MOUNT OXIDE MINE.

Colonist, Volume LVII, Issue 14153, 15 April 1916, Page 5

MOUNT OXIDE MINE.

NEGLIGENT DIRECTORS

pßoeeived April 14, 9.5 p.m.)

Sydney, April 14,

Im delivering judgment in the Mount Oxide Mine case, Judge Harvey hold that all the directors were' implicated in the transaction and exhibited gross and culpable negligence rendering them liable tor a breach of their_ duty as directors. He fixed damages against the directors at £20.000 with interest added, and £650 commission paid in connection with the transaction. Ho ruled that there was no case against the defendants J. Earle Hermann ami J. Earle Hermann. Ltd. A case was brought in the Equity .Court, of New Smith Wales by the sKa'/Tiumlors of the' Mount Oxido Mine, Lirri.V'l. niaim'st the, directors of th« co:nn;!iiy, in respect to alleged neglect in the control and management of tho cnn-.|-,;v.iy;s: aft'airs. The case involved certain transactions with J. Earle Rer-v.'.-.uv.x and Co.. and it was alleged that, though complaints were mae'e, tha'directors took no steps +-o tho management or control of the business by Hermann. On these grounds it was askt-d that the-defendants !;e order**! to pay £25.'KJ0, the amount of tho lo'-s suffered ];-y reason of their alleged negligence as -directors.