DAIRY COMPANY SHARES

Feilding Star, Volume 7, Issue 2305, 7 September 1929, Page 8

DAIRY COMPANY SHARES

CONTRACT DISPUTED -

At. Hamilton a eljaim for 1 the specific performance of an agreement lo purchase their shares in the Springdale Cheese Company was brought in the Supreme Court to-day by Charles Hunt. Alexander Valois. George Haweroft and Thoo Walker, of To Kuiti, fanners, and Hannah" Hansen/ widow, against William Gadshy, farmer, of To Kuiti. Plaintiffs, are shareholders of the company.. They assert that in March, 1928, Gadshy made a .written offer lo purchase their respective shares for a lump sum of £4OO, and an indemnity to present shareholders against all claims. The offer was accepted in writing, but Gadshy later repudiated the contract'. although plaintiffs had at all. times been ready and willing to complete it. An order was therefore sought compelling defendant to complete. In the alternative, a sum of £1229 was claimed as damages. Defendant denied (lie existence of any contract, and, as an alternative defence, said that the articles of association provided that ‘'no person shall he, or be capable of being entitled 1o become , a shareholder. unless actively engaged in dairy farming* operations.” Defendant; held that he was hot now a dairy farmer, nor had li 0 been at any time material to the action. lie contended that if there was a contract it was incapable of specific performance by him, and therefore also h.v plaintiffs. Decision was reserved.