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Farmer's Bank Of York, Upper Canada
The Farmer's Joint Stock Bank was a bank that operated in Upper Canada, and later in the Province of Canada, from 1834 to 1854. History Following the 1821 legalization of small notes and bills of exchange in Upper Canada, the Bank was formed in 1834 as a private bank by George Truscott and John Cleveland Green in Toronto, Upper Canada. Francis Hincks, a journalist and colonial administrator, was invited to become its first cashier. In 1835, it was taken over by a group of Reformers and constituted as a joint-stock company called the Farmers' Joint Stock Banking Company by deed of settlement. The first board of directors appointed John Elmsley, a member of the Family Compact, to be its first president, which forced Hincks and other Reform investors to leave and found the Bank of the People in December 1835. When Upper Canada moved in 1837 to restrict the ability of institutions other than incorporated banks to issue their own banknotes, the Bank was exempted. A financial c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint Stock Company
A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company. In modern-day corporate law, the existence of a joint-stock company is often synonymous with incorporation (possession of legal personality separate from shareholders) and limited liability (shareholders are liable for the company's debts only to the value of the money they have invested in the company). Therefore, joint-stock companies are commonly known as corporations or limited companies. Some jurisdictions still provide the possibility of registering joint-stock companies without limited liability. In the United Kingdom and in other countries that have adopted its model of company law, they are known as unlimited companies. In t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Elmsley
John Elmsley (1762 – April 29, 1805) was Chief Justice of Upper Canada and afterwards Lower Canada. In both of the Canadas he served as President of the Executive Council and Speaker of the Legislative Council. During the Hunter administration, he was the most powerful man in Upper Canada. In Lower Canada, from 1802 until his death he was second only in rank to the Lieutenant Governor. Early life in England In 1762, he was born in England at Marylebone, London. He was the first son of Alexander and Anne (Elligood) Elmsley. He was educated at Oriel College, Oxford, graduating BA in 1786, MA in 1789, and entered the Inner Temple in 1790. At London in July, 1796, he married Mary Hallowell, daughter of Captain Benjamin Hallowell III (1723-1799) R.N., of Roxbury, Boston, by his wife Mary, daughter of Thomas Boylston. Together they had at least one son, John Jr, who later followed him into the Executive Council of Upper Canada. Mrs Elmsley's Loyalist father was His Majesty's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Disestablished In 1854
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
