William Lawson (banker)
Encyclopedia
William Lawson was a businessman, office holder, justice of the peace
, and politician. He was born in Halifax
, Nova Scotia
, Canada
, and was the son of John Lawson and Sarah Shatford.
. The bank was incorporated by the Nova Scotia Legislative Assembly on Mar 30, 1831 in Halifax, Nova Scotia
with William Lawson (banker)
(1772-1848) serving as the first president.
As a member of the Nova Scotia House of Assembly
, he introduced a bill chartering a public bank. The bill ensured that any bank directors were responsible for double the amount of their holdings in case of insolvency
. This clause was an innovation in British North America
, and came at a time when most banks limited liability to the value of a shareholder’s stock. As a means of building trust and ensuring the savings of depositors, the concept provided stability to the fledgling bank which prospered and spread quickly from its inception in the Merchants' Coffee House, Halifax to become an international financial institution. Besides his mercantile and shipping ventures he served as an elected member of the Nova Scotia Legislative Assembly from 1806 to 1836, and was appointed to the Legislative Council
from 1838 to 1845.
, about 1760. The house was sold by Lawson's heirs in 1856 to John Esson
, and the land now comprises part of the site of Maritime Centre, in downtown Halifax
.
A granddaughter, Jessie Jane Lawson (1838–1901), born to his son William Lawson Jr., married the Rev. George Monro Grant
, Principal of Queen's University
. Among their descendants are a number of Canadian educators including their son William Lawson Grant, grandson George Parkin Grant
, and great-grandson Michael Ignatieff
.
Justice of the Peace
A justice of the peace is a puisne judicial officer elected or appointed by means of a commission to keep the peace. Depending on the jurisdiction, they might dispense summary justice or merely deal with local administrative applications in common law jurisdictions...
, and politician. He was born in Halifax
City of Halifax
Halifax is a city in Canada, which was the capital of the province of Nova Scotia and shire town of Halifax County. It was the largest city in Atlantic Canada until it was amalgamated into Halifax Regional Municipality in 1996...
, Nova Scotia
Nova Scotia
Nova Scotia is one of Canada's three Maritime provinces and is the most populous province in Atlantic Canada. The name of the province is Latin for "New Scotland," but "Nova Scotia" is the recognized, English-language name of the province. The provincial capital is Halifax. Nova Scotia is the...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, and was the son of John Lawson and Sarah Shatford.
Business and public career
He was a founding director and first president of the Bank of Nova Scotia, now known as ScotiabankScotiabank
The Bank of Nova Scotia , commonly known as Scotiabank , is the third largest bank in Canada by deposits and market capitalization. It serves some 18.6 million customers in more than 50 countries around the world and offers a broad range of products and services including personal, commercial,...
. The bank was incorporated by the Nova Scotia Legislative Assembly on Mar 30, 1831 in Halifax, Nova Scotia
Nova Scotia
Nova Scotia is one of Canada's three Maritime provinces and is the most populous province in Atlantic Canada. The name of the province is Latin for "New Scotland," but "Nova Scotia" is the recognized, English-language name of the province. The provincial capital is Halifax. Nova Scotia is the...
with William Lawson (banker)
William Lawson (banker)
William Lawson was a businessman, office holder, justice of the peace, and politician. He was born in Halifax, Nova Scotia, Canada, and was the son of John Lawson and Sarah Shatford.-Business and public career:...
(1772-1848) serving as the first president.
As a member of the Nova Scotia House of Assembly
Nova Scotia House of Assembly
The Nova Scotia Legislature, consisting of Her Majesty The Queen represented by the Lieutenant Governor and the House of Assembly, is the legislative branch of the provincial government of Nova Scotia, Canada...
, he introduced a bill chartering a public bank. The bill ensured that any bank directors were responsible for double the amount of their holdings in case of insolvency
Insolvency
Insolvency means the inability to pay one's debts as they fall due. Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts.Business insolvency is defined in two different ways:...
. This clause was an innovation in British North America
British North America
British North America is a historical term. It consisted of the colonies and territories of the British Empire in continental North America after the end of the American Revolutionary War and the recognition of American independence in 1783.At the start of the Revolutionary War in 1775 the British...
, and came at a time when most banks limited liability to the value of a shareholder’s stock. As a means of building trust and ensuring the savings of depositors, the concept provided stability to the fledgling bank which prospered and spread quickly from its inception in the Merchants' Coffee House, Halifax to become an international financial institution. Besides his mercantile and shipping ventures he served as an elected member of the Nova Scotia Legislative Assembly from 1806 to 1836, and was appointed to the Legislative Council
Legislative Council
A Legislative Council is the name given to the legislatures, or one of the chambers of the legislature of many nations and colonies.A Member of the Legislative Council is commonly referred to as an MLC.- Unicameral legislatures :...
from 1838 to 1845.
Private life
On 26 December 1793, He married Elizabeth Handyside who was the daughter of his stepmother from a previous marriage. Although technically brother and sister, the couple were not biological relatives. William and Elizabeth had fourteen children and resided in a house at the corner of Hollis and Salter streets, built by Malachy SalterMalachy Salter
Malachy Salter , a Nova Scotia merchant and office-holder, was born at Boston, second son of Malachy Salter and Sarah Holmes. He married Susanna Mulberry, on 26 July 1744 in Boston, and they had at least 11 children...
, about 1760. The house was sold by Lawson's heirs in 1856 to John Esson
John Esson
John Esson was a merchant and politician in Nova Scotia. He represented Halifax County in the Nova Scotia House of Assembly from 1851 to 1863 as a Reformer....
, and the land now comprises part of the site of Maritime Centre, in downtown Halifax
Downtown Halifax
Downtown Halifax is the city centre of the Halifax Regional Municipality, Nova Scotia. Located on the eastern-central portion of the Halifax Peninsula, on Halifax Harbour, it serves as the business, entertainment, and tourism hub of the region.- Municipal:...
.
A granddaughter, Jessie Jane Lawson (1838–1901), born to his son William Lawson Jr., married the Rev. George Monro Grant
George Monro Grant
George Monro Grant, C.M.G. was a Canadian church minister, writer, and political activist. He served as principal of Queen's College, Kingston, Ontario for 25 years, from 1877 until 1902.-Early life, education:...
, Principal of Queen's University
Queen's University
Queen's University, , is a public research university located in Kingston, Ontario, Canada. Founded on 16 October 1841, the university pre-dates the founding of Canada by 26 years. Queen's holds more more than of land throughout Ontario as well as Herstmonceux Castle in East Sussex, England...
. Among their descendants are a number of Canadian educators including their son William Lawson Grant, grandson George Parkin Grant
George Grant (philosopher)
George Parkin Grant, OC, FRSC was a Canadian philosopher, teacher and political commentator, whose popular appeal peaked in the late 1960s and 1970s. He is best known for his nationalism, political conservatism, and his views on technology, pacifism, Christian faith, and abortion...
, and great-grandson Michael Ignatieff
Michael Ignatieff
Michael Grant Ignatieff is a Canadian author, academic and former politician. He was the leader of the Liberal Party of Canada and Leader of the Official Opposition from 2008 until 2011...
.