The Ontario Reports Volume 18

The Ontario Reports Volume 18

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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. 1890 edition. Excerpt: ...not obtain an advantage. Apart from that, however, in this case regard being bad to the agreement and the position of the parties, this reserve fund was, as a matter of fact, treated as capital. The reserve fund was put aside to replace the corpus, if anything impaired the corpus, --in such case it would become corpus. If it was profit this could not be so. BOYD, C.--I understand it was to prevent capital being impeached. If the building was burnt, for instance, it would be replaced out of this fund. Yes. How then can it be said that it should not be regarded as capital? Then, with this fund in existence, if shares had been put on the market they would have had a higher value. This is illustrated by the very case of Bouch v. Sproule, 12 App. Gas. 385. The ordinary rule seems to be, if the company have dealt with it in a certain way, that must govern the parties. The other side concede this in a way. The concern has been going on for seven years, during all which time the directors have set apart so much as profits and put the rest back. What they might have done hereafter we cannot tell. What they have done has made it part of the corpus. Straker v. it was held that the moneys there in question went to the parties in remainder. Ureclman, for the adult grandchildren, in the same interest as the infants. There are two facts to be called attention to: In the agreement of April 30th, 1889, by which the sale to Mr. Gooderham took place--the offer of the purchaser shews that the whole was treated as capital. The purchase is for seven-eighteenths of the capital stock, --because Mr. Gooderham evidently looked at it as capital of Gooderham 86 Worts. BOYD, C.----The other was an accretion. Yes. Then the mortgage to secure it also indicates more

Product details

  • Paperback | 226 pages
  • 189 x 246 x 12mm | 413g
  • United States
  • English
  • black & white illustrations
  • 1236953185
  • 9781236953186