The follwoing remarks, except as hereinafter mentioned, apply to join stock companies, whether they are incorporated under the Dominion of Ontario Joint Stock Company Act.

A Joint stock company is a partnership consisting of a large number of persons incorporated under some statute with the object of carrying on some specified purpose or business, and having a capital divided into equal shares which are transferable by the respective holders thereof without the consent of the other share-holders.

One or more shares are held by each shareholder, and in proportion to the shares held by him he is entitled to vote at meetings of the company, and to participate in the profits of the company.

There are two kinds of shares or stock, viz., common and preferred or preference.

By common shares or stock is meant stock which entitles the owner of it to a pro rata division of profits.

By preferred or preferenes stock is meant stock which entitles its owner to dividends out of the net profins before or in preference to the holders of the common stock, and which may in addition entitle its owner, in the event of the winding up of the company, and if Shere is any capital to be returned to the shareholders, to have the amount paid in on his shares returned to him before the common umon stockholder receives the amount paid in by him.

Cumulative preference stock is preference stock which entities the holder thereof to have any deficiency of dividends in any year made good to him out of the profits of subsequent years.

Non-cumulative preference stock does not give the holder thereof this right, so that the holder of such stock can only look to the year's profita for his dividend for that particular year.

Preferred stock redeemable by the company is pret erence stock issued by a compsay by a company which has the right to buy hack that stock at any stipulated time.

Shareholders of preference stock possess all the rights and are subject to all the liabilities of other share holders their only privilege is their preference over the other shareholders with respect to dividends and capital

A joint stock company is known in law as a corpor ation aggregate. The members of the company and their successors form hut one person in law, a person different from that of any of the members, though composed of them.

Each shareholder is responsible for the debts of the company to an amount equal to that not pald up on his shares; so that, in case of the insolvency of the com pany, he stands to low the amount paid in by him, and in addition he may be called upon to pay the amount still unpaid on his shares.

Under The Ontario Joint Stock Company Act (which applies to companies incorporated under that act), no person holding stock in the company as an executor, administrator, guardian or trustee, is personally Habile as a shareholder; but the estate and funds in his hands of the party represented by him is liable.

The Dominion Joint Stock Company Act (which applies to companies incorporated under that act), is somewhat similar, and provides that no person holding stock in