Inconvenience of his Majesty's subjects or of great numbers of them." Then his Lordship holds that at least shares of limited transferability such as were provided for by this company did not come under the act. 53. English Decisions as to Associations With Transferable Shares Continued. Lord Eldon thought, or appeared to think, that joint-stock associations were illegal at common law, because they could not "effectually demand what they had a right to demand or be effectually sued for that for which they were liable," all of this because of the partners being so numerous courts practically could not attend to all the necessary parties in a suit. 3 But Lord Brougham in 1832 expressly denied this proposition, 4 saying: "To hold such a company illegal would be to say that every stock company not incorporated by charter or act of parliament is unlawful, and, indeed, indictable as a nuisance, and to decide this for the first time, no authority of a decided case being produced for such a doctrine. The clause intimating that each subscriber is only to be liable to the extent of his share is not enough to make the association illegal; such a regulation is wholly nugatory, indeed, and can serve no purpose whatever, unless to give notice. * * * * For the purpose of restricting the liability of the shareholders, it would plainly be of no avail; and whoever became a subscriber upon the faith of the restricting clause, or of the limited responsibility, which that holds out, would have himself to blame and be the victim of his ignorance of the known law of the land." This case was followed in 1843 by a decision by Tindal, Lord Chief Justice, 5 in which he said: "The raising and transferring of stock in a company cannot be held, in itself, an offense at common law; such species of property was altogether unknown to the law in ancient times; nor indeed was it in usage and practice until a short period antecedent to the passing of the Statute ("Bubble Act"), as is evident from the preamble to the 18th section which recites that it is notorious that these projects and 3Van Sandan v. Moore (1826), 1 Russ. Ch. 441....

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