PURCHASE OF SHARES

New Zealand Times, Volume L, Issue 11497, 18 April 1923, Page 6

PURCHASE OF SHARES

COMPANY SEEKS REFUND. SUPREME COURT ACTION FAILS. -Per Press Association. HAMILTON, April 17. At the Supreme Court the Farmers’ Co-operative Auctioneering Company sued the Waikato Shipping Company, claiming a refund of £4s<kl paid in for shares, and also asked for the rectification of the share register by the removal of their name and the rescission of tho contract to take shares. The defendant company counter-claimed for £SOO, balance of share money allegedly due and interest at 6 per cent. 'The plaintiff company' stated it agreed to take up £SOOO worth of shares in the defendant company if given representation on tho hoard of directors of the shipping company and provided an equal number of shares wore taken up by Raglan and Kawhia settlers. The company was subsequently informed that, the latter shares had been taken up, and so carried out the agreement. Now it was claimed that the conditions were not carried out, and so asked to he relieved of the responsibility. % The shipping company claimed that the conditions'were carried out. His “Honour said the Auctioneering Company’s representative had been an active member oS the shipping company directorate for 18 months, find apparently was satisfied the conditions had been carried out. There was no fraud in tho present case and the countervailing eanities made it impossible now for the plaintiff company to repudiate the shares. Plaintiffs would, therefore, be nonsuited.' with costs, ’and judgment given for the shipping company on the counter-claim.