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Giwha tu.
created by a foreign law will be universally recognised, it by
no means follows that the consequences which that law attaches
to incorporation - e.g. limited liability will be recognised.
I doubt very much whether the "Shanghai companies" by registra-
-tien in Hongkong do obtain 'limited liability in Shangai. I
should say that this is a difficult question even in the cag of "foreign companies" who do and may actually register under
the Act. For 'limited liability is a creature of law, and
Hongkong, though it can create this within the area of its own
jurisdiction, cannot create it in another country. 524
I must explain this legal question, as
considerable misconception prevails with regard to it; and un-
-doubtedly the prevalent opinion is that a company which registers under a British Companies Act obtains limited liabili- -ty all the world over. The most that can be said is that a
-
**
company registered in England obtains limited liability through- -out the Empire, on a principle laid down in a well-known case under the bankruptcy law Ellis v. McHenry (L.R. 8 C.P. 822) discussed in my work on Foreign Judgments, Part III p. 84 - which may be stated thus The Companies Act is not imperial legislation in the sense that it extends to the Colonies; but
A
it is imperial in this sense, that the Colonial Courts are bound to recognise orders made by the English Courts under the Act, because such orders are made in virtue of an Act of the Imperial Parliament. Therefore an Englik order declaring a creditor's claim against the Comany subject to the limited liability of the shareholders will be recognised throughout the Empire. But this principle is not extended to colonial legislation though it is identical in terms with the English law, and therefore in my view Hongkong registration does not
- even in Singapore. confer limited liability out of Hongkong
It is doubtful, in view of the limited nature of the King's "Foreign Jurisdiction" whether the principle of Ellis v. McHen.. would extend to Shanghai; I think there can be no doubt that the Hongkong legislation is entirely inoperative in Shanghai.