CO129-245 - Acting Governor Fleming - 1890 [5-7] — Page 15

been allowed to be introduced. I am a shareholder in the Company and ought, perhaps, to have taken steps at an earlier stage to oppose the passing of the measure, but I assure Your Excellency that I calculated on the Bill being thrown out or withdrawn immediately on its coming before the Attorney General.

My objections are more of a legal and constitutional character than of the class to be expected from a person simply in the position of a shareholder. As a shareholder, I admit that the Company stands in need of alteration and improvement, but I do not admit that the powers sought and obtained by means of this Ordinance are quite in the right direction. I am of opinion that if the Company has unwisely raised a capital far beyond the needs and requirements of this Colony, it should reduce its capital and return their money to the shareholders; but even if I thought that the association really needed more room for development it would still appear to me that the absolutely unlimited powers taken under the present Ordinance are excessive and dangerous, and I should oppose it on that ground.

My objections to the Ordinance are not, however, taken in my capacity as a shareholder, although my being a shareholder gives me a Locus Standi in addressing Your Excellency and must add weight to my words.

I oppose this Ordinance and beg of Your Excellency to refuse to send it forth to the world with your name appended,

1 because it infringes one of the principles most stringently inculcated and enforced by the law of England with reference to limited liability companies, the principle