DISTRICT COURT, REEFTON.

Inangahua Times, Volume V, Issue 36, 20 February 1878, Page 2

DISTRICT COURT, REEFTON.

Ti^URSBAY. 14th FisrsauAßY, 1878. (R.oforo Kin Honqr Judgo W'oaton.) Bayfbild v. Da vi us, anb Ouniiija ([•Homeward Bound Company!) ' Mr Pil't, on bohalf of tho applionnt j moved for. a rulo ftbsoli^to oallijifg upon tho defendant 'to (iliow onqsp why tho shriro' rbgi'stb'r '6f tho' aboVo Company Bhould not be roolifjsd by tho jiorriovnl Ihorefrom of-tho'hn'm'o oMSumuftl "G'ilniflr, arid; tlio hubstftutioiV in lieu thereof of that of A. t)- Bayfoild, in respect ' to 250 shores in tho Comp.-my. Tlio rule iiiri waii" granted on iho 14lh January i lust. '' '* '' ' ' ' ' Mr GuinncsM appeared' to shovf cause against tho 'granting ''of tho rule. _,' , Mr Guinniws in proceeding show cause against tho rule sa,id tho first objootion ho liad to uvgo w^s tllftt ns the pompany ivas not incorporated ai the timo of tho alleged flulo to .Bnyfoildtllo mutter, was outside • tlio jurisdiction of Oburt. Before' tho cusn could bo ,tn'lcdn by tho.Coi^rtit Would have to bo shown that it. whfl'-'n' dealing in nharos in 'A O^mpunyduly' in v qbrporated undor the, Act, of 1802, and thoro wns nothing in Iho affidavits to sl\ow tliis. Ho read the' nflulavif, of San\iiei .Gilmer which ran as fdllowa ;— Tl»at l on itlio 14th Ju'y, 1877. doponent puraHnnod 250 flhuros in tlio suid Company for .l&'Dowal for tho sum of \vhich sum wns paid, to M'D.owal and .< transfer ob- ! tdined in writing ; <hnt on Or alirti;t/ tlio !»6th July tho' trarisfor whs 'delivered to tile manaftc'r of tho Company for registration." Tlio offi lavit of M'Downl sot forth ; " that on the 16th July I r sold 250, shares'- in 'tho Ifoin,ownrd Hound Oompnny .to.3amu.ol Gilmer and signorl a transfer for thotftvmo; that tho sum of ,ClO wns received ; that at Iho time of such sale I was the holdor of 1000, shares in llio Company ; that I; -subsequently sold 250 shares to Qeorgo Wise, 25,0 through A. Bayfgild, and 2(50, to P. Q. Caplos." Tho nflidavil. of Louis Dny^srnn': "On tlin lfith' July M'Dowall l\old '100,0 shares in the 'Ilomoward Bound Company, and on that da'to he sold'and tr'anflforrod 25.) shares lo ■Samuel Gilm,or, and 2i>o to' John.Carew, and 250 to Goorgo' WiW. O,n the 27th August tho bailiff of the Hesiijlont Magistrate gfivo notice that ho soinod 25,0 sorip, Tho 'shires wero subHoquently noiqod, and sold .by auction roturning ' sullleiont to satisfy tho warrant in the hands of the, boiliff., That at the time of such woiauro Iho transfer to Bayfoild was 1 not lodged for registration." Upon theso facto IVJr . Guinn'^s argiiod nt considoriiblo 16'n'glh, contending that a,t tho timo d? the trfiiisfor '• \o Bayfoild the Company not being inoorjporntdd' thoro v/as no 'shai;o rcgistpr'iii oxitjlo'nob. Mr Pitt, in reply, said tho question foii tho Court' to doiermino wpa in roalitv which of tho transfers enumerated should tnko precedenco In tho books of the Compnny. Tho ,'purojiaso of tho sharoa, by Bayfetld from M'Dowall took place bpforo tho Company wa'f( incorporated, and the transfer, therefore, to bo valid,' noodod to bo ref-istorod fivst in tho Warden's Court. This 1 Mr Bayfoild had done, and the others 'had' neglcotod to Wo, arid ho (Mr, Pitt) "thoroforo contended that Bnyfoild'n transfoe mual; t'ako 'precedence of all thoo'thors, His Honor hnvirig hoard tho argumcjila of counsel roservod judgment. Tho Court then adjourned sino dio.