The end of these bodies of merchants being not a common benefit to the whole body, which have in this case no common stock, but what is deducted out of the particular adventures, for building, buying, victualling and manning of ships, but the particular gain of every adventurer, it is reason that everyone be acquainted with the employment of his own; that is, that everyone be of the assembly, that shall have the power to order the same; and be acquainted with their accounts. And therefore the representative of such a body must be an assembly, where every member of the body may be present at the consultations, if he will.

If a body politic of merchants contract a debt to a stranger by the act of their representative assembly, every member is liable by himself for the whole. For a stranger can take no notice of their private laws, but considereth them as so many particular men, obliged everyone to the whole payment, till payment made by one dischargeth all the rest: but if the debt be to one of the company, the creditor is debtor for the whole to himself, and cannot therefore demand his debt, but only from the common stock, if there be any.