“The practice of creating chartered joint-stock companies of a modern type seems to have begun at the commencement of the seventeenth century; and the formation of the East India Company is one of the earliest, if not the very earliest, examples. At first, it appears, the 'joint stock' of the company was separately made up for each ship; perhaps for each voyage. But, in the year 1612 the Company made the momentous resolve to have one joint stock for the whole of its affairs, and thus inaugurated a new epoch. The East India Company, or Companies, (for there were two of them), were followed by the Hudson's Bay Company (1670), the existence of which was recognized by statute in 1707, and by the Bank of England and the notorious South Sea Company.”

—  Edward Jenks

Source: A Short History Of The English Law (First Edition) (1912), Chapter XVI, New Forms Of Personal Property, p. 287

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British legal scholar 1861–1939

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