SHARES & NOTICE OF SALE.

Dominion, Volume 6, Issue 1864, 25 September 1913, Page 8

SHARES & NOTICE OF SALE.

AN UNUSUAL POINT. (By Tolcgraph—Pr«sa ARsocdaUon.) Auckland, September 24. Three casos in connection with tho forfeiture of shares in the Tellurides Gold Miiies proprietary, Ltd., wero brought before Mr. F. \. Fra,zer, S.M. Tho company (Mr. Gould) sued tho shareholders (Mr. Brown) for balance payable oil forfeited shares which, in tlio ordinary course of events, had been put up for auction.

Tlio facts admitted by tho parties wero that a call was made 011 July 3, 1912, and became payable on July 19. Tho shares wero declared forfeited 011 August 9 and, on September 5, wero advertised for sale 011 September ]2.The defendants maintained that tho sale of tho shares had not been according to law, and that, therefore, tho company might not sue them for money otherwise payable.

Mr. Brown contended that the advertisement announcing tho sale had apnearcd loss than seven days before tho date arranged for the sale to take place. Tt was admitted by tho parties that tho "New Zealand Herald," of September 5. 1912, 111 which tho advertisement had appeared, had been published nt 5 a.m. on tho day of tho auction, Sentember' 12, 1912. He maintained that immediately after midnight of September 11 tho interval between tho appearance of the advertisement and the date of tho auction was only six days 19 hours. If it had been purely a matter of "seven days before tho sale" the notice would havo been satisfactory, but it was specially provided that tlio notice must be given "seven days beforo tho dale of tho sale."

Mr. Gould contended that tho Court must take the popular method of compiling time, hy which ho meant that tlto time should ho counted right up to tho actual hour of sale.

Considerable argument resulted and, eventually tho case were adjourned for a week to ennblo counsel to bring forjord authorities.