COLONIAL BANK CASE.

New Zealand Herald, Volume XLIII, Issue 13170, 7 May 1906, Page 5

COLONIAL BANK CASE.

MR. BRAUND'S APPLICATION. [BY TELEGRAM.MESS •ASSOCIATION'.] Dunedix, Saturday. Mr. Justice Edwards and Mr. Justice Cooper sat in banco to-day, to hear Mr. Victor Maurice Braund in-respect to the motion that the order made on April 30, dismissing the application for an order suspending the order of Mr. Justice WiTiams, for the destruction of the books and papers of the Colonial Bank, be reviewed upon the grounds that the books aud papers will be required in an action commenced in Wellington by Mr. Braund against the Hon. G. McLean and Mr. P. C. Neill, and upon the further ground that Mr. Braund intends to commence proceeding,? against the liquidators, claiming damages or compensation for misfeasance and breach of trust, in that they have been guilty of impropriety in not bringing the directors before the Court to ask for an order upon the directors, similar to that which was made in re Exchange Banking Company. Mr. Braund appeared in person; Mr. J. F. M. Eraser represented the official liquidator (Mr. C. C. Graham). Air. Braund had nob proceeded far with his opening when. Mr. Justice Edwards said there was a preliminary difficulty that in none of the papers filed was it shown that Mr. Braund was either a shareholder contributing or a. creditor. Mr. Braund said he was the attorney of actual holders of shares. Mr. Braund claimed that he was entitled to intervene in equity. Mr. Justice Cooper said Mr. Braund was not a shareholder. It was a pity he did not take his advice and get the aid of counsel. Mr. Braund said there was a difficulty about that, but it was a matter he need not go into. Mr. Braund submitted that he clearly had interest in 212 share*. After dealing with the point at- Mime length Mr. .Braund' went, on to say that lie did not desire to inspect the books. All he asked for Was that the books whic-b contained the records of gross fraiiud on the shareholders of the bank should be preserved from threatening destruction. The production of the books was already demanded -through a subpoena served on the official assignee in aft action which lie had eommeuced. In support of his contention Mr. Braund lead the statement of claim in his action. Mr. Justice Edwards judged there would be enough evidence ia the balance-sheets, and the agreement referred to. ; V ; • X After hearing further argument the Court reserved its decision till Wedaeuday..