WAIRAKEI LIMITED

Evening Post, Volume CVII, Issue 85, 9 April 1924, Page 9

WAIRAKEI LIMITED

FURTHER LITIGATION 'COMMENCED.

(IT TEIEGKAPH.^-FEBSS ASSOCUTIOK.)

■ AUCKLAND, Bth April. - The involved civil action in. regard to Wairakei shares and commission paid for the.obtaining o£ subscription for certain shares in the company was opened before Mr Justice Herdman at ■ the Supreme Court. The plaintiff is Wairakei, Limited,; which is seeking to tocover from Arthur Oleave £8875 'as follows:—£2o7s allegedly paid to Cleave as commission.. which the company contends was in the form .of a gratuity and therefore, recoverable as ultra vires • £1250, in respect of shares allotted to an applicant who afterwards.became nnfinancial. and the company contends it was entitled to retain the sum as the shares should have been forfeited j; £6550 in-re-spect of fully paid-up shares, applicants for which allegedly signed transfers from Cleave, believing they were applying for' the company's contributing shares.' " The defence is a complete denial of the plaintiff company's allegations, and a denial that any of the'moneys claimed are owing by Mm. Defendant has entered a counter-claim for £1605, which he alleges is due to him as the balance of purchase money and for a further £1000 as damages, or an alternative declaration .that, the com- | pany is bound to undertake, a certain liability in respect of the purchase of 1000 i shares. , ■ . L Tb.g hearing will occupy several day*