26 Questions
What is the 'company-like' form referred to in the text and when did it evolve?
The 'company-like' form refers to Joint Stock Companies, and it evolved in the 13th Century England.
What were the earliest forms accorded 'corporate' status during the 13th Century in England?
The Church of England, Monasteries, and other Ecclesiastical Bodies were accorded 'corporate' status during this period.
What is the significance of Joint Stock Companies in the context of international trading?
Joint Stock Companies allowed for the pooling of money and sharing of risks, enabling pursuit of international and social undertakings.
What was the role of charters in the development of 'corporate' entities during the 13th Century?
Entities obtained charters from the crown to pursue their specific objectives, marking the early forms of 'corporate' status.
What is the nature of a Joint Stock and how does it function?
A Joint Stock involves a large number of people pooling money together in common stock, which is divided into transferable shares based on each member's contribution/interest.
What were the Muscovy Company and the East Indian Company known for?
The Muscovy Company and the East Indian Company were the first joint stock companies formed to pursue international and social undertakings.
What was the purpose of the Bubble Act 1720?
To prohibit people from claiming to be a corporate body without a proper charter from the crown.
How did smart lawyers circumvent the inconvenience caused by the Bubble Act 1720?
They executed a deed which established a 'corporate-like' relationship.
What was the significance of the Bubble (Repeal) Act of 1825?
It enabled the crown to grant charters of incorporation to trading companies without providing limited liability.
What was the purpose of the Trading Companies Act of 1834?
To enable the Crown to grant privileges of incorporation without actually conferring limited liability.
What was the aim of the Companies Clauses Consolidation Act of 1845?
To streamline the incorporation process by setting out standard forms and provisions for promoters to adopt.
What impact did the Joint Stock Companies Act of 1856 have on company regulation?
It eased up the regulation of companies.
What was the significance of the Punishment of Fraud Act of 1857?
It made directors criminally liable for false statements published with intent to deceive or make someone become a shareholder.
What was the main objective of the Companies Act 1900?
To provide regulations for the formation and management of companies.
What was the purpose of the Companies Act 1929?
To introduce regulations for the governance and operation of companies.
Which companies were granted charters for commercial activities in Nigeria from the West?
Royal Niger Company (RNC), East Indian Company (EIC), United African Company (UAC), and South Sea Company.
When was the law of evidence formally enacted into law in Nigeria?
1945
What was the basis of the law of evidence of 1945?
The Stephen’s Digest of the Law of Evidence 12th Edition
Who attempted to codify the law of evidence in England and when?
Stephen, in the Stephen’s Digest
When was the new EA enacted by the NASS, and what was it a radical departure from?
2011, the EA1945
What was the necessity for enacting the new EA in 2011?
To accommodate recent changes like technology
What was the EA 1945 a restatement of?
English rules of evidence and English judicial decisions as at 1943
What was the purpose of the Omnibus Commission in the old EA?
To go to other jurisdictions, especially England, for using English rules to interpret the old EA.
How has the new EA changed the approach to sourcing evidence?
The new EA emphasizes the use of the principal law (EA 2011) or evidence in any other statutes in force in Nigeria, instead of going to England for rules of evidence interpretation.
What did section s3 of EA2011 do regarding the old omnibus commission?
Section s3 of EA2011 subtly repealed the old omnibus commission contained in s5A EA 1945 which permitted the court to use similar laws of evidence in England where there is a lacuna in Nigeria.
What is the effect of the new EA on the court's ability to use English rules of evidence?
The new EA truncates the ability of the court to travel to England for rules of evidence to interpret Nigerian matters.
Study Notes
Development of Companies
- The 'company-like' form evolved during the 13th century in England.
- The earliest forms accorded 'corporate' status during the 13th Century in England were the Boroughs and the Guilds.
Joint Stock Companies
- Joint Stock Companies played a significant role in international trading.
- A Joint Stock is a company where shareholders are liable only to the extent of their investment.
- Joint Stock Companies function by pooling resources and sharing risks.
Notable Companies
- The Muscovy Company and the East Indian Company were known for their international trading activities.
Charters and Acts
- Charters played a crucial role in the development of 'corporate' entities during the 13th century.
- The Bubble Act 1720 restricted the formation of joint-stock companies without a royal charter.
- Smart lawyers circumvented the Bubble Act 1720 by creating unincorporated associations.
- The Bubble (Repeal) Act of 1825 repealed the Bubble Act.
- The Trading Companies Act of 1834 regulated trading companies.
- The Companies Clauses Consolidation Act of 1845 consolidated the laws relating to companies.
- The Joint Stock Companies Act of 1856 introduced regulations for company registration and operation.
- The Punishment of Fraud Act of 1857 punished fraudulent activities in companies.
- The Companies Act 1900 introduced new regulations for companies.
- The Companies Act 1929 further regulated company operations.
Companies in Nigeria
- Companies were granted charters for commercial activities in Nigeria from the West.
Law of Evidence
- The law of evidence was formally enacted into law in Nigeria in 1945.
- The law of evidence of 1945 was based on the English law of evidence.
- In 1975, the Nigerian Law Reform Commission attempted to codify the law of evidence in England.
- In 2011, the National Assembly enacted a new Evidence Act, which was a radical departure from the old law.
- The new Evidence Act changed the approach to sourcing evidence.
- Section 3 of the EA2011 abolished the old omnibus commission.
- The new EA empowered the court to use English rules of evidence.
Explore the evolution of the 'company-like' form and its influence on Company Law during the 13th Century in England. Learn about the corporate status of entities such as The Church of England, Monasteries, and other Ecclesiastical Bodies during this period.
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