IMPORTANT TO SHAREHOLDERS.
AUCKLAND, March 30,
An important judgment was delivered in the District Court to-,day in the case of the North New Zealand Woollen Company v. iStyak, an.action to recover L4T 10s, being the allotment of money and calls on a hundred shares. Payment was resisted, because the defendant was induced tp become ashareholder by thefraudulent representation of A. D. Bennett, and because there was a material variance between the prospectus and articles of association. His Honor held that the fraudulent statement had : been proved, but said that the defendant should have repudiated the shares as soon as he discovered it. He also held that the same rule applied as to the variance between the prospectus and the articles. He held that the defendant had not repudiated, promptly, or written within a reasonable time—not, in fact, till the present action was raised; and therefore gave judgment for the amount claimed, with costs.; The defendant gave notice of appeal.
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Bibliographic details
Evening Star, Issue 7174, 30 March 1887, Page 2
Word Count
159IMPORTANT TO SHAREHOLDERS. Evening Star, Issue 7174, 30 March 1887, Page 2
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