TAUPO TIMBER CASE

Auckland Star, Volume LXXIV, Issue 227, 24 September 1943, Page 4

TAUPO TIMBER CASE

FOREST PRODUCTS' APPEAL REFUSAL. OF APPLICATION (P.A.) WELLINGTON, Thursday. The Court of Appeal yesterday and to-day considered an application by New Zealand Forest Products, Ltd., for conditional leave to apply to the Privy Council from a judgment of the Court (delivered on August 27) in the matter of a petition by the Taupo Totara Timber Company, Limited, for a reduction of capital. Leave was refused by the Court unanimously, five oral judgments being delivered.

i Ji™ ?- loo f , A PP eal '« August delivered judgment an the case of the petition by the Taupo Totara Timber Company! Ltd The appeal was from the decision of the Supreme Court refusing to confirm a reduction of capital of the company Involving repayment to the shareholders of approximately £34,000, on the ground! that New Zealand Forest Products Ltd "'? h 7"a- of valuable adjoining, forests! might have at some future time large ™U. ms l ° mak e against the Taupo Totara s^a^sa^ for da ™ ge arisdealing with the function ofX £mrt eLJPf 81 ° n a" appeal in a matter of discretion, the judgment stated that power to confirm a reduction was discretionary Admitting the possibility of future damage to New Zealand Forest Products, Lirnited the case was not one where the Court was justified in refusing to confirm the reduction. The appeal, therefore wal and the **-«°n "