E. R. A.

1869.

Of the Inner Temple and the Midland Circuit, Barrister-at-Law.
Editor of "The English Reports" and "The Irish Reports."

ASSISTED BY

SIDNEY S. ABRAHAMS, LL.B. (Cantab.),

Of the Middle Temple and the Midland Circuit, Barrister-at-Law,
AND OTHER MEMBERS OF THE BAR.

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ENGLISH REPORTS

ANNOTATED

[1869] E. R. A.

FULL COURT OF APPEAL. Nov. 3, 6, 1868.

CLINCH v. THE FINANCIAL CORPORATION (LIMITED). 38 L. J. Ch. 1; L. R. 4 Ch. 117; 19 L. T. 334; 17 W. R. 84: affirming, [1868] E. R. A. 295; 37 L. J. Ch. 281; L. R. 5 Eq. 450; 18 L. T. 197 (V.C.). Distinguished, Stace and Worth's case, [1869] E. R. A.; L. R. 4 Ch. 682; 21 L. T. 182; 17 W. R. 751 (L. JJ.). Followed, Postlethwaite v. Port Philip Colonial Gold Mining Co., [1890] E. R. A.; 59 L. J. Ch. 201; 43 Ch. D. 452; 62 L. T. 60; 38 W. R. 246 (Ch. D.); Southall v. British Mutual Society, [1871] E. R. A.; 40 L. J. Ch. 97; L. R. 11 Eq. 65; 23 L. T. 682; 19 W. Ř. 236 (M.R.): affirmed, [1871] E. R. A.; 40 L. J. Ch. 698; L. R. 6 Ch. 614 (L. JJ.); Cleve v. Financial Corporation, [1874] E. R. A.; 43 L. J. Ch. 54; L. R. 16 Eq. 363; 29 L. T. 89 (V.C.); New Zealand Gold Co. v. Peacock, [1894] E. R. A.; 63 L. J. Q.B. 227; [1894] 1 Q.B. 622; 70 L. T. 110 (C. A.); In re Bank of South Australia, [1895] E. R. A. ; 64 L. J. Ch. 144; [1895] 1 Ch. 578; 72 L. T. 273; 43 W. R. 299 (Ch. D.): affirmed, [1895] E. R. A.; 64 L. J. Ch. 397; [1895] 1 Ch. 587; 72 L. T. 275; 43 W. R. 359 (C. A.); Thomson v. Henderson, [1908] E. R. A.; 77 L. J. Ch. 501; [1908] 1 Ch. 765; 98 L. T. 815 (Ch. D. & C. A.).

Referred to, Bank of Hindustan v. Alison, [1871] E. R. A.; 40 L. J. C.P. 1; L. R. 6 C.P. 54; 23 L. T. 616; 19 W. R. 505 (C.P.): affirmed, [1871] E. R. A.; 40 L. J. C.P. 117; L. R. 6 C.P. 222; 23 L. T. 854; 19 W. R. 507 (Ex. Ch.).

Company-Sale of Business of one Company to another-Ultra Vires-Suit by one Shareholder on behalf of himself and all others-Parties—Delay.

COMPANY. A financial company made an arrangement with a banking company for a combination of the two. By this arrangement it was agreed that the financial company should be wound up voluntarily; that the banking company should advance money to discharge the liabilities, and should receive the proceeds of all the assets of the financial company as realized; that after complete liquidation and payment to the bank by means of the assets (assisted, if necessary, by calls upon the shareholders in the financial company) of a certain sum over and above all advances, the shareholders of the financial company were to be at liberty to exchange every three shares (21. paid) in it for one (51. paid) in the banking company. The arrangement not being sanctioned by the articles of association of the financial company:-Held, affirming the decision of Wood, V.C., that it could not be supported as a sale of assets in consideration of shares within the 161st section of the Companies' Act, 1862.

A suit by one member of a company on behalf of himself and all other share