A SHAREBROKING CASE.
JAIPURTANT DECISION
[Press Association.]
REEFTOX, Nov. 26. An important judgment affecting, share dealers and sharebrokers was,, delivered by Air. R. H. Turton, S.AL. to-day. A firm of sharebrokers, one of whom is secretary for the Big Bit er Company, sold Big River shares without commission to a local resident. who declined liability. \ An action for damages and breach of contract followed The-, seller’s and buyer’s note was on. The firm’s usual form, issued by the secretary of the company, without express authority. Defendant did not deny the transaction. but-counsel relied on section 36 1 of the Alining Act, 1903, prohibiting the secretary of a mining company acting as a sharebroker, also on the non-compliance with section 3 of tlio .Stamp Act, 1902, in issuing a buyer’s note without authority. The Alagistrate held that no remuneration being given, the secretary could s o act. Regarding the issue of the buyer’s note, lie held that the authority was insufficient and non-suited the plaintiffs. Notice of appeal was given.
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Gisborne Times, Volume XXVI, Issue 2359, 27 November 1908, Page 5
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169A SHAREBROKING CASE. Gisborne Times, Volume XXVI, Issue 2359, 27 November 1908, Page 5
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