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Introduction
Introduction
Joint-Stock corporations account for virtually all the well-known businesses we hear about in the news or see on television. There is no business structure on a worldwide scale that can compete with a Joint-Stock Company. This paradigm is used by every corporation of whatever size.
To put it simply, the shareholders of a joint stock corporation own the business equally. In this setup, everyone involved holds a certain number of shares of stock.
The shares of a public joint stock firm are traded on a regulated stock market, and each individual share can be sold to another person. Shares of a private joint stock firm are freely transferable. There are, however, restrictions on the transfer beyond blood relations and mutual agreements.
Definitions
Definitions
According to Chief Justice Marshall "A corporation is an artificial being, invisible, intangible and existing only in contemplation of the law. Being a mere creation of law, it possesses only the properties which the charter of its creation confers upon it either expressly or as incidental to its very existence."
According to Sec. 2(20) of the Companies Act, 2013, "Company means a company incorporated under this Act or under any previous company law."
Types of a Joint-Stock Company
Types of a Joint-Stock Company
Registered Company: It's the most common form out there. Any business that has filed for incorporation under India's Companies Act is referred to as a "Joint-Stock Company" here.
Statutory Company: A statutory company is a company that has been established by an Act of Parliament or similar enactment by an empowered executive authority. The Act briefly describes the functions, duties, goals, and purposes of such an organization.
Chartered Company: A chartered company is formed when a country's head of state requests the formation of a company to exercise the authority bestowed upon him. This type of organization is typical in monarchical states like the United Kingdom.
Examples of Joint-Stock Companies
Examples of Joint-Stock Companies
Indian Oil Corporation Ltd.
Tata Motors Ltd.
Reliance Industries Ltd.
State Bank of India
Jindal Steel & Power Ltd.
Oil & Natural Gas Ltd. (ONGC)
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