SUPREME COURT

Dominion, Volume 11, Issue 142, 5 March 1918, Page 8

SUPREME COURT

BUILDING SOCIETY'S AFFAIRS.

In the. Supreme Court yesterday the Registrar, -Mr. Hawkins, read a reserved judgment of iUr. Jtistico Hosking in the matter of an originating summons brought on bv William H. M. Mason, of Johnsonville, storekeeper, against the trustees of the Johnsonville Cooperative Building Society a.ud others. The facts of the case were that Eason )i;id received an advance on a mortgage fiom tho society, and before the term of the mortgage- expired tho society JUed an instrument of dissolution, under which it was being wound up. lins6ii claimed that on paving off the moneys due under the mortgage he was entitled to be credited with the. amount of subscriptions which he had paid as a shareholder. The trustees opposed this contention. ,■• His Honour upheld tho trustees and ruled that the subscription moneys could not. be deducted from the mortgr,gc moneys. The mortgagors were, under the rules of this society, only entitled to bo paid a dividend along with the other non-preferential memLcrs of the society, after full provision kid been made for tho payment of the losses (if any), and expenses of the society. The question of the payment of interim dividends was left over by His Honour for further consideration. Mr. J. M. Dale appeared for Kason and Mr. D. S. Smith for the trustees.