This memorandum of association of the Grey River Coal Company was published in the Wellington Independent on 21 July 1868. The fourth point makes it clear that the liability of shareholders was limited to what they had invested. This meant that if the company failed then all the investors would lose was their investment in shares, and they would not have to pay on any other debts that the company had incurred. The UK had passed a Limited Liability Act in 1855, and the New Zealand Joint Stock Companies Act 1860 adapted its provisions.
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National Library of New Zealand, Papers Past
Reference: Wellington Independent, 21 July 1868, p. 5
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