Limited

Restricted; bounded; prescrib-

Restricted in extent, duration, scope or character; confined. Limited administi'ation: an administration of a temporary character, granted for a particular period, or for a special purpose. Limited company: a joint-stock company the liability of the members of which for the debts of the company is limited by statute. Limited divorce: a divorce for a limited time; a separation from bed and board. Limited partnerslilp; a partnership in which there are special partners who contribute special sums as capital, and who are not liable for the debts of the partnership beyond the fund so contributed.

Restricted; bounded; prescribed. Confined within positive bounds; restricted in duration, extent, or scope.

Confined within positive bounds; curtailed; restricted in duration, extent, or scope. Limited administration. An administration of a temporary character, granted for a particular period, or for a special or particular purpose, as distinguished from an ordinary administration which is not granted subject to such limitations or conditions. Such, for instance, is an administration durante minore cetate, which becomes necessary when an infant has been appointed sole executor, or the granted to some other proper person for a limited period; viz., until the infant attains the full age of twenty-one years, and is capable of taking the burden of the administration upon himself. Limited company; limited liabil- ' ity. Any liability may be spoken of as limited when bounds are set to it, or it has been curtailed or restricted. There is, however, a technical use of the above phrases in the English law of partnerships and companies, which is frequent and important, and appears in the names of many business establishments, in such forms as The London Hotel Company (limited). The meaning is, that the liability of the individuals interested in the concern is limited by law, analogously to the restriction which is attained in the states by limited partnership laws, or general acts of incorporation with a restricted individual liability of members. The object of requiring " limited " to appear in the name of the concern is to protect the community from giving it undue credit, in reliance on the wealth of shareholders. The liability of the members of a jointstock company may be either unlimited (which it seldom is) or limited; and if the latter, then the limitation of liability is either the amount, if any, unpaid on the shares (in which case the limit is said to be by shares), or such an amount as the members guarantee in the event of the company's being wound up (in which case the limit is said to be by guaranty). Where the limit is by shares, the memorandum of association must contain a declaration that the liability is limited, and the amount of the capital must be divided into shares of a fixed amount; and each member must take one share at least, and write the number he takes opposite to his name in the memorandum of association. On the other hand, when the liability is limited by guaranty, the memorandum must contain a declaration that, in the event of the company being wound up, each member will contribute towards the liabilities what may be required, not exceeding a specified amount. The memorandum of association is to be registered with the registrar of joint-stock companies; and with it articles of association, signed by each member, may, in the case of a company limited by shares, and shall, in all other cases, be delivered to the registrar. If the company be limited by guaranty, or unlimited, these articles must state the number of the shares where the capital is divided into shares, and the proposed number of the members where the tains and registers the memorandum and articles thus delivered to him, and certifies under his hand that the company is incorporated, and in the case of a limited company, that it is limited; whereupon the subscribers of the memorandum, together with such persons as may from time to time become members of the company, are constituted a body corporate with perpetual succession, a common seal, and power to hold lands; and this certificate is conclusive evidence that the statutory requirements with respect to registration have been complied with. The unpaid-up capital is called up when wanted, or at certain agreed periods; the successive demands for it are thence technically described as calls. Brown. Limited divorce. A divorce a mensa et thoro only; or a judicial separation of husband and wife not dissolving the marriage tie. See Divorce. Limited executor. The appointment of an executor may be either absolute or qualified. It is absolute when there is no restriction, condition, or limitation imposed upon him in regard to the testator's effects, or no limitation in point of time. It may be qualified by limitations as to the time or place wherein, or the subject-matter whereon, the ofiice is to be exercised; and when so qualified the executor is frequently, in reference to his limited or qualified powers, termed a limited executor. Thus, if one appoint a man to be his executor at a certain time, as at the expiration of five years after his death, or at an uncertain time, as upon the death or marriage of his son, such an executor, with reference to the time he should begin to execute his office, would be a limited executor. So, also, an executor maybe a limited executor, with reference to the place in which he is empowered to execute his trust; as if a testator should make A his executor for his goods in Cornwall, B for those in Devon, and C for those in Somerset. Brown. Limited jurisdiction. This term is ambiguous, and the books sometimes use it without due precision. It is sometimes carelessly employed instead of "special." The true distinction between courts is between such as possess a general, and such as have only a special, jurisdiction, for a particular purpose, or are clothed with special powers for the performance. Den v. Hammel, 18 N. J. L. 73. Limited partnership. A form of partnership authorized by statute in many of the states to be formed, in which the firm consists of one or more general partners, jointly and severally responsible as ordinary partners, and by whom the business is conducted; and one or more special partners, contributing in to the common stock, and who are not liable for the debts of the partnership beyond the fund so contributed. These special partners must refrain from dealing in the business, except in matters permitted by the statute; and the forms of law must be strictly observed in creating the partnership, else the special partners are liable as general ones.