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TeachMeFinance.com - explain Leeman's act historic definition... Leeman's act -- English term ; an act of Parliament by which a seller of bank shares must at the time of sale state the numbers of the shares that he is selling. The act was passed to prevent bear sales of bank shares. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.