Joint-Stock Banks

In English law. A species of quasi corporations, or companies regulated by deeds of settlement. In some respects they stand in the same situation as other unincorporated bodies; but they differ from the' latter in this, that they are invested by certain statutes with powers and privileges usually incident to corporations. These enactments provide for the continuance of the partnership notwithstanding a change of partners. The death, bankruptcy, or the sale by a partner of his share does not affect the identity of the partnership. It continues the same body, under the same name, by virtue of the act of parliament, notwithstanding these changes. 7 Geo. IV. c. 46, § 9.