WAIRAKEI LIMITED

Evening Post, Volume CV, Issue 88, 13 April 1923, Page 5

WAIRAKEI LIMITED

RETURN OF SHARE MONEY SOUGHT SUPREME COURT DECISION . RESERVED. (IT TBLIORAPB.—PRESS ASSOCIATION.) AUCKLAND, 12th April. In th« Supreme Court to-day, before Mr. Justice Stringer, George Roy Williams M'Donald, M.L.C., of Sydney, financial and general agent, proceeded against Wairakei Limited for the recovery of money he had invested. The formal claim was for a decree for cancellation of the allotment to him by the defendant company of 3000 shares, also a, decree requiring the company to remove his name from the register. Judgment was sought for £3000, the total amount paid for shares and interest on the amount invested. The statement of claim set out that plaintiff, in October, 1918, after several interviews a.t Sydney with Arthur Oleave of Auckland, promoter and agent of the company, informed Cleave thai he would take up sho-reu provided that, at time of the first allotment, the directors had received applications for not less than 40,000 shares. About 24th October, 1918, plaintiff applied for 2OCO shares, the prospectus having set out that applicationa would be deemed to be withdrawn should thje total number of shares applied for be less than 40,000. The claim i further stated that in December, 1918, plaintiff was informed by Cleave tluit this conditions had been complied with, | and that 3000 shares had been allotted to plaintiff. It was alleged that this information was incorrect, and that on 3rd December, 191^, when the company went to allotment, less than 25,000, the minimum subscriptions fixed by the prospectus, had been applied for. In the statement of defence the receipt of an application for 3000 snares was admitted, but sll the other allegations were denied. As a further defence, the defendant put forward that should the allegations of the statement of claim be true, which defendant denied, plaintiff, by his conduct and delay, hss waived and lost any. riHit for cancellation of the iJlotmcni;. and had confirmed the allotment to himself of the said shares with ii knowledge of the circumstances and conditions of ouch allotment. , Dscieicji was reserved.