FLAX COY. BONDS
POSITION OF BOND HOLDERS (Australian Press Association) SYDNEY, April 27. The positions of the holders of Hemplaiid bonds, issued bv Australian, 'and New Zealand Investments Limited in Australia, was determined to-day by a judgment of the Chief Judge in equity, Sir Justice Harvey. There were some six thousands of these bonds on issue, he said, each for £2l 10.
As the company had gone into liquidation, the question arose as to whether the bondholders’ contract with the company, which undertook to acquire for them certain lands in New Zealand, and to cultivate llax therein, could be enforced, or whether the bondholders would have rank in the liquidation as unsecured creditors. Judge Harvey held that the contract was capable of specific performance and that the bondholders were entitled to the transfer of the lands held by the company to their trustees.
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Hokitika Guardian, 28 April 1933, Page 5
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143FLAX COY. BONDS Hokitika Guardian, 28 April 1933, Page 5
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