HEMPLAND BONDS.
Court Determines Holders' Position. CASE IN SYDNEY. SYDNEY, April 27. The position of holders of Hempland bonds issued by Australian and New Zealand Investments, Limited, in Australia, was determined to-day by a judgment of the Chief Judge of the Equity Court, Mr. Justice Harvey. There aro about 6000 of these bonds on issue, each for £21 10/. As the company went into liquidation the question arose whether the bondholders' contract with the company—which undertook to acquire for them certain lands in New Zealand and to cultivate flax on it — could be enforced, or whether the bondholders would have to rank in the liquidation as unsecured creditors. His Honor held that the contract was capable of specific performance and that the bondholders were entitled to a transfer of the lands held by the company to their trustee.
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Auckland Star, Volume LXIV, Issue 98, 28 April 1933, Page 7
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138HEMPLAND BONDS. Auckland Star, Volume LXIV, Issue 98, 28 April 1933, Page 7
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