Central · Act 5 of 1838

The Bengal Bonded Warehouse Association Act, 1838

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THE BENGAL BONDED WAREHOUSE ASSOCIATION ACT 

_______ 

ARRANGEMENT OF SECTIONS 

________ 

SECTIONS. 

1. Incorporation. 

2. Power to sue and be sued, and to acquire, hold and transfer property. 

3. Capital Stock and shares. 

4. Registering of names of proprietors. Register to be open to inspection. 

5. Share-certificates. 

6. Transfer of shares. 

7. Proprietors of shares to be members of Association. 

8. First Directors of Association. 

9. Removal and election of Directors. 

10. Directors to go out by rotation. 

11. Election of successor, when Director ceases to be so otherwise than by rotation. 

12. [Repealed]. 

13. Directors to be residents of Bengal Presidency. 

14. [Repealed]. 

15. Adjournment of ordinary meetings. 

16. Extraordinary general meetings. 

17. Voting at general meetings Qualification for voting. 

18. Number of votes to which proprietors entitled. 

19. Votes of joint proprietors shares. 

20. Voting by proxy. 

21. Authority of Directors. 

22. Calls for share money. 

23. Interest to run on each call. Application of dividend in satisfaction of unpaid calls. 

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24. Power to refuse to register transfer by defaulting proprietor. Power to sell shares to satisfy 

calls, and issue fresh certificates. 

25. Extension of Act 25 of 1836 to warehouses of Association. 

26. Power to give general security for payment of import and export duties. 

27. Rates for warehousing. 

28. Certificates of deposit, transferable by endorsement. 

29. Suits against Association. 

30. Joint Stock of Association. 

31. Individual members not to be liable. 

32. [Repealed]. 

33. Increase of Capital Stock. 

34. Option to original proprietors to subscribe in first instance. 

35. Provisions of Act to apply to additional Stock. 

36. East India Company to have right of pre-emption. 

37. Dissolution of Association by order of the Governor General in Council. 

38. Dissolution of Association by resolution of proprietors. 

39. Division of property on dissolution. 

SHEDULE NO. I 

SHEDULE NO. II 

 

 

  

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THE BENGAL BONDED WAREHOUSE ASSOCIATION ACT, 1838 

ACT NO. 5 OF 1838 

[14th March, 1838.] 

1. Incorporation.—It is hereby enacted, that the persons whose names appear in the Schedule 

No. 1, hereunto annexed, shall, from the 14th day of March, 1838, form a corporate body for the 

Warehousing of Goods, either in bond or otherwise, by the name of the Bengal Bonded Warehouse 

Association. 

2. Power to sue and be sued, and to acquire, hold and transfer property.—1 * * * The said 

Association shall sue and be sued by its corporate name, and shall use such common seal as the 

Directors of the said Association shall from time to time appoint, and may acquire, may hold 

absolutely, may hold by way of pledge, and may transfer, any description of property whatever. 

3. Capital Stock and shares.—1* * * The sum of Rs. 10,00,000 subscribed for the purpose of the 

said Association by the persons hereby incorporated, shall be the Capital Stock of the said 

Association, and shall be divided into 2,000 shares of 500 Rupees each, and 2* * * every one of the 

persons hereby incorporated shall have one share of such Capital Stock for every 500 Rupees which 

such person shall have subscribed. 

4. Registering of names of proprietors.—1 * * * The Directors of the said Association shall 

cause the names, additions, and places of residence of the proprietors of shares in the said Capital 

Stock, and the number of shares held by each proprietor, to be registered in a book, and the said 

shares shall in such book be numbered, beginning from No. 1, and such book shall be kept at the 

office of the said Association, 

Register to be open to inspection.—and shall there be open to the inspection of all persons 

during the usual hours of business. 

5. Share-certificates.—1 * * * A certificate signed by three Directors of the said Association shall 

be delivered to every proprietor of the said Capital Stock, and 2* * * it shall be at the option of every 

proprietor of several shares to receive one certificate for all the shares of such proprietor, or one 

certificate for each of those shares or several certificates, each of which may be for any number of 

those shares. 

6. Transfer of shares.—3 * * * Any share or shares of the said Capital Stock may be transferred 

by indorsement made on the certificate for such share or shares by the proprietor of such share or 

shares, or by the Attorney of such proprietor duly authorized thereunto; provided always, that such 

indorsement shall specify the name of the party to whom the transfer is made; and provided also that 

no such indorsement shall be effectual to transfer any such share or shares until such indorsement 

shall have been registered in a Register to be kept for that purpose at the office of the said 

Association, and until a note of such registration, and of the date thereof, shall have been made on the 

back of the indorsed certificate under the hand of an officer appointed for that purpose by the 

Directors of the said Association. 

                                                           
1. The words “And it is hereby enacted, that” omitted by Act 12 of 1891, s. 2 and Sch. I. 

2. The word “that” omitted by s. 2 and Sch. I ibid. 

3. The words “And it is hereby enacted, that” omitted by Act 12 of 1891, s. 2 and Sch. I. 

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7. Proprietors of shares to be members of Association.—1 * * * Every proprietor of a share of 

the said Capital Stock, who shall cease to be a proprietor of such Stock, shall cease to be a member of 

the corporation created by this Act; and 2* * * every person who shall become a proprietor of the said 

Capital Stock, shall become a member of the corporation created by this Act; and shall, in respect of 

his share or shares of the said Capital Stock, be under the same liabilities under which an original 

proprietor of the said Capital Stock would be. 

8. First Directors of Association.—1* * * The business of the said Association shall be managed 

by six Directors, and 2* * * Francis Macnaghten, Joseph Walker, Jasper Ouseley, Richard Howe 

Cockerell, Alexander Colvin, Joseph Willis, and James Church, Esquires, shall be the first Directors 

of the said Association. 

9. Removal and election of Directors.—1* * * Every Director of the said Association may be 

removed by a general meeting of the proprietors, and 2* * * every future Director of the said 

Association shall be elected by such a general meeting. 

10. Directors to go out by rotation.—1* * * A rotation among the Directors of the said 

Association shall be settled by lot, so that two of the said Directors may go out of office on the 

Monday following the 15th day of May, in every year, and 2* * * on the Monday following the       

15th day of May, in every year, a general meeting of proprietors shall be held, at which two Directors 

shall be chosen, and that no Director going out by such rotation shall be capable of being re-elected, 

till the Monday after the 15th of May in the year next following. 

11. Election of successor, when Director ceases to be so, otherwise than by rotation.—1* * * 

If any Director of the said Association shall cease to be a Director, otherwise than by the operation of 

the rule of rotation aforesaid, the Directors of the said Association shall, with all convenient speed 

after such public notice as is hereinafter directed, call an extraordinary general meeting of the 

proprietors for the purpose of choosing a successor and such successor shall come into the same place 

in the rotation aforesaid in which the Director whom he has succeeded was. 

12. [Qualifications of Directors.]—[Repealed by Act 5 of 1854, Section 1.] 

13. Directors to be residents of Bengal Presidency.—1* * * No person shall be capable of being 

a Director of the said Association, unless he be resident within the Territories subject to the 

Presidency of Fort William in Bengal. 

14. [Ordinary meetings.]—[Repealed by Act 5 of 1854, Section 1.] 

15. Adjournment of ordinary meetings.—1* * * Any ordinary general meeting of the said 

Association may adjourn itself to a future day, and may, on the day to which it shall have so 

adjourned itself, resume its proceedings, and transact any business which it would have been 

competent to transact on the day when it originally assembled. 

16. Extraordinary general meetings.—1* * * Extraordinary general meetings of the said 

Association shall be held according to such rules as may be made for that purpose, in the Bye-laws of 

the said Association; provided always, that no such extraordinary general meeting shall be held 

without a previous notice of not less than fourteen days, which notice shall be published in not less 

than two newspapers printed at Calcutta. 

17. Voting at general meetings.—1* * * At General Meetings of the Proprietors, every election 

and question shall be decided by a majority of votes; and Qualifications for voting.—2* * * no 

                                                           
1. The words “And it is hereby enacted, that” omitted by Act 12 of 1891, s. 2 and Sch. I.  

2. The word “that” omitted by s. 2 and Sch. I, ibid. 

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proprietor shall be allowed to vote unless he be possessed of two or more shares of the Capital Stock 

of the said Association, which shares shall have been registered in his name not less than three 

calendar months before. 

18. Number of votes to which proprietors are entitled.—1* * * At such general meetings, no 

proprietor shall have more than eight votes, and 2* * * the proprietors shall vote according to the 

following scale:— 

2 Shares shall entitle to 1 vote. 

4 ” ” ” ” 2 votes. 

6 ” ” ” ” 3 ” 

10 ” ” ” ” 4 ” 

20 ” ” ” ” 6 ” 

35 ” ” ” ” 7 ” 

50 ” ” ” ” 8 ” 

 

19. Votes of joint proprietors shares.—1* * * If more persons than one, being partners in trade, 

shall be joint proprietors of two or more shares of the said Capital Stock, and shall agree to give a 

joint vote or joint votes, such joint vote or joint votes, shall be received in all respects as the vote or 

votes of a single proprietor would be received. 

20. Voting by proxy.—1* * * Every proprietor entitled to vote at any general meeting may give a 

proxy in writing, general or special, limited or unlimited, and signed by himself or by his attorney 

duly authorized thereunto, to any other proprietor; and 2* * * the proprietor to whom the proxy is 

given, may vote on behalf of the proprietor who had given the proxy, according to the terms of such 

proxy. 

21. Authority of Directors.—1* * * The Directors of the said Association shall have authority to 

expend the money of the said Association for the purpose of purchasing and erecting warehouses, and 

of warehousing and bonding goods therein, and to make and fulfil contracts for the said purpose, and 

to appoint and remove such servants as may be necessary for the said purpose and generally to 

manage all the concerns of the said Association, subject to such rules as may be laid down in the  

Bye-laws of the said Association, and to keep the seal of the said Association, and to use the said seal 

in the affairs of the said Association, provided always, that the said seal shall never be affixed to any 

instrument except in the presence and by the consent of three Directors, who shall sign their names on 

every such instrument in token of their presence and consent. 

22. Calls for share money.—1* * * The Directors of the said Association shall have authority to 

call on the proprietors to pay such instalment or instalments as shall, together with the instalments 

already                                                                 

                                                           
1. The words “And it is hereby enacted, that” omitted by Act 12 of 1891, s. 2 and Sch. I. 

2. The word “that” omitted by s. 2 and Sch. I, ibid. 

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paid, amount to a sum not exceeding 50 per cent. on each share; and 1* * * no further call shall be 

made, except in consequence of a vote of a general meeting of the proprietors, authorising such 

further call; provided always that no proprietor shall be called upon to pay more in proportion to his 

share in the Capital Stock than any other proprietor. 

23. Interest to run on each call.—2* * * If any proprietor shall not pay any instalment which he 

is lawfully called upon to pay, in the manner described in the last section, on the day appointed for 

such payment, the said Association shall have a claim against such proprietor for interest on the 

deficient sum, after the rate of 10 per cent. per annum; and 

Application of dividend in satisfaction of unpaid calls.—1* * * it shall be lawful for the 

Directors of the said Association to apply, in satisfaction of such instalment and of such interest, any 

dividend due to such proprietor, placing every dividend so applied to the credit of such proprietor with 

the said Association. 

24. Power to refuse to register transfer by defaulting proprietor.—2* * * It shall be lawful for 

the Directors of the said Association to refuse to register the transfer of any share belonging to any 

proprietor who shall not have paid such instalment and interest as aforesaid; and 1* * * in case such 

instalment and interest shall not be paid within two months after notice to pay the same has been 

given by the said Directors to such proprietor, or to his attorney or attorneys duly authorised, it shall 

be lawful for the said Directors to sell by public sale the share or shares of such proprietor, to such an 

extent as may be sufficient to satisfy such instalment and interest, and to grant, upon such sale, 

Power to sell shares to satisfy calls, and issue fresh certificates.—a new certificate or new 

certificates to the purchaser of such share or shares whereupon the former certificate or certificates for 

such share or shares shall become void, and if there be any surplus after such instalment and interest 

have been satisfied, such surplus shall be paid on demand to the proprietor of such share or shares, 

and shall, till demand, be credited in the books of the said Association to such proprietor, but no 

interest shall run thereon. 

25. Extension of Act 25 of 1836 to warehouses of Association.—2* * * All the provisions 

of 3Act 25 of 1836, of the Governor General of India in council, relating to private licensed 

Warehouses, shall be applicable to all Warehouses wherein the said Association shall receive bonded 

Goods. 

26. Power to give general security for payment of import and export duties.—2* * * It shall 

be lawful for the said Association to give general security, by bond, under the seal of the said 

Association, for payment of the full duties of importation on Goods, lodged in any Warehouse of the 

said Association, or for the due exportation of such Goods; and if the said Association shall give such 

bond, no security shall be required from any other party to the same effect. 

27. Rates for warehousing.—2* * * The Directors of the said Association shall, from time to 

time, fix the rates at which the said Association will Warehouse Goods and receive Goods at its 

Wharfs, and 1* * * a table of such rates shall be placed at every Warehouse and Wharf of the said 

Association. 

28. Certificates of deposit, transferable by endorsement.—2* * * As often as any Goods are 

lodged in any Warehouse of the said Association, the Secretary of the said Association shall deliver a 

                                                           
1. The word “that” omitted by Act 12 of 1891, s. 2 and Sch. I. 

2. The words “And it is hereby enacted, that” omitted by s. 2 and Sch. I, ibid. 

3. Rep. by the Repealing Act, 1873 (12 of 1873). 

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warrant signed by him as such Secretary, to the person lodging such Goods, which warrant shall be, as 

nearly as possible, in the form set forth in Schedule II annexed to this Act, and such warrant shall be 

transferable by indorsement, and shall entitle any person to whom it may have been so transferred by 

endorsement, to receive the Goods specified in such warrant on the same terms on which the person 

who originally lodged those Goods would have been entitled to receive the same. 

29. Suits against Association.—1* * * All suits brought against the said Association shall be 

brought in the Supreme Court of Judicature at Fort William in Bengal and not elsewhere. 

30. Joint Stock of Association.—1 * * * All the Joint Stock of the said Association of what kind 

or description soever, and all the Land, Warehouses, Messuages, Tenements, Hereditaments, Premises 

and Property acquired therewith, of which the said Association shall become in any manner 

possessed, entitled to, or interested in, shall be held and enjoyed by the Proprietors thereof, and their 

successors respectively, as Personal Estate, or as in the nature of Chattel Interests, and not as, or in the 

nature of, Real Estate. 

31. Individual members not to be liable.—1* * * In order to define the liability of Proprietors or 

shares, and to save harmless themselves and their respective Heirs, Executors, Administrators, 

Representatives and Assigns, no Proprietor, his Heirs, Executors, Administrators, Representatives or 

Assigns, shall be personally liable to any person or persons whatsoever by reason of being a 

Proprietor in any event, or for or on account of any acts, deeds, contracts or liabilities of the said 

Association, or of the Directors or Secretary thereof respectively, or under or by virtue of any 

judgment or decree in any action or suit, but 2* * * the party or parties having any legal or equitable 

demand or claim for or on the account last aforesaid, or having obtained such judgment or decree as 

last aforesaid, shall and may only recover the amount of such demand, claim, judgment or decree 

from and out of or to the whole extent of the paid up Capital, accumulated Funds, Lands, Messuages, 

Tenements, Hereditaments and Premises whatsoever and wheresoever, which may at the time belong 

to the said Association, or to which they may at the time be entitled. 

32. [Bye-laws.]—[Repealed by Act 5 of 1854, Section 1.] 

33. Increase of Capital Stock.—1* * * It shall be lawful for the said Association to increase its 

Capital Stock; provided always that no such increase shall take place unless it be authorized by a vote 

of two extraordinary general meetings of Proprietors specially convened for that purpose, of which 

meetings the second shall be held not less than three calendar months after the first. 

34. Option to original proprietors to subscribe in first instance.—1* * * In the event of such 

increase, the Proprietors of the original Stock shall not be bound to subscribe, but shall in the first 

instance have the option of subscribing for the increased Capital Stock in proportion to the share 

which each has of the original Capital Stock; and so much of the additional Capital Stock as shall not 

be subscribed for by the said Proprietors of the original stock, within one year after the passing of the 

final resolution for the increase, shall be open to the public, and be sold, for the benefit of the said 

Association, by public sale. 

35. Provisions of Act to apply to additional Stock.—1* * * All the rules laid down in this Act 

respecting the original Capital Stock of the said Association, shall be applicable to any additional 

Stock which may be subscribed in the manner hereinbefore described. 

36. East India Company to have right of pre-emption.— 1* * * If the said Association shall be 

desirous to dispose of any premises purchased by the said Association from the East India Company, 

                                                           
1. The words “And it is hereby enacted, that” omitted by Act 12 of 1891, s. 2 and Sch. I. 

2. The words “that” omitted by Act 12 of 1891, s. 2 and Sch. I. 

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the said East India Company shall the right of pre-emption, and the price shall be fixed by two 

appraisers, the one named on the part of the said East India Company, and the other by the Directors 

of the said Association; and if the said appraisers shall not agree on a price, the price shall be fixed by 

an umpire named by the said appraisers. 

37. [Dissolution of Association by order of the Governor General in Council.]—[Repealed by Act 

5 of 1854, Section 1.] 

38. Dissolution of Association by resolution of proprietors.—1* * * The said Association may 

at any time be dissolved by a resolution to that effect of two-thirds in number and value of the 

proprietors qualified to vote at two successive extraordinary meetings specially called for the purpose 

of taking into consideration the expediency of such dissolution; provided that not less than three 

months shall have elapsed between the first and second of such two extraordinary meetings. 

39. Division of property on dissolution.—1* * * Whenever the dissolution of the said 

Association shall be ordered either by the 2[Central Government], or by a vote of the said Association, 

the Directors of the said Association shall cause all the property of the said Association to be 

converted into money, and shall divide whatever surplus may remain after satisfying the debts of the 

said Association among the proprietors in proportion to the shares which the proprietors have in the 

Capital Stock of the said Association; and after such distribution the said Association shall forthwith 

be dissolved. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                           
1. The words “And it is hereby enacted, that” omitted by Act 12 of 1891, s. 2 and Sch. I. 

2. Subs. by the A.O. 1937, for “Governor General of India in Council”. 

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SCHEDULE NO. I 

 

LIST OF PROPRIETORS OF SHARES 

R. H. Cockerell. W. Barrington, Captain W. Freeth, Captain. 

W. Speir. T. C. Robertson James Colquhoun. 

W. Martin Ramdas Dey. James Church. 

R. Speir. Bonomalee Mullick. Edward Harding. 

T. Spier. A. Muller. Henry Moore. 

J. S. Brownrigg. Charles Trebeck. R. Watson. 

J. Cockerell. T. Bowring. Mrs. B. Betty. 

G.G.de H. Larpent. J. W. Alexander. Henry Mackenzie. 

J. St. Pourcain. T.B. Swinhoe. Adam Scott and Co. 

J. M. Dove. Robert Swinhoe. Holodhur Chowdry. 

Gungapersaud Gossain. A. Dobbs. Charles S. Gover. 

Ramchunder Seal. John Watson. K.B. Mackenzie. 

J. Willis. Taraneechurn S.R. Crawford. 

W. Earle. Chatterjee. T.A. Shaw. 

D. Willis. G. Herklots, Junior. W.A. Shaw. 

T. Willis. F. O. Wells. H. Walters. 

J. Master. C. Lancaster. J. Innes. 

G. C. S. Master, Lieut. C. Lancaster, Trustee W. Adam. 

Trustees of Mrs. for Mrs. Cornish's Joseph Worthington. 

Limond's Marriage Marriage Settlement. James Cullen. 

Settlement. George Dougal. J.C. Palmer. 

J. W. J. Ouseley, John Richards. A. Colvin. 

Captain. Bruce, Shand & Co. W. Ainslie. 

G.A. Prinsep. G.W. A. Lloyd, Lt.-Col. H. Cowie. 



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T. S. Anquetil, Lt.-Col. J. Ranken, M.D. Charles C. Bruce. 

W.H. Martin. Brijobullub Doss & Debnarain Day. 

A. Irvine, Major. Gocul Doss. William Bruce, 

Trustee 

W. A. Peacock. A. S. Stopford. for Mrs. Col. Lloyd. 

J. A. Moore, Major. A. Beattie. W. Ryland. 

T.W. Burt. Wilson Frith & Co. M. Hughes, Captain. 

William Braddon. G.C. Arbuthnot. Annundchunder 

Mitter. 

Francis Macnaghten. A. Jackson. J.A. Walker. 

Carr, Tagore and Co. A. S. Gladsone. T. Hyde Gardiner. 

W. Carr, Trustee for Mrs. Dick's                

Marriage Settlement. 

J. Craigie, Lieut.-Col. 

J. Williams. 

J.B. Higginson. 

J.C. Owen. 

Doorgachurn Bose. 

Rajkissore Lahory. 

Robert Lyall. Megnarain Roy. Gourmohun Coondoo. 

Moheshchunder Mitter. Ramnarain Mookerjee. S. Hornby. 

Prawnkisto Doss. Doorgachurn Mookerjee. Hurrischunder Bose. 

Conai Lal and Mukun Lal. Gowrichurn Mookerjee. Ramsoonder Mullick. 

 
I.B. Biss. Rajchunder Ghose. 

J. Rostan, Junior. J.S. Biss. Radanauth Dutt. 

J. H. Rostan. Rogoonath Coonlo. H. Barrow. 

Madobchunder Sandell. W. F. Gibbon. Godadhur Mitter. 

Dyalchaund Bysack. J. Cock. E. D'Cruz. 

Gopeekissen Paul. H.F. King. Goluckchunder Dur. 

Ditto for Mrs. A.G. Glass. James Hill. Luckinarain Day. 

 
W. Rushton. T. Blechynden. 

Ditto for E.B. Squire, Junior. A. J. Sturmer. W. Stacy. 



11 
 

 
Boloram Day. J. George. 

Charles Lyall. Obhoychurn Mookerjee. Mrs. C. Shelverton. 

John Lyall. Bolychaund Bysack. C. Shelverton. 

David Lyall. Mrs. Sarah Moss. Cassinauth Banorjee. 

W.T. Dawes. W. Barrett. P.S. D'Rozario. 

Colville, Gilmore & Co. Hurrimohun Mookerjee. J.D.' M. Sinaes, in 

Trust 

Alexander Rogers. Mohunchunder Ghose. for Miss J.F. Speed. 

J.H. Crawford. Horrimohun Banorjee. Gorachaund Bose. 

A. Porteous. Kistnomohun Seal. J.E. Dunn. 

J. Mackey & Co. Hurrochunder Bose. D. W. H. Speed. 

James Mackenzie. J.P. Marcus. Rajkissen Dey. 

P. J. Sarkies. Mrs. Bruce. Jomejoy Bhose. 

G. Collier. Miss L.W. Bruce. 
 

R. Bird. Joseph Bruce. 
 

 

 

 

 

 

 

 

 

 

 

 

 

 



12 
 

SCHEDULE NO. II 

CALCUTTA BENGAL BONDED WAREHOUSE ASSOCIATION 

I do hereby certify that………………………… have deposited in the Warehouse of the 

Association the undermentioned Goods…………………………. which Goods, the Association 

engage on demand, after payment of rent and incidental charges and Government dues or customs 

chargeable thereon, to deliver to the said……………………….. or their Assigns, or to the holder of 

this warrant to whom it may be transferred by indorsement. 

Secretary. 

——— 


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About this act

Jurisdiction
Central
Enactment date
1838-03-14
Sections available
39

Commencement information from the source

14-03-1838

Read the sections

1Incorporation.→2Power to sue and be sued, and to acquire, hold and transfer property.→3Capital Stock and shares.→4Registering of names of proprietors. Register to be open to inspection.→5Share-certificates.→6Transfer of shares.→7Proprietors of shares to be members of Association.→8First Directors of Association.→9Removal and election of Directors.→10Directors to go out by rotation.→11Election of successor, when Director ceases to be so otherwise than by rotation.→12[Repealed].→13Directors to be residents of Bengal Presidency.→14[Repealed].→15Adjournment of ordinary meetings.→16Extraordinary general meetings.→17Voting at general meetings Qualification for voting.→18Number of votes to which proprietors entitled.→19Votes of joint proprietors shares.→20Voting by proxy.→21Authority of Directors.→22Calls for share money.→23Interest to run on each call. Application of dividend in satisfaction of unpaid calls.→24Power to refuse to register transfer by defaulting proprietor. Power to sell shares to satisfy calls, and issue fresh certificates.→25Extension of Act 25 of 1836 to warehouses of Association.→26Power to give general security for payment of import and export duties.→27Rates for warehousing.→28Certificates of deposit, transferable by endorsement.→29Suits against Association.→30Joint Stock of Association.→31Individual members not to be liable.→32[Repealed].→33Increase of Capital Stock.→34Option to original proprietors to subscribe in first instance.→35Provisions of Act to apply to additional Stock.→36East India Company to have right of pre-emption.→37Dissolution of Association by order of the Governor General in Council.→38Dissolution of Association by resolution of proprietors.→39Division of property on dissolution.→
Source and version

India Code, Government of India. Text fetched 16 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.

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