SUPREME COURT.

Manawatu Standard, Volume XLI, Issue 8545, 27 March 1908, Page 6

SUPREME COURT.

PALMERSTON—THURSDAY. (Before Mr Justice Cooper.) A QUESTION OF DIVIDEND. Thomas ClarKa (Mr Moore) sued the Nortu Island lirewery Company, Mangatainoka (Mr li. Smith) lor a dividend of 43 in tno iil, declared last year. The statement of the ctann was to the •efiect that the company had declared a dividend to be paid to the shareholders, but instead of paying in cash added a, proviso that tne snareholders should take out a further number of shares equal to the amount of the dividend. For the defence, it was admitted that plaintiff was a member of the company and holding shares, and that a declaration of dividend had been made, but defendants stated a resolution had been passed by the company to the following effect: '-That a dividend of 4s per share be declared on 1350 shares now issued; provided that the shareholders, by resolution, decided to issue to themselves some of the shares now unissued, and devote the whole dividend to the amount due in respect of such shares.' Subsequently, at the annual general meeting, it was sought to cor.arm that resolution, but plaintiff and another shareholder refused to take the dividend except in money, and consequently the proviso was never passed. The minute-book was produced, and showed that the minutes had not been confirmed during the last two years. His Honor held that plaintiff had been misled into believing that a dividend had been declared, and until the statement for defence was put in he did not know there was any proviso to the declaration of dividend; therefore, he vTould allow plaintiff to take a non-suit, and only allow £5 5s costs, as the resolution was ultra vires, and consequently no dividend had been declared at all. INTERPRETATION OF A WILL. Kamma Elcgie Monrad made application for an order interpreting the will of Ditlev Gothard Monrad, deceased, and defining the plaintiff's right and whether the plaintiff was entitled to the whole of the estate of the deceased or was entitled to receive only the income of such estate (to be reduced to an annual income of £50 for life in tho event of her again marrying) With tho remainder of tho children mentioned in the will. Mr Cooper appeared for plaintiff, Mr Innes for the executors in the will, and Mr F. O'B. Loughnan for the infant children. His Honor, after-hearing legal argument, reserved his decision, and the Court adjourned till noon to-day.