| Limited Liability Act 1855 |
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For the history of introduction of the Act and early experience with its application, see: . The Limited Liability Act 1855 (18 & 19 Vict. c133) was an Act of the Parliament Of The United Kingdom that first allowed Limited Liability for Corporation s in the UKMayson ''et al.'' (2005) ''p.''55. Under the Act, Shareholder s were still liable directly to Creditor s, for the unpaid portion of their Share s. The modern principle that shareholders are liable to the corporation was introduced by the Joint Stock Companies Act 1856 . SEE ALSO BIBLIOGRAPHY NOTES |
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