LOAN BY COMPANY.
CLAIM FOR REPAYMENT. UPHELD BY THE COURT. Judgment, for £469 with costs was given by Mr. Justice Herdman in the Supreme Court yesterday in favour of the Associated Investment Underwriters, Limited, in liquidation, against the Dominion Mutual Insurance Association, with whom was joined Hugh Ross Mackenzie, chairman of the association's directors. The Underwriters' Company claimed £SOO, which it alleged it had advanced to the Insurance Association for preliminary expenses of floating the association. His Honor said the claim was founded upon a document signed by H. R. Mackenzie and H. H. McCullough. The last clause in the contract definitely bound the defendant association to refund the full amount advanced. He could not construe the document as meaning that tho plaintiff was to have recourse against members' subscriptions only. Jt was proved that £469 had been advanced and expended by plaintiff in fulfilment of its obligations under the contract. On tho question whether Messrs. Mackenzie and McCullough were severally liable or whether the contract was made with the defendant association, His Honor held that the association was iiabJe.
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Bibliographic details
New Zealand Herald, Volume LXVIII, Issue 21030, 14 November 1931, Page 14
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180LOAN BY COMPANY. New Zealand Herald, Volume LXVIII, Issue 21030, 14 November 1931, Page 14
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