A SHARE TRANSACTION.
"DUMMY" ON THE REGISTER, [BY TELEGRAPH.PRESS ASSOCIATION.] Wellington, Monday. JUDGMENT was given to-day by Mr. Justice Sim in tho case in which the official liquidator in dealing with the affairs of the Marlborough Brewery and Aerated Water Company, Ltd., applied to have one Brand joined to the list of contributors in respect of 1720 chares. Brand signed a written application for that number of shares in August, 1901. They were duly allotted to him, and his name entered in the share register. He afterwards purported to transfer these shares to the company, and an entry of the transfer was made in the register. It was admittted that this transfer was a nullity, and that Brand's name must be treated as being still on the register in respect of these shares. It was argued, however, on Brand's behalf that he was" entitled in the circumstances to have his name removed from the register and from the list of contributors. Brand at that time was a junior clerk in Macdonald, Wilson, and Co.'s offices at a small salary. He signed the application, he said, at Macdonald's request, the cheque for the application money was given by the firm, he signed a transfer of the shares at Macdonald's request, and Macdonald afterwards signed the memorandum of association for 1720 shares, but his name was not entered in. the share register as a member in respect of those shares. His Honor said it was clear that Brand did not intend to apply for any shares on his own account, but was applying on account of Macdonald or his firm. His Honor made an order for the substitution of Macdonald's name for that of Brand on the register and list of contributors in respect of the 1720 shares in question, saying that he felt less hesitation in dealing with the matter in this way for the reason that the assets are sufficient to pay the creditors in full, and they could not lie prejudiced in any way by the order now made. ' The Question, of costa yaaL ztaixssd^
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Bibliographic details
New Zealand Herald, Volume XLIX, Issue 14933, 5 March 1912, Page 8
Word Count
346A SHARE TRANSACTION. New Zealand Herald, Volume XLIX, Issue 14933, 5 March 1912, Page 8
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