PURCHASE OF SHARES

Hawke's Bay Herald-Tribune, Issue 74, 14 April 1937, Page 7

PURCHASE OF SHARES

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— — m .*• ■■ Farmer Says Jhey Were Not Delivered CASE IN COURT

(By

INVERCARGILL, Last Night. The affaifs of two cbmpanies w6re Qisbussed iitt thb Magistratfe's tlburt befofe Mr. W. H. Ffeeman, S.M., to-day When a fanner whb had paid £idO to piirdhtse fih'ares itt Wellesidy Elats, Ltd. (Invefeatgill), proceeded against a Christchurch eompany director and ' the company promoting the organisai tion for the return of the inonby adj vaficed, claiming tihat the shares had j not been allotted to him. PlaintifiE was David Smellie, fafemer, of Ryal Bush, and defendants Rby Stanlby Johnston, eompany director, df | Christchurch, and General AssessOrS And Underwriters, Ltd,, Christcihurch. Judgment was givett for plaintiff Against both defendants. The statement of ciaim said that itt April attd May, 1936, plaintilf was I induced to apply for 10D shares itt | Wellbsley Flats, Ltd., a company inj tended to be incorporated on Mtty 15. Plaintiff paid defendant Johnston £100 for shares. It was submitted that nd money had been received on plaitttifl's behaif by Wellesley Elats, Ltd. Plainti# had since cancelled his obligation for Shktes itt the capital bf the compaay attd had demanded repayment of the mbney bnt defendants had negiectea 6r rbfused to retiirn the money.