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THE BENGAL
BONDED WAREHOUSE ASSOCIATION ACT, 1838
ACT NO. 5 OF 1838
[14th March, 1838.]
1.
Incorporation.
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.
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.
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
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. Register to
be open
toinspection.
4. Registering of names
of proprietors. Register to be
open to inspection.--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,
and shall there be open to the inspection of all persons during the
usual hours of business.
5.
Share-certificates.
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
6. Transfer of shares.--1* Any
share or shares
of the said Capital
Stock may be
transferred by endorsement
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 ndorsement shall specify
the name of the party to whom the transfer is
made; and provided also that no such
endorsement shall be effectual to
transfer any such share or shares until such endorsement 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.
7.
Proprietors of shares to be members of
Association.
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.
