20
and the third reading all took place on the same day, April 9th.
Mr. Francis might possibly urge that the Bill was passed very rapidly. Had the Council, however, been made aware that its passage was objected to, probably the third reading would have been postponed in order to allow fuller consideration.
The object of the Ordinance seems to me to enable the Company to avoid the delay, inconvenience and expense involved in the ordinary process of reconstruction by winding up, liquidation, &c.
If all the shareholders are willing that the extended powers should be granted, it is difficult to see why the assistance of the Legislature should not be invoked and granted for so desirable an object. If, however, there are shareholders out of the Colony who have not been consulted or if there are shareholders who object, I cannot advise His Excellency to assent to the Ordinance because, it seems to me, they had a right to assume that the Memorandum of Association would not be altered by the Legislature without due regard to the rights and wishes of every person who subscribed his capital relying upon the terms of that Memorandum. Possibly, those who support the bill will be able to obtain the written consent of all the shareholders to its passage in its present form. When that is done it seems to me that the only objection to the Ordinance will be removed.
Upon the whole, therefore, I advise His Excellency for the present to withhold his consent and only to grant it upon being satisfied that every shareholder is willing
20
and the third reading all took place on the same day, April
9th.
>
Mr. Francis might possibly urge that the Bill was pass-
ea very rapidly. Had the Council, however, been made aware that its passage was objected to,probably the third reading
would have been postponed in order to allow fuller consi-
deration.
The object of the Ordinance seems to me to
enable the Company to avoid the delay, inconvenience and expense involved in the ordinary process of reconstruction
by winding up, liquidation, &c.
If all the shareholders are willing that the
extended powers should be granted, it is aifficult to see
why the assistance of the Legislature should not be invoked
and granted for so desirable an object. If, however, there
are shareholders out of the Colony who have not been
consulted or if there are shareholders who object, I cannot alvise His Excellency to assent to the Ordinance because, it
seems to me, they had a right to assume that the Memorandum
of Association would not be altered by the Legislature without due regard to the rights and wishes of every person
who subscribed his capital relying upon the terms of that Memorandum. Possibly, those who support the bill will be
able to obtain the written consent of all the shareholders,
to its passage in its present form. When that is done it
seems to me that the only objection to the Ordinance will
be removed.
Upon the whole, therefore, I advise His
Excellency for the present to withhold his consent and only to grant it upon being satisfied that every shareholder is
willing
No comments yet.
Private notes are available after approval.