Meaning and definition of joint stock company

MEANING AND DEFINITION OF JOINT STOCK COMPANY

Definition

Professor H.L. Haney defines as "a joint stock company is a voluntary association of individuals for profit having its capital divided into transferable shares, the ownership of which is the condition of membership."

Meaning

 A joint stock company is an incorporated association which is artificial person created by law having a common seal and perpetual succession. It has large number of shareholders with limited liability who elect their representatives known as board of directors to run the business on their behalf.