In the nineteenth century
American companies evolved a scheme whereby shareholders were invited, while
retaining ownership of their shares, to transfer the voting rights attached to
the shares, irrevocably to trustees. In this way companies came under the
control of certain trustees who were able to concentrate and
American companies evolved a scheme whereby shareholders were invited, while
retaining ownership of their shares, to transfer the voting rights attached to
the shares, irrevocably to trustees. In this way companies came under the
control of certain trustees who were able to concentrate and
merge a number of
interest to their mutual advantage. However, following a number of cases in
which shareholders were exploited, the Sherman Anti –Trust Law of 1890 checked
this types of scheme and led directly to the evolution of the holding company
structure.
In English, holding companies
were first in the Companies Act 1929 and the companies Act 1948 was the first
English Act to Provide specifically for Group Account and consolidated
statements. In Nigeria, holding and subsidiary companies were defined in the
company Act of 1968 and the Companies and allied Matters Decree of 1990.
were first in the Companies Act 1929 and the companies Act 1948 was the first
English Act to Provide specifically for Group Account and consolidated
statements. In Nigeria, holding and subsidiary companies were defined in the
company Act of 1968 and the Companies and allied Matters Decree of 1990.
