NEGLIGENT DIRECTORS
DAMAGES FOR £20,000.
.BREACH OF DOTY. 1 ■ By Telegraph—Pw«» Association— Copyright(Received April 15, 12-15 a.m.) Syd.vet, April 14. Judgment has been delivered by Mr. Justice Harvey in tho case .in the Equity Court, the shareholders of the Mount Oxide Mine, Limited, against the directors of the company, in respect to neglect in tho control and management of the company's affairs. ' The case involved certain transactions with J. Earle Hermann and Company, and it was shown that, though complaints were made, the directors took no steps to terminate, the management or control of the business by Hermann. On these grounds it was asked that the defendants be ordered to pay £25,000, tho amount of the loss sustained by reason of their negligence as directors. Mr. Justice Harvey held that all the directors bad been implicated in the transaction and had exhibited gross, culpable negligence, rendering them liable for a breach of duty as directors. He fixed damages against the directors at £20,000 with interest added, also £650 commission paid in connection with the transaction. His Honor ruled that therewas no case against defendants, J, Earle Hermann and J. Earlo Hermann, Limited.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19160415.2.38
Bibliographic details
New Zealand Herald, Volume LIII, Issue 16205, 15 April 1916, Page 8
Word Count
192NEGLIGENT DIRECTORS New Zealand Herald, Volume LIII, Issue 16205, 15 April 1916, Page 8
Using This Item
NZME is the copyright owner for the New Zealand Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries and NZME.
Log in