DEBENTURE TRANSFER

New Zealand Herald, Volume LXXV, Issue 23075, 28 June 1938, Page 11

DEBENTURE TRANSFER

McARTHUR TRUST CASE HEARING BY APPEAL COURT [BY TELEGRAPH PRESS ASSOCIATION] WELLINGTON, Monday The hearing of a motion fttfr leave to servo a writ upon the McArthur Trust, Limited, Queensland, souight by Edward Charles Pilkington, farmter, of Morrinsville, was continued befor® the Court of Appeal to-day. Mr. Leary, counsel for plaintiff, .contended that his client was entitled to an order permitting him to serve proceedings in Australia, because of lihe terms of rule 48 of the Supremo Coiert rules. He came within the provisions of that rule, because the agreement in question had been entered into in New Zealand, the preliminary meetings and discussions having taken place | here. Moreover, counsel continued, the performance of that contract was required in New Zealand, because it would be necessary to registor the j transfer of the debentures in the books j of the liquidator of the Investment j Executive Trust at Wellington. i Mr. Wiseman, counsel for defendant, 1 contended that beforo tho plaintiff could obtain the order asked for it was necessary to show that he had a good action, which the New Zealand j Courts had jurisdiction to try. That could not be the position in | the case before the Court, plaintiff being on tho share register in his own name. He could not now bring an action for misrepresentation, nor was it open to him to amend his statement of claim to ask for the rectification of the register. , If any action lay at all, said rouns©!. it should have been brought in Queensland. That being the position the Court here should exercise its discretion and refuse the application for an order to serve abroad. , The hearing was adjourned.