Cases Argued and Determined in the Supreme Court of Nova Scotia Volume 16

Cases Argued and Determined in the Supreme Court of Nova Scotia Volume 16

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1885 edition. Excerpt: ... are to be read solely in relation to the subject of forfeiture in this way? If the assignee desires to create a forfeiture of the shares of any shareholder he shall be limited in giving notice for the first call in such case, and failing to do so, no forfeiture can take place thereafter. There may, however, be strong reasons why this view cannot be adopted. One thing is clear, --the calls in this case having been made (even if well made) within six months are therefore invalid. If it was absolutely necessary to make the first within ten days after the expiration of six months, the first in no case having been made within that period, all the others are invalid and never can be recovered. One contention for defendant was that there is no proof of the making of the calls. It is quite clear that the making of a call and the giving notice thereof are two separate and distinct things. The Act provides that to maintain the action, among other things it shall be suflicient to produce the by-law or resolution of the directors making and prescribing such calls and to prove the notice thereof given in conformity with such by-law or resolution. This is the procedure provided by the Dominion Act. And it is also provided that the assignee shall for the purpose of winding up the business have all the powers' of the directors. And section 63 provides that any director refusing to make or enforce or to concur in making or enforcing any call under the 58th section, (which is the section upon which this action is or should be founded, ) shall be guilty of a misdemeanor and shall be personally responsible for any damages suffered by such default. It was contended at the argument on the part of plaintiff that it would be absurd to require the cashier...show more

Product details

  • Paperback | 220 pages
  • 189 x 246 x 12mm | 399g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236820193
  • 9781236820198