Reports of Cases Argued & Determined in the Supreme Court of Queensland, with Tables of Cases Ad Index (Volume 4) (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1902. Excerpt: ... or subsequent, so long as the company ultimately gets the benefit of the In re Mount transaction, and adopts it as an equivalent for the shares. If I find MraraGC?PLri that in these transactions between this company, or the promoters of Power's Case. the company, and ultimately the company and Dr. Power, why then Lilley, J. he must be taken to have given an equivalent, at all events, for the shares. I use the word " equivalent," not in the sense of matter which was absolutely of equal value, though it might be, for although the land was nominally 120 acres, it might contain a very large possession in copper; and at all events, if they took the land, or his interest in the land, as an equivalent, or a part equivalent for his 2000 shares, or the portion of the 2000 shares they seek now to make him liable for, they assessed the value themselves, and I think it would not be for the judge, or the Court, to question a value which the parties had determined between themselves. Now the facts which I find, upon careful consideration of the affidavits and the articles, and every document put before me, seem to be these--are these in fact: --Power had an interest in the land. Then I think it is beyond dispute, and there is nothing in the affidavit of the official liquidator to displace the testimony on the point, that there was a partnership formed between these gentlemen some short time--a very short time--previous to the formation of the Mount Clara Company; that they had the land divided into fortieths, and it was agreed that the land should be placed in trust for that partnership in the names of Southerden and Horsburgh. That being so, I think all the difficulty about The Statute of Frauds is pretty well got rid of; at all events, I cannot, I think, be called upo...