OIL BORING RIGHTS

Wairarapa Age, Volume XXXI, Issue 10713, 6 December 1912, Page 7

OIL BORING RIGHTS

A DISPUTED TRANSFER

j An interpretation of transfer in reI spect to oil-boring rights was asked in an originating summons' which • camo before his Honor Mr Justice Sim in the Supreme Court at Wellington on Wednesday. The plaintiff was : Fredrick Ca-ssin, of Hastings, land agent, and the. defendants the Kotuku Oilfields Syndicate, Ltd. | Mr A. W. Blair appeared for plaintiff, and Mr M. Hannan, of CreyI month, with him Mr T. H. G. Lloyd, j of Daimovirko, for the defendants, j It was alleged that Casyin agreed ( to transfer certain oil-boring rights ' to the defendant company, and it was 'an interpretation of this agreement '• of transfer that was sought. Chins-? j 5 of the agreement, provided that if a company were formed to work any of the oil properties plaintiff .shook! be entitled to 5000 .£1 shares in a capital of £IOO.OOO. One of the rights' disposed of by plaintiff under the agreement was acquired from Thorn;' McXiel on the condition that the right should lapse if a company were not formed to work it by 'December , 10th, 1912. Plaintiff contended tha 4 . by the transfer of thus right lie wai assured of 5000 shares as a company ha-d to be formed. The defendant company commencproperty on August 28th, and contended that by concluding .in arrangement with McXiel for the variation of bis agreement it could avoid the formation of a company and work .the rights itself. } After hearing council in argunnMU his Honor reserved his decision.