anonyme_
may come to an end.

_Germany._--In Germany the class of companies most nearly corresponding
to English companies limited by shares are "share companies"
(_Aktiengesellschaften_) and "commandite companies" with a share capital
(_Kommanditgesellschaften auf Aktien_). Since 1892 a new form of
association has come into existence known by the name of partnership
with limited liability (_Gesellschaften mit beschrankter Haftung_),
which has largely superseded the commandite company.

[Sidenote: The "share company."]

In forming this paid-up company certain preliminary steps have to be
taken before registration:--

1. The articles must be agreed on;

2. A managing board and a board of supervision must be appointed;

3. The whole of the share capital must be allotted and 25%, at least,
must be paid up in coin or legal tender notes;

4. Reports on the formation of the company must be made by certain
persons; and

5. Certain documents must be filed in the registry.

In all cases where shares are issued for any consideration, not being
payment in full in cash, or in which contracts for the purchase of
property have been entered into, the promoters must sign a declaration
in which they must state on what grounds the prices agreed to be given
for such property appear to be justified. In the great majority of cases
shares are issued in certificates to bearer. The amount of such a
share--to bearer--must as a general rule be not less than L50, but
registered shares of L10 may be issued. Balance sheets have to be
published periodically.

Limited partnerships.

Partnerships with limited liability may be formed by two or more
members. The articles of partnership must be signed by all the members,
and must contain particulars as to the amount of the capital and of the
individual shares. If the liability on any shares is not to be satisfied
in cash this also must be stated. The capital of a limited partnership
must amount to L1000. Shares must be registered. Insolvent companies in
Germany are subject to the bankruptcy law in the same manner as natural
persons.

For further information see a memorandum on German companies printed in
the appendix to the _Report of Lord Davey's Committee on the Amendment
of Company Law_, pp. 13-26.

_Italy._--Commercial companies in Italy are of three kinds:--(1) General
partnerships, in which the members are liable for all debts incurred;
(2) companies in _accomodi