Stock Exchange Ordinance - Kabushikitorihikijourei

...Although this national bank still had some shortcomings as a joint-stock company, such as restrictions on stock transfer and the lack of limited liability for shareholders, the fact that a company organization with characteristics similar to a traditional joint-stock company was established throughout the country with many investors (the nobility and samurai classes) was significant. In addition, the Stock Exchange Ordinance enacted in 1878 (the Stock Exchange Ordinance of 1874 was abolished) clearly stipulated the limited liability system for investors, and the following year, Tokio Marine Insurance Company (now Tokio Marine & Nichido Fire Insurance Company), which was established with a wide range of investors including the nobility, also adopted a limited liability system. From this time on, Japanese joint-stock companies began to meet the requirements of modern joint-stock companies. ...

*Some of the terms mentioned in the "Stock Exchange Ordinance" are explained below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

…この国立銀行も株式譲渡の制限，株主有限責任制の欠如等株式会社としてなお不十分さを残したが，本来の株式会社に近い特徴を帯びた会社組織が全国各地に多くの出資者(華･士族層)を巻き込んで設立されたことの意義は大きかった。また，1878年に制定された株式取引所条例(1874年の株式取引条例は廃止)は，出資者の有限責任制を明確に規定し，翌年，華族を含む幅広い出資者を集めて設立された東京海上保険会社(現，東京海上火災保険)も有限責任制を採用した。このころから，日本の株式会社も近代的株式会社としての要件をいちおう備えたものとなった。…

※「株式取引所条例」について言及している用語解説の一部を掲載しています。

出典｜株式会社平凡社世界大百科事典 第２版について | 情報