DIVIDENDS ON SHARES

New Zealand Herald, Volume LXIX, Issue 21326, 29 October 1932, Page 11

DIVIDENDS ON SHARES

ALEXANDER MINES CASE APPEAL COURT'S DECISION [by telegraph—press association] WELLINGTON, Friday The Court of Appeal to-day gave judgment in the case arising from a dispute between different classes of shareholders in Alexander Mines, Limited, a mining company having its registered office in Reefton. The company had issued an originating' summons asking the opinion of the Court as to whether, on the construction of its memorandum and articles of association in declaring and paying dividends, it should do so (a) according to the amount paid up on its shares; or (b) according to share capital of the company, irrespective of the amount paid up on the shares; (c) or in what other way 1 William Hill, of Greymouth, architect, and Duncan Angus McVicar, of Blackball, butcher, were named as defendants, the as representative of the holders of partly-paid shares, and the latter as representative of the holders of fullypaid shares. . Judgment was to the effect that the plaintiff company, in declaring and paying dividends, should do so according to "the amount of subscribed capital held by each member of the company. Mr. Justice Herdman dissented from the judgment of the other members of the Court, stating that in his opinion payment should be made according to the amount paid up on shares. No order was made as to costs, counsel for the company intimating that his client had undertaken to pay costs.