DISTRICT COURT REEFTON.

Inangahua Times, Issue II, 18 February 1880, Page 2

DISTRICT COURT REEFTON.

Monday, Febbuaby 16m, LBBO. ■' (IJeTdre His Honor Judi>e W«*ston.) In Hip Matter of the Victoria Com FANY. arid of tlie PitiTlon of the IUHk of New Zealand. Mr Moss, on behalf of the B»nk of New Zealand, moved for an order to wind up tlie Victoria Company. His Honor remarked tlnr, as Miit wn« the only east* set down for hearing, it whs a pity, it was not transferred lo*Grev« m"uth, or Westport, in order to si>»re the *'X,'cnse of a sit ing here for that one I'HSP. .Mr M">-S said lie would have been qui'e prepared to follow that curse, had it been sugaes'ed to htm earlier, His Honor caid liis only ol j^ct in men« inning the mafter was to spare tl>#(•min'ry ihe expense of a special visit when there was only one case. Mr .VL-ss said h« wns un>ier (he im» iire«sion* up to wiihin the last few days fch«t sevpral other cases would have bppn ripe for liearinsr, bat unfortunately they wero no*, in readiness. His Honor, referring to the petition, said the question wa» as to whether the application was in order. Mr Mo«s said that as to the point of the power of a bank agent to move without. expre*s authority from the directors, tltere was an authority upon the matter, which bad been pre« viously filed. His Honor said that in the casp quotpr] titere wan a power of ai'omey grnnled to the agen', and the corporation was situated beyond the polony, but in tlic present cas»» the b«nk directors were c"m--a t -able, and the peti'i >ncr in lii« >fiGdarit did not allege thnt he bsid es» prp-s instructions from the bank directors to move. '-aHfe, Mr Mr«s was of opinion <TllltfS : h»pk ajjent could move such a niaUer wuiTon' express authority. His Honor disse ted, Where the bank lireptors were resident within the colo-v it -was imperative that they should »u ( honse (be procpedintf!'. I lie r»as«n was obvious, as in the event of the ■ aliditv of the order b- ing subsiqiienth questioned," it was necessary that the responsibility of the proceed 'ims slioul) be sell led. .The same o' jectnm hid bee raised in fopmer' oisps, tlicu^jh t.) mcft ni-ci'i'l eifvum-itances it had bee-i ovcr!.iok"d, but coutisel Cf.uld not exrect that the si'DH 1 leniency would be shown in pve'y case. The l>;n»k directors were easi'y necessible, and there was no ex cn<e therefnre for departing (ivm the strict rule of practice. Mr M"S3 pointed out tlidt if the applifutiuii were now discharged, it would be 1 open to the sharfhok'ers to traost'er thpir

interests, and »o harass Ibe petitioning creditor. His Honor said that counsel should have yuariled against such a conlinsen -\ l>y coming inlo Court properly pre pared. The law uivti the point Wi\> nlain enougli. and it cnu! i nut be alt ■- aeiher disrea-trded. He would be g'a>> to help the i-nse, l>ut there w;ts th*» proper practice laid down, Had it must be observed. Mr tVfoss said that alre-tdv f"Ny onethird of the shareholders had transferred their interests to the e->mpanv, and the on y wav to reach them was by a winding up order. His Honor— I see that thp hank dehf is more than twelve months old. Why were these steps not taken earlier and before the transfers had been mnde ? Mr Moos S'id the desire of the bank h>d been to give the cirnp'iny the fuilest uppoi'tutiiy of paying the debt The ciriMimstanres of the case would be met by the Court granting an «Hj U'-nmen 1 until nest Court day, and in t lie m<anline Hosing the share-resist, c. \hpr some further argument, Hi" Ffonor consented to grnnt an edjourn merit till next, Court day, and ia the interval a proper petition to be prepared, but counsel would clearly understfirtd 'hat the request was acceded to cs an act of grace, the circumstances of the case being peculiar, and was not to fee used in fu f are as a precedent. Case adjourned acoordinglv. The Com' thpn «<'] nrni-H sine die.