Adam Smith：The Wealth of Nations, Book V, Chapter I, Paragraph 1727

First, In a private copartnery, no partner without the consent of the company, can transfer his share to another person, or introduce a new member into the company. Each member, however, may, upon proper warning, withdraw from the copartnery, and demand payment from them of his share of the common stock. In a joint-stock company, on the contrary, no member can demand payment of his share from the company; but each member can, without their consent, transfer his share to another person, and thereby introduce a new member. The value of a share in a joint stock is always the price which it will bring in the market; and this may be either greater or less in any proportion, than the sum which its owner stands credited for in the stock of the company.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book V, Chapter I, paragraph 1727 · Verified：2026-10-19 · Verification：Exact match

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