Showing 1 results

Records of the shareholders of King’s College London, 1828-1882, 1907, consisting of registers of shareholders 1828-1882, 1907; registers of transfer of shares 1830-1869; share certificate books, 1829-1863; shareholders correspondence 1828-1846; shareholders student nomination registers, 1839-1876; various forms for share applications.

King’s College London was founded by Royal Charter in 1829. It was estimated that around £170,000 was needed to build and equip the new College. By August 1828 £100,000 had been raised by donations and subscriptions in the form of £100 shares, carrying a dividend of not more than 4 percent. However, Catholic Emancipation and the chosen site of the proposed College divided shareholders and many refused to honour promises to buy shares. The existing shares had failed to yield interest and some shareholders began to lose faith in the scheme. The College tackled this setback by creating shares of £25, but this did little to prevent 150 shareholders withdrawing. Shareholders were often referred to as proprietors and were allowed the privilege of nominating one student for the King’s College School and one student for the College. Shares of over £100 are referred in the shareholders’ records as ‘First Class’ and those under £100 are referred to as ‘Second Class’. After 1848 most shares were converted into donations when it became clear that the shares would never yield any interest. The College Charter of 1882 extinguished the ‘First Class’ shareholders claims to pecuniary profit and abolished dividend from the shares but their nomination privileges were retained and could be transferred. Donors Second Class maintained nomination privileges until their death, but their shares were non-transferable.