 155–6 London stock market 126, 132 Naylor v. Brown (1673) 131 partnerships 128 Parke v. Daily News Ltd (1962) private companies 137 154, 155–6 Royal African Company 425 Salomon v. Salomon (1897) 137 Royal Charters 453 Companies Clauses Consolidation Royal prerogative 453, Act (1845) 134 common law remedies in 454 company law see company law shareholder primacy see company corporation law 18th century 130–31, 452 shareholder protection 136

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626 Research handbook on the history of corporate and company law

shareholders 137 renewed activity in 344–5 South Sea Bubble 127 shareholder rights 343, 344 South Sea Company 125, 126 SEs see Stannary Courts 132 takeovers 339–40 Statute of Monopolies (1623) 124 mandatory bid rule 340 Statute of Westminster (1931) 462 non-frustration rule 340 transferable joint stock 122 Europe triangular trade 452–3 see also individual states unincorporated companies 128–30, capitalism 272–3 133, 137 charters 271 de facto corporation, as 129 company law insurance companies 129 concessions 175 EU see employee representation 157 EU corporate law corporate democracy 272 see also Directives; European corporate governance movement Union 331 board structure 336, 343, 345 crisis of political democracy 285 capital EU see European Union legal 338, 339 general incorporation 272 minimum 338–9 lending institutions 25 capital markets limited liability 77, 271 case law see case law liquidation protection 77 Company Law Action Plan (2003) partnerships, evolution of 27 (CLAP) 342 proportionality 272 objectives 343 shareholders convergence, and 330–34 majority power 273 extent of 331 voting rights 271 form/function, of 331 European Atomic Energy Community periods of 324 (1957) 323 corporate governance 345 European Coal and Steel Community deregulation 345–6 (1951) 323 emergence of 325 European Commission employee participation 336–7 facilitating cross-border freedom of establishment 327–8, amalgamation 329 338 Financial Services Action Plan 340 Golden Shares 333, 339 European Community (EC) 323 harmonization see harmonization see also EEC; EU legal forms 343 Directives see Directives Societas Privata Europaea (SPE) harmonization see harmonization (European Private Company) European Company see Societas 343 Europaea Societas Unius Personae (SUP) European Economic Community (European single-member (EEC) 324 company) 343–4 see also EC; EU limited companies Directives see Directives regulatory arbitrage, and 339 freedom of establishment 326, 327 mandatory disclosure 341–2 harmonization see harmonization regulatory competition 338–9 real seat rule 326

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Index 627

Treaty of Rome (1958) 323 franchise fees as resource 607 European Union (EU) 8 identifying research questions 598 see also EC; EEC identifying significant facts 597–8 capitalism need for 597–602 clash of 333 race to the bottom 607, 608 coordinated 333 race to the top 607, 608 liberal 324, 333 regulatory competition varieties of 332–3 horizontal model 606–9 case law intrastate model 614–15 Centros Ltd. v. Erhvervs- og revised intrastate model 615–18 Selskabsstyrelsen (1999) 327, vertical model 611–14 338, 345 resources 603 Kamer van Koophandel en fabriken voor Amsterdam v. retention 606, 607 Inspire Art Ltd. (2003) 328, selection 604–6, 608 338 testing 598, 601, 602 Überseering BV v. Nordic unit of selection 602 Construction Company variation 603–4, 607 Baumanagement GmbH (2002) 327–8 fictitious personality theory 176 company law see EU corporate law finance systems Directives see Directives arm’s length/outsider 333 forum shopping 293 control-oriented/insider 333 freedom of establishment 327–8 France 7, 244 free movement of capital 339 Ancien Régime 251 free trade, and 333 Code Civil 244 economic integration, and 329–30 Code de Commerce (1807) 171, harmonization see harmonization 175, 244, 250–51, 431 information and consultation of corporation 174 employees (ICE) 162–3 limited partnerships 174 Maastricht Treaty (1993) 323 ordinary partnerships 174 mobility of corporations 293–4 SA see société anonyme Regulations Code Napoléon 171 Council Regulation Colbert Orders (1673–81) 250 2157/2001/EC 160, 336 Compagnie des Indes Orientales Regulation (EC) 1606/2002 332, 111 342 Commercial Code (1807) 246 Societas Europaea see Societas corporation Europaea origin 246 Societas Privata Europaea see EU liberalization of creation 318 corporate law company law (19th century) 246–7 subsidiarity 337 limited liability companies 28 evolutionary models 13, 596–7 introduction 263 actors 602, 603 Nouvelles régulations économiques replicator 603 (2001) 331 states as relevant actors 607 250 vehicle 603 general 246 defining 602–6 limited liability 246

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share classes guilds 177 multiple voting shares 284 Ius Commune 174 société anonyme see société Kommissar 177 anonyme Konzession (concessions) 175, 176, 188 Germany 6–7 pre-ADHGB 174–9 Aktiengesellschaft 7, 206, 216, raising capital 181–2 217–18, 232, 317 shareholders’ assembly 206–7 two-tier system 232 uniform 183 Aktiengesetz (1937) 215, 217, 218, company law (20th century) 205–6 capital market regulation 232–3 219 codetermination 205, 218, 221–6 moving corporate law closer to corporate governance 216–17, US model 220 233 reflecting Nazi ideology 219–20 early 206–7 reform 226–30 Führerprinzip (Führer-principle) Allgemeines Landrecht für die 217 Preußischen Staaten (ALR) minimum capital requirement (1794) 170–71, 172, 173 208–9, 217 privileged associations under 179 post-1976 232–4 section 651 173 reform 213, 214–16, 218–19, Allgemeines Deutsche 220, 233 Handelsgesetzbuch (ADHGB) reform debate 208–9, 210–11, (1861) 171–2, 183 212, 213–14 articles of association 189 shareholder rights 217 capital 186, 188–9 transparency 211 commercial registry 183–4 Control and Transparency Act corporation in 185–6 (1998) 331 misrepresentation 190 cooperative capitalism 222 partnerships 184–5 196–8 section 111 173 corporate group-building 207, 210 section 213 173 law reform 229–30 share partnerships 186 corporation supervisory boards 189–90, 207 debate over 176–7 Bergrechtliche Gewerkschaft (bG) legal framework 179–82, 185–6 172, 196 state control 177–9 Börsengesellschaftsrecht 232 thing in itself, as 216 Bund 170 Corporations Act (1870) 187, 188 Bürgerliches Gesetzbuch (BGB) Corporations Act (1884) 172, 191–4 171 capitalization 192–3 Code de Commerce 171–2, 174, foundation of company 192, 193 175, 179 managing boards 193 Codetermination Act (1976) 230–32 misrepresentation 193 Commercial Code (1897) 195 share classes 194 company law 234 shareholder rights 193–4 company law (19th century) supervisory boards 193 170–72, 174 East, fall of 234 firm-specific privileges 175 economic downturn (1929–33) 212

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Index 629

enterprise taxes 194 Corporations Act (1843) 175, erlaubte Privatgesellschaften 177, 180, 181, 182 (permitted associations) 172 Oktroi (special charters) 175, foreign investment 209–10 181, 188 Franco-Prussian war 191 railways 178–82 general incorporation 175–6, Railroad Act (1838) 180, 181 187–91 Reich 178, 205, 215 reform 191–4 currency reform 208, 209 relaxation of incorporation rules foundation 170 172 Third 205, 215 Gesellschaft mit beschränkter share classes Haftung (GmbH) 172, 195, multiple voting shares 284 199–202, 206 minimum capital requirement share partnerships 172, 195 208–9 Stock Corporation Act (1937) see Habsburg Austria 170, 171 Aktiengesetz above Handelsgesetzbuch (HGB) (1879) stock-market fever 190–91 171, 172 Weimar Republic 205, 208 hyperinflation 208 end of 212 juristische Person (legal person) 173, 185 harmonization 300, 323–5, 346, 347 extending rights of 187 see also EC; EEC; EU; EU Kaufamnnschaft 173 company law Kommanditgesellschaft (KG) changing focus 324, 338 (limited partnerships) 182 clash of capitalisms in 333 /Offene Handelsgesellschaft convergence, and 332, 333, 337 (OHG) distinction 184 coordinated capitalism, and 333, general partners 334–8 limited partners crisis, in 337 moralische Person (moral person) deceleration on UK accession to 173 EU 324 Nazi 220 liberal capitalism, and 334, 338–46 Führerprinzip 217, 220, 226 financial statements 341–2 Gemeinwohl (common good) 219 minimum 324 interventions in business practices objectives 325 221 equivalent safeguards 325–6, 342 post- 224–6 fostering economic integration rearmament 221 329–330 rise in state debt 220 preventing regulatory arbitrage Volk und Reich 219 326–9, 339 Offene Handelsgesellschaft (OHG) Spanish 314–18, 319, 320 (ordinary partnership) transition period 323, 327 /Kommanditgesellschaft (KG) varieties of capitalism view 332–3 distinction 184 Holy Roman Empire 111 partnerships pre-ADHGB 172–4 India 4, 9–10, 33, 58–9 pension system 234–5 Arthasastra 42–3, 44 Prussia 170–71 post-Mauryan 45

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British East India Company see not centralized 45–6 British East India Company post- 53–5 business organization 34 sreni see sreni corporations 34–5 trade contacts 48 partnerships 34, 45 independence 384 chartered companies 383 company law post- 383, 385–6, Companies Act (1956) 386, 395 economic policies post- 384–5, amendment 389, 390, 391 389 Companies Act (2013) 391–4, 395, Industries (Development and 397 Registration) Act (1952) 385 Companies Bill (2008) 391–2 licence Raj 385 Companies Bill (2009) 392, 393 Mauryan Empire 41–5 Companies Bill (2011) 393 rise of Buddhism 42 reinforcing public nature of trading security 42 company law 391 Monopolies and Restrictive Trade company law 398 Practice Act (1969) (MRTP colonial 382, 383–4, 394–5 Act) 388, 389 corporate governance 390 Mughal 4, 34, 55, 56 corporate social responsibility National Textile Workers v. P.R. 392, 395, 397–8 Ramkrishnan And Others creditors in 387 388–9 directors’ duties 395–6 organizational entities pre-BEIC 37, economic liberalization era, in 56–8 389–91 Registration of Joint Stock Expert Committee report 391 Companies Act (1850) 383 Irani Committee Satyam Computers scandal 392 recommendations 393 Securities and Exchange Board of Parliamentary Standing India Committee on Finance establishment 390 recommendations 392–3 socialism 382–3, 386–9 post-colonial 382, 384–6, 395 sreni see sreni protection in 387 State Bank of India Act (1955) 387 public interest 387 International Financial Reporting socialism in 386–9 Standards 332 shareholder-centric 394 Islam 3–4 stakeholder approach 381, 382, commercial law 21 383, 392, 394–8 religious control of 22, 24, 25–6 transplantation of 394 restrictions on interest 24, 25 Constitution 388 conservative equilibrium 28 East India Companies see East conservatism in 21–2 India Company; Dutch East corporation, lacking concept of 17, India Company 26, 28 Foreign Exchange Regulation Act double sale 22, 24 (1973) (FERA) 388 economic development, and 17–18 Gupta Empire 47 economic stagnation, and 18–23, 30 coinage 48 equilibrium outcome, as 30 scientific and technological economic elite 21, 23 developments 48 hiyal 24

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Index 631

ijtihad 18, 19 property rights under 73 inheritance law 26, 27 /qirad comparison 74 lacking concept of corporation 17 real , as 71 legitimization 19–20, 21, 24 sea loan, replacing 70 Ottoman Empire unilateral 72, 77 economic stagnation in 23, 27 Commercial Code (1882) 275 judicial bias 28–30 article 157 276 kanun 20 default rule 291 no money lenders 24 reform 278–80, 287 partnerships 26–8 Commercial Code of the Kingdom property rights 23 of Sardinia (1842) 274 tax farming 23–4 compagnia 4, 66 territory 23 partnership 17, 26, 27–8 family firms see family firms qirad /mudaraba 74 below religious legitimacy 19–20, 21, 24 partnership, as 78 Shari’a 20 company law reform 288–9, slowdown of reinterpretation 18–19, 290–91 21–3 Confindustria 281 suftaja 25 Consolidated Law on Financial taqlid 18 Markets (1998) 290, 292 waqf 26 corporate democracy 276, 279–80, Italy 4–5, 7–8, 65–6, 83–4 293 allocation of risk 70 corporate governance 275, 286–7 Asquini Project 287–8 aristocratic view of 285 Assonime 280–81 public interference in 288 Banking Law (1936) 286 corporation, governmental cambium 70–71 authorization 286 maritimum 71 credit instruments 4, 66–7 charters 274 commenda see commenda above Civil Code (1942) 282, 287–8, debt recovery 69 294 future delivery agreements 67 article 2351 (new) 291 loans 67 merging of commercial and civil mutuo ad negociandum 67 codes 276 sales on credit 67 share classes reform 290, 293 sea loans see sea loans Code of the Kingdom of the Two D-Amelio Project 282–3 Sicilies (1819) 274 exchange contracts 66 commenda 4, 27, 66, 67 cambium 70–71 allocation of risk 75–7 family firms bilateral 71–2 internal organization 79–80 conflict of interest 76 quasi-permanent partnerships, as credit instrument, as 72 79 employment relationship, as 73 Siena, in 80 evolution 74 super-companies 78–9 fiduciary contract, as 76 time deposits 80 importance of 71, 75, 77 Venice, in 80 partnership, as 72–3 Fascist regime 284–5, 286

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632 Research handbook on the history of corporate and company law

Instituto per la Ricostruzione Venice Industriale (Institute for dominant trade role 82 Industrial Reconstruction) fraterna compagnia 80–81 286, 310 galley companies 81, 82 financial crisis (1907) 280 maona 81–2 French Commercial Code, influence Vienna, Congress of 274 of 274 Vivante Project 281–2 Genoa voting rights 269–70, 273, 294–5 joint-stock companies 82 19th century 275, 278–9 Mahona of Chios 82–3 20th century 276–7, 287, 281 Independence Wars 273 conditional 291 insurance policies 70 early 274 Kingdom of 274 Labour Charter (1927) 288 full 288 limited liability company 281, 282 limited 288, 292 mixed banks 278, 280, 283–4, 285 one share, one vote principle 281, prohibition on 286 282 non-equity financial instruments prudent mean rule 272, 273, 291–2 275–6, 283 partnership see commenda above; recent 288– see compagnia above reform 282–3 Second Industrial Revolution 277, voting trusts 281 278 World War I 280 share classes 273, 280, 289, 294 post- 283–4 azioni al portatore (bearer shares) 279, 280, 281, 282 Japan 10, 401–2, 418–19 azioni de risparmio (saving Abe-nomics 415 shares) 289–90, 291 American influence 406, 419 limited voting 288, 289, 291, Antimonopoly Law (1947) 407 292, 293 banks multiple voting shares 283–6, convoy system 410 292, 293 nationalization 405 non-bearer 287 Commercial Code (1899) 402, non-voting 291 403–4 ordinary 288, 289, 290, 291 revision (1938) 406 reform 290–91 Commercial Code (1950) 407, 408 ‘repo’ 279 reforms 412 shareholder 269, 272 Commercial Code (2002) 413 franchise 279, 281, 287 Companies Act (2005) 412–13 powers 273, 274, 275, 276, 285 reform 416, 417 protections 275 corporate democracy 408 voting rights see voting rights corporate finance 407 below corporate governance 407, 412 Siena 80 audit committees 416 societas 78 directors 409, 413, 417, 418 travelling merchants 73–4 fiduciary duty 414 unification 287–8 independent directors 415, 416, pre- 273–4 417

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Index 633

kansakayu 409–10, 413 end of 409 reform 415 WWII 405 Corporate Governance Code (2014) zaibatsu 402, 404–5, 411 416, 417 breakup of 406 corporate value 415, 416 conversion 406 corporation law reforms 415–16 laissez-faire theory 136 legal forms 413 law and finance movement 234 post-war 410–11, 412 law and finance hypothesis 136–7 public/private distinction 413 liberal pluralism 545 crisis management programme limited liability 122, 124, 129, 131 (1931) 405 banks 136 deregulation 412–15 economic ‘miracle’ 410 early 135 end of 412, 414 Limited Liability Acts (1855, 1856) Financial Instruments and Exchange 135 Act (2006) 413 prerequisite for share tradability, as German influence 402, 419 136 global financial crisis (2008) 415 reserve liability 136 hostile takeovers 414 Japan, Inc. 401, 414 Mexico 10, 425, 447 J-Firm 401, 411, 419 see also Spain features of 410 banks 437 keiretsu 409, 410, 411 banking crisis 446–7 labour relations 411 collateral mechanisms 447 Lehman shock 415 financial intermediaries 442 lifetime employment 414 Code of Commerce (1854) 432–3 Meiji Code of Commerce (1881) 433 modernization 402–3 Code of Commerce (1884) 433, multi-polar/UK influence 415, 419 434, 435 Securities and Exchange Law Code of Commerce (1889) 435–6, (1948) 407 437 shareholder principles of 436 activism 414 Code of Mines (1884) 435 derivative suits 414 Código de Mejores Prácticas rights 407, 408, 410 Corporativas (Code of Best sokaiya 408, 410, 414–15 Corporate Practices) (1999) share ownership 413–14 446 corporate cross-shareholding Código de Mejores Prácticas 408–9, 413, 414 Corporativas (Code of Best state economic control 405–6 Corporate Practices) (2010) Stewardship Code (2014) 416, 417 446 Tokyo Stock Exchange JPK-Nikkei colonial era (New Spain) 426–31 400 416 Casa da Contratación (Board of US occupation 406–9 Trade) 426 democratization 402, 408 commercial law 431 economic deconcentration 406–7, Consulados 426, 427, 430 408 encomienda 428

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634 Research handbook on the history of corporate and company law

mining law see colonial mining regulation 435 law below family ownership 441–2, 446 Ordinances of Bilbao see financial groups 442–3 Ordinances of Bilbao below fueros 432 organizational forms 431 globalization 445 repartimento 428 independence 430 trade regulation 426 joint stock company 432, 434 colonial mining law 426, Joint Stock Company Law (1888) aviadores, repayments to 429 434–5 Banco de Avíos de Minas 428 Law of Credit Institutions (1897) barras (shares) 428, 429 437 capital 429, 430 Ley de Instituciones de Crédito y Diputaciones de Minería 428 Organizaciones Auxiliares New Code (1584) 428 (Banking Law) (1932) 444 organizational form 249–50 Ley de Instituciones de Crédito y plurality of votes 429 Organizaciones Auxiliares Royal Ordinances of Mines of (Banking Law) (1941) 442, New Spain (1783) 428–9, 444 435, 447 Ley de Mercado de Valores School of Mines 428 (Securities Market Law) (1975) Supreme Council of Mines of 444–5 New Spain 428 Ley de Quiebras u Suspensión de Tribunal General de Minería 428, Pagos (Bankruptcy and 430 Suspension of Payments Law) Comisión Nacional Bancaria y de (1943) 446 Valores (financial supervision revision 447 authority) 446 Ley de Sociedades de Inversión commercial law (Investment funds Law) (1954) codification 431–2 444 evolution 430–31 Ley General de Sociedades historical 426–8 Mercantile (General Law of Juntas de Fomento 430 Mercantile Societies) (LGSM) federalization 433 (1934) 438 Tribunales Mercantile 430–31 capital requirements, on 439 commercial litigation 433–4 comisarios 440–41 company law 432 flaws in 440–41 comisarios 435, 440–41 share classes, on 439 management 435 shareholder power 441 shareholders’ assembly 435 Ley Orgánica de la Administración transparency 436 Pública Federal (Law of the conglomerates/business groups 442, Federal Public Administration) 444 443 Constitution 437–8, 443 Ley para Promover la Inversión Consulados, replacement of 430 Nacional y Regular la controladoras (holding firms) 442 Inversión Extranjera (Law to cooperatives 436 Promote National Investment corporation 436, 441 and to Regulate Foreign free incorporation 432 Investment) (1973) 444, 445

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Index 635

432, 434, 436 sociedades anónimas de capital with shares 436 variable (variable capital stock Mercantile Exchange of Mexico company) (S.A. de C.V) 439 437 sociedades de responsabilidad merchants, defining 437 limitada (private limited Mexican Empire 433 liability company) (SRL) 434, Mining Law (1892) 435 438 NAFTA 445 establishment 437–8 nationalist era 437 maximum capital 434 capital requirements 439 state-owned enterprises 443, 444 economic expansion 441 corporate governance 443 foreign companies 443 modern finance theory 526 industrialization 443 Capital Asset Pricing Model liberalization 440 (CAPM) 527 restrictions on foreign ownership 437–8, 443–4 Netherlands, the share classes 439 bewindhebber 105 state-owned enterprises 443 Compagnie van Verre 103 neoliberal reform 445 Dutch East India Company see corporate governance 446 Dutch East India Company securities market, of 445–6 participanten 106 Ordinances of Bilbao (1737) 426, Tulip Mania (1636–7) 108 430, 431 voorcompagnieën 103 Consulados, regulating 427 competition between 103 defining company 427 nexus of contracts theory 356, 364, partnership 432, 436 369, 377, 381, 456, 590 post-colonial mining law shareholder maximization 382 abolition of Tribunal General de Minería 430 OECD Principles for Corporate barras, replacing 435 Governance (1999) 446 organizational forms 432, 434, organizational entities 34 436 development 35–6 concession 435 factors influencing 35 local mining tribunals 430 shareholding 430 partnership see individual countries voting 435 Portugal Registro Público de Comercio Companhia do commércio da India (Public Registry of Commerce) 110–11 432, 438 Estado da India 95 restoration of Republic 433 pre-company 103, 105 Revolution (1910–20) 437 private limited liability company Securities Exchange of Mexico 444 (PLLC) 3 Securities Exchange Regulation Spain, in 300, 304, 308, 313 (1933) 444 securities market 437, 444 real entity theory 176, 516 neoliberal reform 445–6 real seat theory 326, 328

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636 Research handbook on the history of corporate and company law

sea loans 67 Business Registry Regulations see also Italy (1919) 304 cambium maritimum 69–70 capital 313 commenda replacing 70 requirements 311, 312 contingency clauses 67–8 variation of 309 control rights 68 civil war (1833) 302 decline of 69 civil war (1936) 309 repayment 68–9 colonial era 426–31 safeguards 68 Comisión General de Codificación usurious, as 69 316 Silk Road 94 Commercial Code (1829) 175, 299, Societas Europaea (SE) (European 430, 431 public Limited-Liability Company) 160, 161–2, 330, innovations in 301 335–6 public access to information 302 employee participation 336, 337 reestablishment of 303 gridlock over 336 suspension of 302 mergers forming 336–7 Commercial Code (1926) 307 société anonyme (SA) 244–6, 257, Commercial Code (1885) 300, 303, 259, 265–6, 317 318 19th century corporations under 307 administrative procedures 248 proposed revision 307, 310–12 banking 254–5 concessions 299 Becquey Plan (1820–22) 253 corporation 303–4 capital 255, 259 free incorporation 301, 302–3, government authorization 247–8, 318 263–4 history of 175, 298–301 evolution of law on 262–5, 266 legal forms 307 railways 254 legal personality 304 reform 260–62 legal requirements 301 registration 248, 260 mercantile societies 301 representations 252–3 registration 312, 315–16 securities 255, 257, 259 rejection of 308–9 shares 256, 258 public disclosure 316 specific purposes 251–2 royal authorization for 302 uses for 252, 253–5, 259 sole-proprietor 320 characteristics of 246–7, 249 /SRL overlap 316–17 mercantilist origins 245, 251 suspension of regulations origins 250–52 applying to 302 regulation 263–5 umbrella term, as 317 wariness over 247 with privileges 301 Spain 8, 318–20 limited liability 175 see also Mexico Corporation Law (1951) 308, 319 Barcelona Chamber of Commerce reform 315–16 and Navigation 311 Corporation Law (1989) 314–15 Business Register 312, 315 Corporation Law (2010) 300 Business Register Regulation (RD preamble 317–18 1597/1989) 316 Courts of Commerce 302

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Index 637

dictatorship (Primo de Rivera) professional limited liability 305–6 company 313 banking regulation 306 public monopolies 305 Comisión Regia de Ordenanzas Republic 308–9 de la Banca Privada 307 Revista General de Legislación y interference in economy 306–7 Jurisprudencia survey 306 proposed new commercial code Securities Market Act (1988) 316 307–8 shareholders dictatorship (Franco) rights 309 capital see capital above small–medium enterprises (SME) 306 control of industry 309 Sociedad de Responsabilidad direct corporate control 311 Limitada (SRL) (PLLC) 300, draft corporation bill 310–12 319 Fuero del Trabajo 310 /corporation overlap 316–17 Instituto de Estudios Fiscales debate over 313–14 310, 314 hybrid nature of 308, 313 Instituto Nacional de Industria legalization of 304 309–10 names 308 protectionism 309 registration 304–5 Red Nacional de Ferrocarriles regulation 308, 313 (RENFE) 310 sociedad anónima (SA) 299 financial crises 302, 306 Sociedad General Azucarera 306 General Directorate of Civil SRL Act (1953) 308 Registry and Notaries 305, 308 drafting 312–13 guilds 302 SRL Act (1995) 316 harmonization with EEC/EU tax regulation 314 Directives 314, 318, 319, 320 special corporations 480–82, 485–7 capital requirements 315 see also United States general corporate law reform case law 314–16 Heady & Amory v. The public disclosure 316 Providence Insurance integration into EEC 314 Company (1804) 493 Law of Civil Procedure (1855) 430 Newling v. Francis (1789) 492 Law of Industrial Freedom (1834) Vidal v. Girard’s Executors 302 (1844) 502 Law on the Management of charter arbitrage 482 National Industry (1939) 309 for-profit 482, 488, 491 Law on the Protection and accounting transparency 493 Promotion of National Industry governance 492 (1939) 309 joint-stock 483 limited economic development 300 limitation of powers 493 overthrow of monarchy 303 notice of meetings 493 partnerships 303 quo warranto 493–4 industrial partners 301–2 sale of new stock (scripts) 492–3 limited liability 303, 31 voting rules 492 limited partners 301 liability 483–4 untimely dissolution 301 non-profit 482, 494

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638 Research handbook on the history of corporate and company law

American Order of the Odd internal governance 44 Fellows 498 lenders, as 52 Ancient Order of Hibernians 499 origins of 39–41 ante Bellum 499 post-Mauryan 45 benevolent associations 495, 497 executive officers 47 civic organizations 498 growth 45–6 corporate privileges 495 increasing importance of 46 First Female Beneficial Society profit sharing 47 of Pennsylvania 495 regulating 42–3 general incorporation 495–6 de- 45 governance 500–501 stakeholder theory 381–2 hospitals 503–4 leadership of 499, 504 legal issues unique to 501–2 The Modern Corporation and Private life-spans 499–500 Property (1932) 535, 537, 550, limitations on 495, 502 555–6 majority being 485 corporatist theory, intersecting 552 numbers of 494–5, 496–7 corporate law reform 553 prone to shocks 504 corporate social responsibility 555 Red Men 498–9 managers 555 right to charter 487, 488–9 private economic power 554 South Carolina Association 497–8 property 551, 552, 554 St. Patrick Benevolent Society separation of ownership and control 495 551–2 trade societies 497 shareholders 554 unchartered 495 trust model 551, 553 visitations, being subject to 501 trade with Asia 95–6 voluntary associations 487, 488, see also Dutch East India 490, 497–500 Company; East India Company worker cooperatives 495 sreni 33–4, 37, 38, 39, 43–4, 55–6, 57 United Kingdom 6 see also India see also England accounting 44 company law see company law banks, as 52 Company Law Review 396 caste system, and 51, 53 charitable work 52–3 corporate governance model, as 345 debt obligations 44 employee representation 336 dharma 41, 57–8 ESV model 396–7 development 49 financial disenfranchisement 165 enforcement 46, 49–50 Joint Stock Companies Act (1856) penalties for violation 49, 50 263 removal of management 50 pension wealth 165 exit of members 44–5, 51 trades unions 144, 164–5 formation 51 Trade Union Act (2016) 164 funding 52 unincorporated companies 484 Gupta Empire 48–9 United States/America 11–12, 505, post- 53–5 510 headman 41, 44 bankruptcy protections 459

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Index 639

Berle, A.A. 460, 534–5, 536–7, Louis K. Liggett co v. Lee (1933) 550, 565–6 607, 609 Corporate Powers as Powers in Meinhard v. Salmon (1928) Trust (1931) 534, 540, 543 515–16 corporate powers 540–41 Munn v. Illinois (1877) 558 corporatism, embracing 546–7 Santa Clara County v. Southern Berle-Dodd debate see Pacific Railroad Company Berle-Dodd debate below (1886) 575 For Whom Corporate Managers Clayton antitrust Act (1914) 591 Are Trustees: A Note (1932) colonial 480 charter colonies 487–8 534, 562 corporations 485–6 influence of Gardiner Means on double taxation 484 539–60 right to charter 488–9 legitimacy of managerial actions special corporations see special 541 corporations self-regulation 537–8 unchartered The Modern Corporation and associations/companies Private Property (1932) see 484–5 The Modern Corporation competition 505, 512, 545, 596 and Private Property (1932) fair 456–7, 548 The New Individualism (1932) free 546, 553 542–5 inter-jurisdictional 586 Berle-Dodd debate 556–8, 566–7 market 542, 552 Berle 562–4, 565 regulatory 272, 324, 596 Dodd 558–61 corporate governance case law constituency statutes 583 A.L.A. Schechter Poultry Corp. v. fiduciary duties 582–4 United States (1935) 549 corporate law Bayer v. Beran (1944) 521 ambivalence of 142 Burwell v. Hobby Lobby Stores, CSR see corporate social Inc (2014) 575 responsibility below Citizens United v. Federal deregulatory turn 579–82 Election Commission (2010) development of 510–12 575 early 20th century see early 20th Dartmouth College v. Woodward century below (1819) 580 individual State 323–4 Dodge v. Ford Motor Company late 20th century see late 20th (1919) 154, 155 century below Everett v. Phillips (1942) 521, public service conception of 522 580–81 Globe Woolen Co. v. Utica Gas mandatory disclosure 514 and Electric Co. (1918) mid 20th century see mid 20th 521–2 century below Graham v. Allis-Chalmers corporation Manufacturing Co. (1963) aggregate 480 613 changing image of 518–19 Litwin v. Allen (1940) 520 corporate personhood 573–7

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640 Research handbook on the history of corporate and company law

corporateness 577–9 mergers 512 emergence of modern 457–8 money trust 513–14 historic 175 stock market 512–13 limited liability 483–4 Swope Plan 559–61 natural person, as 459 trust 514, 515, 516–17 nexus of contracts, as 356 undermining of shareholder pure agency relationship in 525–6 powers 513 regulation 514, 581 voting rules 513 right of perpetual succession 483 Elkins Act (1903) 591 separate legal entity, as 483 evolutionary models see sole 480, 481 evolutionary models special see special corporations extension of Bubble Act to 487, corporate social responsibility 488 (CSR) 12–13, 534, 592–3 Federal Trade Commission 547 benefit corporations 589–90 Food and Drug Administration 591 historical neglect of 591 Great Depression 535 non-corporate law influences holding companies 512, 513 590–92 incorporation via corporate governance 584, acts of 480 587–90 general incorporation statutes corporatism 535–6, 537, 543 480, 482 corporatist theory 545–7 special charters see special emphasizing cooperative corporations relationships 546 special corporations see special fair competition in 547 corporations group discipline 546 insider trading 514 in practice 547–50 Liberty Bond drives 512 post-WWII 549 mergers 512 /pluralism distinction 545–6 mid 20th century 517–22 state control 546–7 board powers 519–20 Delaware see Delaware CSR through reforming corporate Dodd, E. Merrick 534–5 governance 585–6 -Berle debate see Berle-Dodd Delaware courts see Delaware debate above directors’ duties 520–21 For Whom Are Corporate directors’ liability exemptions Managers Trustees? (1932) 520, 521 534 fairness 520, 521 Dodd-Frank Wall Street Reform and free enterprise 518 Consumer Protection Act free market 518 (2010) 587, 588 industrial seizure 549 early 20th century 512–17 National Recovery Administration antitrust 512 547 board powers 512, 515–16 New Deal 510, 517, 518, 542, concentration of control 513 545 erosion of doctrine trust, erosion of standard of 513 521–2 fiduciary duties 514–15 WWII 518 holding companies 512, 513 late 20th century 522–8

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Index 641

board powers 523 proxy access 612 corporate governance 522–3 debate 287 Delaware courts see Delaware Pure Food and Drug Act (1906) directors’ duties 523, 526, 527 591 good faith 527–31 recession 504, 517–18 institutional investors 523, 527 Robinson-Patman Act (1936) 591 monitoring model of board 523–4 Sarbanes-Oxley Act (2002) 587–8 separating ownership from Securities Act (1933) 514, 517 control 525–6 Securities Act (1934) 514, 517 trust 525 Securities and Exchange Vietnam War 523 Commission (SEC) 514, 523 management discretion 534 shareholder /shareholder primacy debate 535 primacy 534, 550, 553, 556 Mann-Elkins Act (1910) 591 rights 513 Model Business Corporation Act share ownership 513 modern finance theory 526–7 Sherman Anti-Trust Act (1890) 512, National Industrial Recovery Act 591 (NIRA) (1933) 547 short selling 514 failure of 565 stock market 512–13 fair competition codes 548 early 512 organized labor 548 trusts 512 Negro Seaman Acts (South voting Carolina) 498 proxy 513 neo-classical economics 525 rights 513 Panic of 1837 504 partnership 573 Verenigde Oostindishe Compagnie see pluralism 535 Dutch East India Company

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