Reports of the Supreme Court of Canada Volume 22

Reports of the Supreme Court of Canada Volume 22

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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. 1894 edition. Excerpt: ...and not objectionable as regards creditors, N. could accept the 75 shares in lieu of the 168 he was entitled to. APPEAL from a decision of the Court of Appeal for Ontario (1) reversing the judgment of the Divisional Court (2) in favour of the defendant. The material facts of the case are as follows: --By an agreement in writing entered into November 1st, I887, the defendant Neelon agreed to advance to the St. Catharines & Niagara Central Railway Company $100,000, taking as security, -among other things, a number of paid up shares in the stock of the company specified in a schedule attached to the agreementAmong the said shares were 168 held by one Blain' who owned in all 188, upon which he had paid $3,750 equal to about 40 per cent of their value. Before the agreement was consummated Blain had got into financial difficulties and was unable to pay the balance of his subscription to the stock and at a meeting of the directors of the company it was proposed that the said sum of $3,750 be appropriated to payment in full of75 of Blaine's shares and that number be transferred to Neelon instead of the 168. This was agreed to by the board, but no formal resolution was passed authorizing it. The secretary sent a transfer to Blain of the 75 shares in favour of Neelon and it was executed by Blain and accepted by the defendant who was aware of what had transpired at the meeting of the board. The transfer was entered in the books of the company' as of 75 fully paid up shares and the remainder of Blain's shares he retained asstock upon which nothing was paid. The plaintiff corporation had.obtained judgment against the railway and issued execution which was returned nulla bona. They then brought an action against Neelon...show more

Product details

  • Paperback | 240 pages
  • 189 x 246 x 13mm | 435g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236885074
  • 9781236885074