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Proprietary governors had legal responsibilities over the colony as well as responsibilities to shareholders to ensure the security of their investments. The proprietary system was a mostly inefficient [definition needed] system, in that the proprietors were, for the most part, like absentee landlords.
A lord proprietor is a person granted a royal charter for the establishment and government of an English colony in the 17th century. The plural of the term is "lords proprietors" or "lords proprietary".
The Frame of Government of Pennsylvania was a proto-constitution for the Province of Pennsylvania, a proprietary colony granted to William Penn by Charles II of England. The Frame of Government has lasting historical importance as an important step in the development of American and world democracy .
Proprietary colonies were owned and governed by individuals known as proprietors. To attract settlers, however, proprietors agreed to share power with property owners. [20] Maryland, South Carolina, North Carolina, New York, New Jersey, and Pennsylvania were founded as proprietary colonies. [21]
Proprietary charters gave governing authority to the proprietor, who determined the form of government, chose the officers, and made laws subject to the advice and consent of the freemen. All colonial charters guaranteed to the colonists the vague rights and privileges of Englishmen , which would later cause trouble during the American Revolution .
The General Assembly, also known as the Pennsylvania Provincial Assembly, was the largest and most representative branch of government but had limited powers. Succeeding frames of government were produced in 1683, 1696, and 1701. The fourth frame, also known as the Charter of Privileges, remained in effect until the American Revolution.
The colonies of Virginia, Rhode Island, Connecticut, and Massachusetts Bay were at one time or another charter colonies. The crown might revoke a charter and convert the colony into a crown colony. In a charter colony, Britain granted a charter to the colonial government establishing the rules under which the colony was to be governed.
There is a similar requirement for large proprietary companies, which are required to lodge Form 388H to the ASIC containing their financial report. In the United States, private companies are held to different accounting auditing standards than public companies, overseen by the Private Company Counsel division of the Financial Accounting ...