ALEXANDER MINE

Greymouth Evening Star, 28 October 1932, Page 2

ALEXANDER MINE

APPEAL COURT’S JUDGMENT.

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WELLINGTON, October 28. The Appeal Court, to-day, delivered judgment in the case of the Alexander Mines, Ltd., v. Hill and McVicar, which was heard before the Full Court on October 4 and 5.

Judgment was to the effect that the plaintiff company, in declaring and paying dividends, should do so according to tile amount of subscribed capital held by each member of the company.

Mr Justice Herdman dissented from the judgment of the other members of the Court, holding that, in his opinion, payment should be made according to the amount paid up on shares.

No order was made as to costs, counsel for the company intimating that his client had undertaken to pay the costs.

A dispute between different classes of shareholders in the Alexander Mines, Ltd., Mining Company, led to the company issuing an originating summons asking for the opinion of the Court whether, on construction of its memorandum and articles of association in declaring and paying dividends, it should do so: (a) according to the amount paid up on its shares, or (b) according to the share capital of the company, irrespective of the amount paid up on the shares, and (c) or in what other way. William Hill, of Greymouth, architect, and Duncan Angus McVicar', of Blackball, butcher, were named as defendants, the former as a representative of holders of partly-paid shares, and the latter as a representative of holders of fully-paid shares.