OIL-BORING RIGHTS

New Zealand Times, Volume XXXVI, Issue 8295, 5 December 1912, Page 1

OIL-BORING RIGHTS

A DISPUTED TRANSFER, An interpretation of transfer in respect to oil-boring rights was asked in an originating summons which - came before his Honor Mr Justice Sim in the Supreme Court yesterday. The plaintiff was Frederick Cassia, of Hastings, land agent, and the defendants the Kotuku Oilfields Syndicate, Ltd. Mr A. W. Blair appeared for plaintiff, and Mr M. Hannan, of Greymouth, with him Air T. H, G. Lloyd, of Dannevirke, for the defendants. It was alleged that Cassin agreed to transfer certain oil-boring rights to the defendant company, and it was an interpretation of this agreement of trans. fer that was sought. Clause sof the agreement provided that if a company were formed to work any of the _ oil properties plaintiff should bo entitled to 5000 £1 shares in a capital of £IOO,OOO. One of the rights disposed of by plaintiff under this agreement was acquired from Thomas McNeil on the condition that the right should lapse if a company were not formed to work it by December 10th, 1912. Plaintiff contended that by the transfer of this right he was assured 50013* shares as a company had to be formed. The defendant company commenced oil-boring operations on McNeil’s property on August 28th, and contended that by concluding an arrangement with McNeil for the variation of his agreement it could avoid the formation of a company and work the rights itself. After hearing counsel in argumenthis Honor reserved his decision.