AN IMPORTANT DECISION.
A MINING TRANSACTION
(Per Press Association.)
REEFTON, November 26
An important judgment, affecting sharedealers and sharebrokers, was delivered by Mr R. H. Turton, S.M. A firm of shai'ebrokers, one of whom is secretary to the Big River Company, sold Big River shares without commission to a legal resident, who declined liability. The action was for damages for breach of contract. The sellers' and buyer's not was on the firm's usual form, issued by the secretary of the Company without its express authority. Defendant did not deny the transaction, but counsel relied on section 3GI of the Mining Act, 1905, prohibiting the secretary of a mining company acting as a sharebroker, also the lton-complianco of the buyer of section 3 of the Stamp Act, 1902, in issuing o buyer's note without authority. The magistrate held that no remuneration being given, the secretary could so act. Regarding the issue of tho buyer's note, he,held that the authority was insufficient and non-suited tho plaintiff, who gave notice of appeal.
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Bibliographic details
Wanganui Chronicle, Volume L, Issue 12145, 27 November 1908, Page 5
Word Count
169AN IMPORTANT DECISION. Wanganui Chronicle, Volume L, Issue 12145, 27 November 1908, Page 5
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