{\rtf1\adeflang1025\ansi\ansicpg1252\uc1\adeff0\deff0\stshfdbch0\stshfloch37\stshfhich37\stshfbi37\deflang1033\deflangfe1033\themelang2057\themelangfe0\themelangcs0{\fonttbl{\f0\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f34\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria Math;}
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{\fdbmajor\f31501\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fhimajor\f31502\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria;}
{\fbimajor\f31503\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\flominor\f31504\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fdbminor\f31505\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fhiminor\f31506\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}
{\fbiminor\f31507\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f39\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\f40\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\f42\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\f43\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\f44\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\f45\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\f46\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\f47\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\f379\fbidi \froman\fcharset238\fprq2 Cambria Math CE;}{\f380\fbidi \froman\fcharset204\fprq2 Cambria Math Cyr;}
{\f382\fbidi \froman\fcharset161\fprq2 Cambria Math Greek;}{\f383\fbidi \froman\fcharset162\fprq2 Cambria Math Tur;}{\f386\fbidi \froman\fcharset186\fprq2 Cambria Math Baltic;}{\f387\fbidi \froman\fcharset163\fprq2 Cambria Math (Vietnamese);}
{\f409\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}{\f410\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}{\f412\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\f413\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}
{\f416\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}{\f417\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\f419\fbidi \fswiss\fcharset238\fprq2 Tahoma CE;}{\f420\fbidi \fswiss\fcharset204\fprq2 Tahoma Cyr;}
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{\flomajor\f31509\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\flomajor\f31511\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flomajor\f31512\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\flomajor\f31513\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flomajor\f31514\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flomajor\f31515\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\flomajor\f31516\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fdbmajor\f31518\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbmajor\f31519\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\fdbmajor\f31521\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
{\fhimajor\f31528\fbidi \froman\fcharset238\fprq2 Cambria CE;}{\fhimajor\f31529\fbidi \froman\fcharset204\fprq2 Cambria Cyr;}{\fhimajor\f31531\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\fhimajor\f31532\fbidi \froman\fcharset162\fprq2 Cambria Tur;}
{\fhimajor\f31535\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}{\fhimajor\f31536\fbidi \froman\fcharset163\fprq2 Cambria (Vietnamese);}{\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fbimajor\f31539\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbimajor\f31541\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbimajor\f31542\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fbimajor\f31543\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\flominor\f31548\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\flominor\f31549\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}
{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbminor\f31563\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbminor\f31564\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\fdbminor\f31565\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fhiminor\f31568\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}
{\fhiminor\f31569\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}{\fhiminor\f31571\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\fhiminor\f31572\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}
{\fhiminor\f31575\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}{\fhiminor\f31576\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\fbiminor\f31578\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fbiminor\f31579\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbiminor\f31581\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbiminor\f31582\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fbiminor\f31583\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbiminor\f31584\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
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\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1910656 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\scaps\f0\fs24\insrsid8090955\charrsid8090955 SUPREME COURT OF FIJI}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\scaps\f0\fs24\insrsid1910656 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\scaps\f0\fs24\insrsid8090955 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8090955 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 Civil Jurisdiction}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8090955\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1910656\charrsid8090955 KEITH ALFRED EDW}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid2970162\charrsid8090955 ARD MARLOW & ANOTHER}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1910656 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8090955\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1910656 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8090955\charrsid8090955 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1910656 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1910656\charrsid8090955 THE COMMISSIONER OF EST}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\insrsid2970162\charrsid8090955 ATE AND GIFT DUTIES, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8090955 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid2970162\charrsid8090955 SUVA & OTHERS}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1910656 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8090955\charrsid8090955 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7218097 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Kerm}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 od}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 e J.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8090955 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 27 March 1984]
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 Issue }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1910656\charrsid8090955 of preference}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid2970162\charrsid8090955  shares}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1910656\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid1910656\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 right to share in surplus }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid14289051\charrsid8090955 assets of}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955  winding up}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1910656\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1910656\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 referrable to Memorandum and Articles, terms of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid1910656\charrsid8090955 Resolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 s passed or other evidence as to terms of issue}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid1910656\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1910656\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid2970162\charrsid8090955 voting rights}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1910656\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid1910656\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 donor primarily liable for gift duty. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1910656\charrsid8090955 B}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 . N. Sweetman}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 for Plaintiff 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 M.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid3488512\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7218097\charrsid8090955 J}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 . Scott}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 for 1}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 st Defendant 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid3488512\charrsid8090955 F. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 G. Keil}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 for 2nd Defendant 
\par 
\par Plaintiff sought a determination of four questions related to preference sh}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 are}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
s issued by Marlows Limited (formerly Fiji Builders Ltd.) (the Company). 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par On }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 18 October 1943 the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
late}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 A.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3488512\charrsid8090955  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 H. Marlow entered into a deed of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
separation with his }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 then}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  wife Geraldine Alice Mar}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid3488512\charrsid8090955 low and created then the Marlow }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Trust. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The Marlow Trust settled on the wife for her life (inter alia) 3,000 $2 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 preference}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 shares}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 in the Company, dividends to be payable to her during her life. The shares had }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 been}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 issued}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  to the husband in 1938 pursuant to a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 Resolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  passed at a General Meeting of the company in the following terms: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8540266 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 "Preference Shares}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 : Proposed by Mr A. H. Marlow and Seconded by F. W. Bond. That 3000 Shares of the Capital of the Company be made Pre}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 fer}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ence Shares, with the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 right to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 a fixed Cumulative Preferential Dividend of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7218097\charrsid8090955  7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 % per annum on }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
e Capital for the time being paid up thereon, and the right in a winding up to payment off the Capital and arrears of dividend, whether de}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 clared or undeclared}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  up to the commencement of the winding up in priority to the Ordinary Sh}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 ares}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  of the Company." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 On 16 May 1970 the Company at the husband}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4528005\charrsid8090955 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 s request and on payment by him }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 $10}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15869971\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 000 issued a further 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15869971\charrsid8090955 ,}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 000 $2 preference shares pursuant to a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 Resolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  passed simi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 larly recorded in minutes as foll}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ows . 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8540266 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid2970162\charrsid8090955 Preference Shares}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  It was resolved that 5,000 7% Preference Shares be issued to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 Marlow}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Trust at}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 par." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The husband did not make any Gift Duty Statements or pay any duty in respect of the 197}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 0}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  gift}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 an omission remedied by a statement filed and dated 5 March 1981. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The 4 questions submitted to the court were as follows: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8540266 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
"(1) Whether on the true construction of the Memorandum and Articles of As}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 soc}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
iation of Marlows Limited the 8,000 preference shares }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of that}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 company held in the Marlow Trust should be valued as at the 25th day of January, 1980 on the basis that any surplus assets }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  C}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15869971\charrsid8090955 ompany ought to be distributed }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
on the footing that the preference sharehold}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 e}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
rs were entitled to participate with the ordinary shareholders in such distribution rateably or in some other and what proportion, or upon the footing that the preference shareholders had no right to participate in such distribution?" 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8540266 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8540266\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8540266 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
"(2) Which party or person is primarily liable for payment }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of gift}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 duty (if any) on the gift made by Alfred Henry }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 Marlow deceased}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  to the }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 Marlow Trust}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 on the 16th day of May 1970 comprising a $10,000.00 credit with Marlows Limited applied at the request of the said Alfred Henry Marlow in the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 issue to}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  the Marlow Trust of $5,000 preference shares of $2.00 each in Marlow Limited?" 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8540266 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8540266 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "(3) Whether the pre}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 erence shares carry voting rights?" }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8540266 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8540266 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "(4) Whether the 2nd is}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid15869971\charrsid8090955 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ue}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15869971\charrsid8090955  of preference shares}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  are subject to the same conditions as the first issue?" 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The questions may now be considered in order. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4528005\charrsid8090955 The}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 main issue was that raised by the first question namely how the 8,000 preference shares should be valued. That involved}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955  de}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 ciding whether the holders of those shares would have been entitled on winding up of the company to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 participate}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  in surplus asset}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 s.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 " 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The question was a purely }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15869971\charrsid8090955 hypothetical}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 , }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 here being then no in}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ention of winding up the company. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The share certificates relating to the separate issues were in identical terms purporting to express the terms on which issued viz. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8540266 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 The preference shares carry a final Cumulative Preferential Dividend at the rate of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15869971\charrsid8090955  7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  per centum per annum and rank as to dividend and capital in parity to the Ordinary Shares but convey no further right to participate in profits or assets." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The Memorandum and the Articles }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  Company did not spell out the rights of different classes of shares but provided reference to terms of any shares issued. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 (See }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 para. 3(p) of the Memorandum). 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Paragraph 6 of the Memorandum also had application viz: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8540266 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "The capital may from time to ti
me be increased and the present capital or any part }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 thereof and}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  the whole or any part }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of such }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 increased capital may from time to time be issued a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  ordinary }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 or deferred}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  shares }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 or at}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  a discount }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 or at}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  a premium }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 or w}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ith any preference guarantee privilege or other advantage a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid918251\charrsid8090955 n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 d upon }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 such}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 terms and conditions as the directors think fit and all or any part }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 share capital for the time being of the Company may be issued as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 fully}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  or partly paid up." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 It was common ground that the two issues }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 of shares}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  were lawfully made in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 exercise}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 of the powers provided in the Memorandum. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par Neither of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955  the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid918251\charrsid8090955 r}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
authorising the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 share issues}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  made mention }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 of rights}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 as to participation in or a sharing of surplus assets, in the sense used in the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 judgment}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 . 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Article 147 made clear that special rights could be conferred by special }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid918251\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s passed by the company. It wa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 s}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  argued on behalf of the plaintiff that the 8,000 preference shares were by article 146 given the right to share in a surplus on winding up. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 Held}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 : To determine what rights a preference shareholder ha}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10778315\charrsid8090955 s,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  recourse must be had to the Memorandum and/or Articles }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Company or the terms }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6496849\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 esolutions}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  passed by the compan}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 y }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 in general and special meeting. The share certificates may also be referred to if there is not otherwise evidence a}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 to the terms on which the shares to which such certificate relates were held. The rights of preference shareholders were dependent upon the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 Resolution}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s creating such shares or by the Articles (amended by any relevant }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 Resolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 .) 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Since }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 neither the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 Memorandum }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 nor Articles}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 Company had}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 any provision}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 entitling the preference shareholders to share any surplus assets (other than Article }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6496849\charrsid8090955 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 46) }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 the Scottish}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Corporation case (supra) indicated the preference shareholders had only such 
rights as were conferred }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 by the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6496849\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 company at}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  the time of issue. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 All counsel agreed as to the answers to the 2nd and 3rd questions. The terms of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6496849\charrsid8090955 i}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ssue }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  second parcel }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 of shares}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  determined the rights conferred thereon }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10778315\charrsid8090955 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  the Company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6496849\charrsid8090955 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 eing these contained in the relevant reso}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 l}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 utions viz a fixed divide}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16133960\charrsid8090955 n}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 d of 7% and the issue of the shares at par. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The answer to the questions posed therefore are as follows: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7948877 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 . None of the preference shareholders have a right to distribution in surplus assets as earlier defined on winding up. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 2. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The Donor was primarily liable. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 3. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The preference shares do not carry voting rights. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 4. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The second issue }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
of preference}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  shares was not subject to the same conditions as the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 fi}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 rst. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
\par Cases referred to: }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang9\langfe2057\langnp9\insrsid6496849\charrsid8090955 Scottish Insurance Corporation Ltd v Wilsons and Clyde Coal Co Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6496849\charrsid8090955 [1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 949}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6496849\charrsid8090955 ]}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  1 All ER 1068. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 White v Bristol Aeroplane Co L}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid10778315\charrsid8090955 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid2970162\charrsid8090955 d}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang9\langfe2057\langnp9\insrsid6496849\charrsid8090955 [1953] 1 All ER}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  40. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 Re}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid8676619\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7948877\charrsid8090955 John Dry}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955  Steam Tugs L}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid10778315\charrsid8090955 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 d}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  (1932) 1 Ch 594}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4261672\charrsid8090955 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang9\langfe2057\langnp9\insrsid4261672\charrsid8090955 Re Isle of Tha}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang9\langfe2057\langnp9\insrsid7948877\charrsid8090955 mer}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\lang9\langfe2057\langnp9\insrsid4261672\charrsid8090955  Electricity Supply Co Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid4261672\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid4261672\charrsid8090955 [}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 1950}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4261672\charrsid8090955 ]}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16133960\charrsid8090955  1 Ch}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  161}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4261672\charrsid8090955 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 In re Espuel}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid10778315\charrsid8090955 a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 
 Land and Ca}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid10778315\charrsid8090955 tt}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 le Company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2975801\charrsid8090955  (1909) 2 Ch}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  187}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4261672\charrsid8090955 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 Di}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid10778315\charrsid8090955 mb}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 
ula Valley (Ceylon) Tea Co L}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid10778315\charrsid8090955 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 d v }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid10778315\charrsid8090955 Laurie}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8007021\charrsid8090955  [}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 196}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8007021\charrsid8090955 ]}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  All ER 769}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid4261672\charrsid8090955 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \scaps\f0\fs24\insrsid2970162\charrsid8090955 K}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \scaps\f0\fs24\insrsid14289051\charrsid8090955 ermode}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2975801\charrsid8090955 ,}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 J. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid10778315 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid2970162\charrsid8090955 Judgment
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The plaintiff}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
seeks the determination }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Court}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10778315\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 four}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 questions}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10778315\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 which will be }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 referred}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  to later. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Mr E. H. Marlow, one }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  second defendants}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  in his affidavit filed in }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4261672\charrsid8090955 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 upport of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 the plaintiff}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7948877\charrsid8090955 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s summons has set }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
out the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  facts which gave rise to a difference of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955  opinion}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  between the plaintiffs and the first defendant and the second defendants resulting in this application. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 By}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 a Deed of}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Settlement (hereinafter called "the Marlow Trus}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10778315\charrsid8090955 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4261672\charrsid8090955 ")}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  dated the 18th day of October}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 1943 entered into by the late Geraldine Alice Marlow (hereinafter called "the first deceased") and the late Alfred Henry Marlow (hereinafter called "the second deceased") the parties entered into a Deed }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10778315\charrsid8090955 of Separation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  and the second deceased created the Marlow Trust. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 Marlow Trust}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 settled on the first deceased for her life (inter alia) 3,000 $2.00 preference shares in Marlows Limited (then Fiji Builders Limited), (hereinafter called "the Company"), the dividends to be payable to her during her life. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The said 3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4261672\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
000 preference shares had been issued to the second deceased in 1938, pursuant to a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4261672\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  passed at a general meeting }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  Company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  in the following terms: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7948877 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid2970162\charrsid8090955 Preference Shares}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Proposed by Mr A. H. Marlow and Seconded by F. W. Bond. That 
3000 Shares of the Capital of the Company be made Preference Shares}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 , with}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 the right to a fixed Cumulative Preferential Dividend of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15280419\charrsid8090955 7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
% per annum on the Capital for the time being paid up thereon}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 and the right in a winding up to payment off}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 (sic) the Capita
l and arrears of dividend, whether declared or undeclared up to the commencement of the winding up in priority to the Ordinary Shares of the Company." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid7948877 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 On the 16th May}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10778315\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  1970 the Company at the request of the second deceased and on payment }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10778315\charrsid8090955 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  him of $10}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 000 issued a further 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 000 $2.00 preference shares pursuant 
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 r}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  passed at a general meeting. The minutes of that meeting record as follows: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7948877 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 Preferences Shares}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  It was resolved that 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
000 7% Preference Shares be issued to Marlow Trust at par." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The share certi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 ficate}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 for these 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 000 shares was made out in the names of Keith Alfred Edward Marl}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 ow,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Ralph Sidney Marlow and E}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 ric}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Henry Marlow}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955  because}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 second deceased at }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 the time believed that Ian Eric MacKinnon had retired from the Trust and ha}
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 d}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 been replaced by Messrs. Ralph Sidney and Eric Henry Marlow. There was not however any formal resignation or appointment of any new }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 rustees. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The said Ralph Sidney Marlow }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15280419\charrsid8090955 died in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 1963 and by Declaration }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 of Trust}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  dated 20th February }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 981 Messrs. K A. E. and E. H. Marlow declared that they held the said 5}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 000 additional preference shares upon the same trusts as the origi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10778315\charrsid8090955 n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 l 3,000 preference shares are h}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 eld by the trustees thereof. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The second deceased did not make any Gift Duty Statement or pay any duty in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 re}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 spect }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  1970 gift }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  $10}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 000 or the 5,000 preference shares. Thi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 s }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
omission was remedied by a gift duty statement filed by Mr K}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  A. E. Marlow da}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 ted the 5th day of March, 1981.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The procedure followed in this case has been }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 of considerable}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  assistance to the Court. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 All counsel}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 submitted written submissions and at the hearing covered briefly points raised by other counsel or added to their written arguments. The result has been that the Court has had the benefit of three well considered, well writte
n submissions supported by authorities. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 I turn now to consider the four questions. Th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 e}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  first question is as follows: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7948877 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
"(1) Whether on the true construction of the Memorandum and Articles of Association of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15280419\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
Marlows Limited the 8,000 preference shares of 
that Company held in the Marlow Trust should be valued as at the 25th day of January, 1980 on the basis that any surplus assets of the Company ought to be distributed on the footing that the preference shareholders were entitled to participate with the or
dinary shareholders in such distribution rateably or in some other and what proportion, or upon the footing that the preference shareholders had no right to participate in such distribution?" 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
\par The main issue to be considered is that raised by this first question, namely how the 8,000 preference shares should be valued. That involves deciding whether the holders of those shares would be entitled on a winding up }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Company to participate}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 in surplus assets. 
\par 
\par The question posed is a purely h}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 y}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
pothetical one because there is no present intention of winding up the company. 
\par 
\par The certificates pertaining to the two separate issues of the preference shares were more specific and went further than the terms of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s which authorised the issue of them. 
\par 
\par Both certificates purport to express the terms on which the shares were issued in identical terms as follows: 
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7948877 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
"The preference shares carry a final cumulative Preferential Dividend at the rate of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
7 per centum per annum and rank as to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15280419\charrsid8090955 dividend and capital in parity to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
the Ordinary Shares but convey no further right to participate in profits or assets." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
\par To determine what rights a preference shareholder has recourse must be had to the memorandum and/or articles of the Company or to the terms of resolutions passed by the Company in general and special meeting. In my view the share certificates may also }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
e referred to if there is not otherwise evidence as to the terms on which the shares to which such certificate relates are held. Under section 85 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Companies Act 1983 the certificate is prima facie evidence }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  title }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  member to the shares. 
\par 
\par The memorandum and articles of association of the company do not spell out the rights of different classes of shares but very full powers are provided therein with regard to the shares that can be issued and the terms on which they may be issued by the co
mpany. 
\par 
\par Paragraph 3(p) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 memorandum is very full and, since there is reference in it to the rights of a shareholder on distribution }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  assets the paragraph is stated in full. It provides as follows: 
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7948877 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "From time to time to make the shares of the c
apital of the company original increased }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13074341\charrsid8090955 or }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
reduced or any part thereof ordinary or preferred or guaranteed or deferred shares and to convert the same into shares of different nominal amount and in any case either of one class and with like privilege or of
 several classes and with different privileges and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 same or different amounts and respectively with any fixed fluctuating contingent preferential perpetual terminable deferred or other dividend or interest and subject to the payment of calls of such 
amounts and at such times as the company from time to time thinks fit and with such rights in the distribution of the assets of the company and with a special or without any right of voting and subject to such other conditions and restrictions as may }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  th
e company in general meeting be from time to time determined and to issue all or any of such shares at par or at a discount or at a premium or as paid up or partly paid up."
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
\par Paragraph 6 of the memorandum also has application and is as follows: 
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7948877 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "The capital may from time to time }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6575246\charrsid8090955 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
e increased and the present capitl or any part thereof and the whole or any part of such increased capital may from time to time }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6575246\charrsid8090955 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 e issued as ordinary or deferred shares or at a discount or at a premium or with any preference gua
rantee privilege or other advantage and upon such terms and conditions as the directors think fit and all of any part of the share capital for the time being of the company may }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6575246\charrsid8090955 b
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 e issued as fully or partly paid up."
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
\par It is not in dispute that the two issue
s of preference shares were lawfully made in exercise of the very wide powers provided in the memorandum, Articles 10 and 11 also provide for issue of various classes of shares without specifying or limiting the terms on which shares can }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6575246\charrsid8090955 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 e re-issued.
\par  
\par Neither of the two }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5918751\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 s authorising the issues }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 two parcels of preference shares makes any mention of any rights as regards participation in a sharing of surplus asset}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6575246\charrsid8090955 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 , that is to say}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6575246\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 the assets of the company remaining after payment of the de
bt and liabilities of the company, after payment of any arrears of preference dividends up to the date of the beginning of the winding up, after returning to the members the amounts paid up or credited as paid up on all the shares of the company and after
 providing for payment of costs. 
\par 
\par Paragraph 3(}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 p}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
), which must be read with the articles, envisages that the Company may in general meeting, as regards shares, issue such shares with such rights as the Company may from time to time determine. 
\par 
\par If the Articles in dealing with the assets }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 Company on a winding up do not indicate that preference shares are to have rights as regards surplus assets, then }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 prima facie}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  it would appear that such rights must be conferred pursuant to a resolution of the Company which specifies the terms on which such shares are issued. 
\par 
\par Article 147 also makes it clear that special rights are conferred by special }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6575246\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s passed by the Company. The Article is in the following terms: 
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7948877 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "Subject to the provisions if any in that behalf of}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955  the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  memorandum of association }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 company and without prejudice to any special rights previously conferred on the holders of existing shares in the company any share in the company may be issued with such preferred deferred or other
 special rights or such restrictions whether in regard to dividend voting return of share capital or otherwise as the company may from time to time by special }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6575246\charrsid8090955 r}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  determine." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
\par I ignore the purported terms written on the share certificates where such terms depart from the terms expressed in the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6575246\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s because there is no evidence that the original terms were subsequently varied by any }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6633570\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  of the Company. 
\par 
\par In any event I would agree with Mr Scott that the end result would be the same on the authority of the cases he has quoted. 
\par 
\par Mr Sweetman in his submission has referred to paragraph 6 of the memorandum which I have earlier quoted and to Article 146 which is in the following terms: 
\par 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6633570 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
"If the company shall be wound up the whole amount of the uncalled Capital shall be called up and subsequent distribution shall be made on all shares alike after provision for shares issued on special conditions." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
\par As regards Article 146 Mr Sweetman a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6575246\charrsid8090955 rgues}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  that on the authority of }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 In re. John Dry Steam Tugs Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 . [1932] 1 Ch. 594 and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid2970162\charrsid8090955 In re The Isle of Thanet Electricity Supply Co. Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
. [1950] 1 Ch. 161 the 8,000 issued preference shares were by that article given the right to share in a surplus on a winding up of the Company. 
\par 
\par Article 146 does not refer to "surplus assets" but to the situation where shares are not fully paid up or credited as such. To form an equitable basis for sharing the assets of a company on a winding up it 
is essential that all shares, whether preference or otherwise are fully paid. 
\par 
\par Article 146 does provide that uncalled capital, after provision is made for shares issued on special conditions is distributed to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 all}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  shareholders. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 All}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  shareholders would inclu
de preference shareholders. The article would, however, only cover a possible surplus }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 called up capital and to this extent a preference shareholder would share in any such surplus. 
\par 
\par Article 146 also makes no mention of the debts or liabilities of the Company which have to be paid before there can be distribution on the shares. 
\par 
\par Article 147 which I earlier quoted indicate
s that it was believed at the time that preference shareholders had a right on a winding up to share with ordinary shareholders in any surplus assets. The article includes in the restrictions which the Company can impose "return of share capital or otherw
ise" which would seem to indicate that exclusion from participation in a sharing of surplus assets would have to be specifically stated. 
\par 
\par The Company memorandum and articles of association are dated the 24th March, 1938. That date provides a clue as to why
 special mention is made about a possible surplus when uncalled capital is called up when there is no specific provision regarding the overall surplus of assets on a winding up. 
\par 
\par In 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 9}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 38 it was believed in most legal circles that preference shareholders o
n a winding up shared any surplus assets with ordinary shareholders. This could account for no specific provision being made regarding the overall surplus assets in the Company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4528005\charrsid8090955 '}
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s memorandum and articles. In the instant case it appears that it was thought n
ecessary at the time to deal specifically with uncalled capital which is called up on a winding up resulting in Article 146}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 which indicates that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 any surplus}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 of such capital is to be distributed on }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 all}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  shares. That is consistent with what was }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 be}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 lieved at the time to be the legal situation. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 In }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 re John }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13071498\charrsid8090955 Dr}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 y Steam Tugs Limited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  [1932] }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10424420\charrsid8090955 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 Ch. 594 it was held "that there being nothing in the articles to modify or exclude the normal right of the preference shareholders to share in the distribution }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  surplus assets}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 they were entitled to rank }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 pa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13071498\charrsid8090955 ri}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid2970162\charrsid8090955  passu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  with the ordinary shareholders in such distribution". 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 In that Company, unlike the Company in this case}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  the articles of association spelled out the rights of the preference shareholders but made no specific mention of surplus assets. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Eve J. in that case followed (inter alia) In }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 re}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 Espuela Land and Cattle Company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 [1909] 2 Ch. 187 where both the memorandum and articles had similar provisions regarding preference shares but were silent as to surplus assets on winding up. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Until 1949 there was some conflict of legal opinion on the issue as to whether preference shar
eholders had a right to share in surplus assets. That conflict was laid to rest by the House }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9851079\charrsid8090955  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 Lords}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 
Scottish Insurance Corporation Ltd. &}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13071498\charrsid8090955  O}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 rs. v. Wilsons & }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid13071498\charrsid8090955 Cly}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 de Coal Co. Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
. [1949] 1 All E. R. 1068. In that case two articles }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Company governed 
the rights of the ordinary and preference shareholders but there was no mention of surplus assets. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Lord Simonds said at p.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9851079\charrsid8090955  1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 077: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6633570 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
"Reading these articles as a whole with such familiarity with the topic as the years have brought}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid85256\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 I would not hesitate to say, first that the last thing a preference shareholder would expect to get (I do not speak here }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 of legal}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  rights) would he a share of surplus assets ..." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 At p.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9851079\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 l07}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid85256\charrsid8090955 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Lord Simonds also said: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }\pard \ltrpar\ql \li284\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin284\itap0\pararsid16195441 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13071498\charrsid8090955 It }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 is}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 clear}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 from the authorities, an}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 d}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  would }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 e clear without them}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  that}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  subject to any relevant pr}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 o}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 visions }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 general law, the rights }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 inter se}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13071498\charrsid8090955 of preference}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  and ordinary shareholders must depend on the terms }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  instrument}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 which }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 contain}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
s the bargain that they have made with the company and each other. Th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 is}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 means that there is a question of construction to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 be}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  determined and, }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 undesirable}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  though it may be that fine distinctions sho}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13071498\charrsid8090955 uld}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 e drawn in commercial documents such as articles of association of a company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  your Lordships cannot decide that the articles here under review have a particular meaning, because to somewhat similar articles in such cases as}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13071498\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 Re Wi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13071498\charrsid8090955 l}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid2970162\charrsid8090955 liam Metcalfe}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13071498\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 & Sons, Ltd}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 . }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\super\insrsid2970162\charrsid8090955 (3)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 that meaning has been judicially attributed." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }\pard \ltrpar\ql \li284\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin284\itap0\pararsid16195441 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 (3) [1933] Ch. 142. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Lord Simonds gave very cogent reasons }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 why}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  the rights of preference shareholders were dependent on the express terms }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 ir shares. He also said at p.1078 as follows: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11871897 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "If there are }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid4528005\charrsid8090955 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 surplus assets}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4528005\charrsid8090955 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 , it is because the ordinary stockholders have contrived that it should be so, and, though this is not decisive, in determining what the parties meant by their bargain it is of some weight that it s}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 h}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ould be in the power }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 of one}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  class so to act that there will or will not be surplus assets. There is another somewhat general consideration which also, I think, deserves attention. }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 If the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 contrary view of articles 159 and 160 is the right one and the preference stockholders are entitled to a share in surplus assets, the question wi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid85256\charrsid8090955 ll}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  still arise what those surplus assets are. For the profits, though undrawn}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  belong, subject to the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 payment of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955  the}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  preference dividend, to the ordinary stockholders, and}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid85256\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  in so far as surplus assets are attributable to undrawn profits, the preference stockholders have no right to them. This appears to follow from the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13071498\charrsid8090955 decision}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  of the Court of Appeal in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 
Re Bridgewater Navigation Co}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\super\insrsid2970162\charrsid8090955 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\super\insrsid2970162\charrsid8090955 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\super\insrsid13071498\charrsid8090955 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\super\insrsid2970162\charrsid8090955 )}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 , in which the }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 judgment of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955  the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  House }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 of Lords}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 Birch v. Cropper}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\super\insrsid2970162\charrsid8090955 (2)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 is worked out. This again is not decisive}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 but I am unwilling to suppose that the parties intended a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 argain which would involve an 
investigation of an artificial and ela}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 orate character into the nature and origin of su}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 plus assets." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }\pard \ltrpar\ql \li284\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin284\itap0\pararsid16195441 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 ((1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 ) [1891] 2 Ch. 317. (2) 14 App. Cas. 525) 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Romer L. J. in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 White v. Bristol Aeroplane Co. Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8090955  [1953] 1 All. ER}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  40 at p}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid85256\charrsid8090955 .4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 8 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 said}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid465615 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10119367\charrsid8090955 T}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 he rights attached to a class }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 of shares}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  within the meaning }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 of such}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 an article as this re}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 m}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ains attached }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10778315\charrsid8090955 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10119367\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 s creating such sha}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 res or }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  the Articles of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid85256\charrsid8090955 A}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ssociation of the Company as amended from time to time by any relevant }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid85256\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  and accordingly}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  one has to look to such }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid85256\charrsid8090955 r}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s and to the constitution of the Company to find out what the rights of the preference shareholders are." 

\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 In }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 Dimbula Valley (Ceylon) Tea Co. L}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid13071498\charrsid8090955 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 d. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid13071498\charrsid8090955 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid2970162\charrsid8090955 . Laurie}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 [}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 1961] 1A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 ll}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8090955  ER }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 769 Article 5 of the Articles of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3493160\charrsid8090955 A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ssociation }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Company }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 specifically}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  stated what rights were conferred in respect }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  10}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3493160\charrsid8090955 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 000 preference shares in the Original Capital }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 Company. Buckley J. had no difficulty in holding that the preference shareholders were entitled to participate in the surplus assets after receiving their entitlement }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 because}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  the article so provided. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 As I have pointed out earlier in this judgment neither the memorandum nor the articles }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Company have any provision entitling the preference shareholders to share in any surplus assets other than Article 146 which I referred to earlier. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Since the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 Scottish Corporation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  Case the law is clear. It matters not that the memorandum and arti}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 c}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 les of the Company were framed in the belief that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 all}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 shareholders shared in any surplus assets and it was thought there was no need to spell out that belief}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 except for Article 146 which does envisage a pos}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
ible surplus. The memorandum and articles are silent as to any right that a preference shareholde}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 m}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ay have to a g
eneral surplus of assets on a winding up. The preference shareholders in my view only have such rights as were conferred by the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3493160\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s of the Company at the time they were issued. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 My }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 answer to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 the first question is that none }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  preference shareholders}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13071498\charrsid8090955  have}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 a right to distribution in the surplus assets as earlier defined in this judgment on the winding up of the Company. In saying this I have not ignored Article 146. There could conceivably be a surplus resulting from called up capital but that co
uld only be determined on an actual winding up. That}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 possibility}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 must}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 be ignored on a valuation }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 shares in the instant case since there is no prospect }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 company being wound up in the foreseeable future. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The question is as follows: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid465615 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "(2) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10119367\charrsid8090955 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 hich party }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 of person}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  is primarily liable for payment }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 of gift}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  duty (}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 if any}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ) on the gift made by Alfred Henry Marlow deceased to the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13071498\charrsid8090955 Marlow Trust}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  on the 16th day of May 1970 comprising a $10,000.00 credit with Marlows Limited applied at the request }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  said Alfred Henry }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 Marlow in}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  the issue to the Marlow Trust of $5,000 preference shares of $2.00 each in Marlows Limited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 ."}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 As regards this question all counsel agree that the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 law is}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  clear. Sections 44 and 45 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 Estate and Gift Duties Act make the donor }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 gift primarily liable for any gift duty payable on the gift }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 5,000 preference shares. The second defendants as trustees of the late Alfred Henry Marlow are the persons primarily liable. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The third question is as follows: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13071498\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7159507 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "(3) Whether the preference shares carry voting rights}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 ?
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6624848 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 All counsel agree that the preference shares do not carry voting rights. I agree with them and do not consider it necessar}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6624848\charrsid8090955 y }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 to set out the reasons for such agreement. Mr Scott has presented a very interesting argument that it could be held that the }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 hares did carry voting rights. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 In }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6624848\charrsid8090955 view of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  article 72 which provides (inter alia) that "every question submitted to a General Meeting shall be determined by }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 show of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid6624848\charrsid8090955  han}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 ds }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955  ordinary shareholders present i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid3493160\charrsid8090955 n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955  person}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 .....(emphasis added) preference shareholders have no right to vote unless such right is conferred by }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3493160\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  of the Company when issuing the shares. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The answer to the third question is that the preference shares do }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 not}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  carry voting rights. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3493160\charrsid8090955 The}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  fourth question is as follows: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7159507 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 "(4) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6624848\charrsid8090955 Whether the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  second issue }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 of preference}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  shares are }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 subject to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  the same }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 conditions}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  as the first issue}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10119367\charrsid8090955 ?}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 " 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Both Mr Sweetman}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
and M r Scott agree that}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 the second issue of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6624848\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 shares are su}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 ject to the same conditions as the first issue although the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 y}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 have different reasons for arriving at that conclusion.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Mr Keil on the other hand sticks to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4528005\charrsid8090955 the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  letter of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 e law as propounded by }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid4528005\charrsid8090955 the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 Sco}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid6624848\charrsid8090955 tt}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid2970162\charrsid8090955 ish Insurance Corporation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  Ca}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 e. He considers the rights attached to the second }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6624848\charrsid8090955 issue}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 Resolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 are exhaustive. He does not specifically state that the answer to the fo}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 rm}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 er }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 quest}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ion is in the negative but }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 th}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 at clearly is his view. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par I hold}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 same}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 view}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 as Mr Keil}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 and in comin}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 g}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 that}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 view}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6624848\charrsid8090955  I}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  have ignored what is written on the certificates. The certificates were i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid6624848\charrsid8090955 ss}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ued in respect of the first issue some 32 years after issue of the shares and in respect of the second issue ten years later. }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 If the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  certificates do in fact reflect later }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid3493160\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s, as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid3493160\charrsid8090955 to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  which there is no evidence, then the answer to the question would be different. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Mr Sweetman}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4528005\charrsid8090955 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
s argument is that there is nothing to suggest that by the second issue it was intended to create a separate class of preferen}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 ce}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  shares. That is correct }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 but}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 the Company has very full powers to create different classes of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 preference}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  shares. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The only rights conferred on the second issue shareholders are those contained in the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3493160\charrsid8090955 r}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 s namely a fixed dividend of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3493160\charrsid8090955  
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 7% and issue of the shares at par. The only rights they now enjoy is a fixed dividend of 7%. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Mr Scott recognised the problem and endeavoured to get around it by invoking Article 12 which is in the following terms: 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }\pard \ltrpar\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16343262 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
"Except as far as otherwise provided for by the conditions of issue or by these presents any capital raised by the creation }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 of new}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  shares shall be considered as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 part of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955  the}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  original capital and shall be subject to the same provisions in all respects so far as applicable and also to the provisons hereinafter contained relative to the payment }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4945521\charrsid8090955 of calls}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  and the forfeiture of shares on the non-payment of calls and otherwise." 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4528005 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 The Company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4528005\charrsid8090955 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
s original capital was 25,000 $2.00 shares. There is no mention of any preference shares and "shares" in the context }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  original capital }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
 Company must be held to be ordinary shares. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Mr Scott argued that Article 12 required the terms }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 of the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955  "second }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2126753\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 " be enlarged to the extent specified in the "first }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2126753\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 
esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 ". 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 It}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 is}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 an ingenious attempt}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 to solve the problem and no doubt was consonant with the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 com}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 pany}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4528005\charrsid8090955 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
s intention but it ignores the legal situation that the terms }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 of issue}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  (i.e. the }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2126753\charrsid8090955 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1910656\charrsid8090955 esolution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
) in the instant case determines the rights conferred }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10778315\charrsid8090955 by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955  the Company. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 My answer to the fourth and last question is in the negative}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2126753\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2126753\charrsid8090955  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 
the second issue of preference shares are not subject to the same conditions as the first issue. 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2970162\charrsid8090955 Each pa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid6624848\charrsid8090955 rty will pay their own costs.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid2970162\charrsid8090955 
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