Even when responsibility for mismanagement was clearly defined, no real punishment could be enforced, since the financial responsibility of the ZI chairman and his directors was
2 Sater:
limited to the amount of shares they had deposited as a tee.
This itin v ly instanki ces, was But & att of the (hairman'$ ahd the directors' personal belongings, whereas bankruptey for the ordinary merchant meant! pers al ruin and total loss of all belong-tH tions in their time, the heads of limited companies made personal fortunes at the expense of their firms.
were also-u by the appointment of too directors, who- were unqualifled'and who held their positions
Stone & W 84 Studebaker sot Seb Sood Sena lia ings.
In other cases which caused sensa-
Lows. gov limited companies
lis sinecures.—Havas.
Text read from the printed page and cleaned; old type leaves the occasional error.