Corporate Law: Flawed Westernization
Corporate Law: Flawed Westernization
Although the joint family covered some aspects of the organization of business firms, it was neither a stable notion nor a comprehensive one in the face of new enterprises formed of unorthodox partnerships and, especially, industrial firms that needed to gather both capital and managerial labor from a much wider pool than the family. The chapter presents a chronological account of the Partnership Act and the Company Act, the response to the needs of firms. The chapter then concentrates on a peculiarly South Asian institution, the managing agency, and shows that even as the Company Acts became progressively more complex, the agency system remained curiously under-legislated.
Keywords: Partnership Act, Company Act, managing agency
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