MUST REFUND £IOO,OOO
DIRECTOR TOOK TOO BIG A SALARY SYDNEY COURT ACTION SYDNEY, Monday. Commercial circles are interested in an equity suit in which judgment was delivered today. The defendant was George Alan Bond, formerly governing director of George A. Bond and Company, Ltd., hosiery manufacturers, in liquidation. The court was asked to declare that defendant had committed a breach of trust by drawing a salary, expenses and commissions to an amount far in excess of what the shareholders had agreed that he should draw. The liquidators contended that Bond’s salary was fixed by resolution at £4,800 a year, whereas he had drawn at a rate of £IO,OOO a year. The court granted a decree and directed that defendant should refund a substantial portion of his salary, travelling expenses and other charges, amounting, it is estimated, to about £IOO,OOO. Defendant also was ordered to pay the costs of the case.
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19290827.2.69
Bibliographic details
Sun (Auckland), Volume III, Issue 752, 27 August 1929, Page 9
Word Count
150MUST REFUND £100,000 Sun (Auckland), Volume III, Issue 752, 27 August 1929, Page 9
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