Establishing The Company
An enterprise in which working men could purchase land on the open market was proposed by him. The land was to be reconditioned, broken up into small plots, equipped with appropriate farm buildings and a cottage, and the new proprietor was to be given a small sum of money with which to buy stock. The plan was approved at the Chartist conference in April 1845.
The form of the company was problematic. A set of rules were drawn up for a friendly society and submitted for approval in January 1846. They were rejected. Another set of rules were submitted and again rejected in July 1846. The company was provisionally registered as a joint stock company, the Chartist Cooperative Land Company, on 24 October 1846. The provisional registration allowed the company to enrol shareholders and to collect deposits on the shares. It did not allow any trading activity, nor the purchase, contracting for purchase, or holding of land. In order to complete the registration it was necessary to collect the signatures of one quarter of the shareholders.
The company was renamed to the National Cooperative Land Company on 17 December 1846, and its stated objectives were expanded. The registration was still on a provisional basis.
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