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Origins resting behind banking financial accountability of paragraphs 78 to 82 of the First Schedule of the Companies Act 1862 (UK)

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Authors
Game, Chantal
Cullen, Lisa
Brown, Alistair
Date
2020
Type
Journal Article

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Citation
Game, C. and Cullen, L. and Brown, A. 2020. Origins resting behind banking financial accountability of paragraphs 78 to 82 of the First Schedule of the Companies Act 1862 (UK). Business History.
Source Title
Business History
DOI
Faculty
Faculty of Business and Law
School
School of Accounting
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Abstract

Applying tenets of legal origin theory, this article traces the origins of banking financial accountability resting behind paragraphs 78 to 82 of the First Schedule of the Companies Act 1862 (UK), where the timely disclosure of a balance sheet and statement of income and expenditure to stakeholders are scrutinised. Comparative legal analysis of 503 banking enactments of the US, Canada and England during the eighteenth and nineteenth centuries reveals that expectations of formal accounts raised by the Companies Act 1862 (UK) were informed by the Colombia Banking Act 1817 (CO) in the US, the Canadian Mauritius Regulations 1830 and the Joint Stock Banks Act 1844 (UK).