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{\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;}{\fbiminor\f31586\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}}
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{\author senikuraciri_r}{\operator baleimatuku_l}{\creatim\yr2016\mo1\dy27\hr14\min37}{\revtim\yr2016\mo1\dy27\hr14\min37}{\version2}{\edmins1}{\nofpages17}{\nofwords6875}{\nofchars34968}{\nofcharsws41760}{\vern32859}}{\*\xmlnstbl {\xmlns1 http://schemas.
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\ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 [1997] 43 FLR 229}}}\sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
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HIGH COURT OF FIJI ISLANDS}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
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\par }{\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \b\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 ALESSANDRO BIANCO}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
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\par }{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \b\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 GIUSEPPE RUGGIERO & TAEKO RUGGIERO;}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \b\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 & MEDITERRANEAN ISLAND RESORT LTD}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
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\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 [HIGH COURT, 1997 (Lyons J), 12 September]}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 

\par 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Civil Jurisdiction}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
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Exchange Control- issue of shares- whether subscriber resident in Fiji- whether issue totally invalid- whether purchase price recoverable-\~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 
HYPERLINK "http://www.paclii.org/fj/legis/consol_act/ia138/"}}{\fldrslt {\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Immigration Act}}}\sectd \ltrsect
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\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~(Cap 211) Sections 10 & 20.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
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\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 A visitor to Fiji purchased shares in a Fiji company. Later he sought to rescind the agreement and recover t
he purchase price. The High Court examined the relevant statutory provisions and HELD: (i) that a visitor is not a resident of Fiji while visiting (ii) that whether or not the shares were issued or transferred to the visitor ministerial consent to the sal
e was not beforehand obtained and therefore the transaction was wholly void and (iii) the parties not being\~}{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 in pari delicto}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~the visitor was entitled to a refund.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Cases cited:}{
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\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li720\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Central Piggery Co Ltd v. McNico11}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~(1949) 78CLR 594}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Chalmers v. Pardoe}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 
HYPERLINK "http://www.paclii.org.vu/cgi-bin/LawCite?cit=%5b1963%5d%20All%20ER%20552" \\o "View LawCiteRecord"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 [1963] All ER 552}}}
\sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Green v. Portsmouth Stadium Ltd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~[1953] 2 All ER 102}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Hughes v. Assett Management Co. Pty Ltd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
. [1995] 3 All ER 669}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Kiriri Cotton Co. Ltd. v. Dewani}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}
{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 HYPERLINK "http://www.paclii.org.vu/cgi-bin/LawCite?cit=%5b1961%5d%20All%20ER%20177" \\o "View LawCiteRecord"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 
\ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 [1961] All ER 177}}}\sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li720\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Mosekly v. Koffyfontein Mines Ltd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~[1911] 1 Ch 73}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Re Fry , Chase National Executors and Trustees Corporation Ltd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~[1946]}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~\~\~\~\~\~\~\~\~\~\~ 2 All ER 106}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li720\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Re Transatlantic Life Assurance Co. Ltd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 . [1979] 3 All ER 352}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Spitzel v. Chinese Corporation}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}
{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 HYPERLINK "http://www.paclii.org.vu/cgi-bin/LawCite?cit=%5b1899%5d%2080%20LT%20347" \\o "View LawCite Record"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 
\ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 [1899] 80 LT 347}}}\sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 
\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~at 351}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 C.B. Young}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~for the Plaintiff}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 A. Patel}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~for the Defendants}{\rtlch\fcs1 \af0\afs27 
\ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \b\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Lyons J}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 :}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The Plaintiff commenced action by Writ dated the 3rd August 1995 against the Defendant for recovery of monies paid by way of purchase of a shareholding, and a loan to, the 2nd Defendant Company.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The Plaintiff is an Italian citizen presently residing in Fiji. At this present moment I believe he is here on a visitor\rquote s permit.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 The 1st Defendants also reside in Fiji and are the office bearers of the 2nd Defendant Company.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 I will deal with one matter first, so as to avoid confusion.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
As shall be seen, the Plaintiff invested $100,000.00 in the 2nd Defendant Company. For his investment the Plaintiff received 10,000.00 shares in the 2nd Defendant Company. At the time the 1st Def
endant were the office bearers of the company. The 1st Defendant, Guseppe Ruggiero, was a Director, and the Defendant Taeko Ruggiero was the company secretary and, as I understand, also a director of the Company if one is to read paragraph 2.1 of the Defe
nce correctly.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
At the commencement of his submission, counsel for the Defendant argued that there was no evidence against the 1st Defendants such as would satisfy the Court that they had incurred any liability to the Plaintiff. As I will explain later on,
 I consider that as a correct view. So, for ease of understanding, I will hereinafter refer to the 1st Defendant as Ruggerio (collectively) and the 2nd Defendant as Mediterranean.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
As I have said, the Plaintiff is an Italian citizen. He first arrived in Fiji on the 28th August 1993. He was issued a permit to enter as a visitor. He left Fiji on the 29th September 1993.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The Plaintiff next returned to Fiji, again on a visitor\rquote s permit on the 9th February 1994. This permit was valid for one month unless extended.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
On the 4th March 1994 this visitor\rquote s permit was extended until the 9th June 1994.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 On the 25th June 1994, the Plaintiff was issued a permit pursuant to Section 8(1) of the\~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid14644582 HYPERLINK "http://www.paclii.org/fj/legis/consol_act/ia138/"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Immigration Act}}}\sectd \ltrsect
\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~
(Cap 88). This Section deals with permits to reside in Fiji, for work purposes or otherwise. It is distinctly different from a permit to visit as issued pursuant to Section 9(1) of the Act.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The permit under Section 8(1) was to expire on the 6th April 1997. In my view, this is the permit that the parties referred to as \'93a work permit\'94. This permit carries with it a right to reside in Fiji.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Ruggiero was the Italian Consul for Fiji. They also run a resort called the Mediterranean. This resort offers a restaurant and accommodation.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 

\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
In August 1993, soon after his arrival, the Plaintiff visited Ruggiero\rquote s resort. He had discussions with the Ruggiero. These discussions centred on the Plaintiff investing in Mediterranean, a company set up to establish and 
run the resort and more particularly, a smaller resort situated on an island just off Vuda in Western Viti Levu called Tivua Island.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The Plaintiff was on holiday. He had some money to invest having received it from his late father\rquote s estate. He had some experience in business in the field of Insurance Brokerage working principally for his late father.}{\rtlch\fcs1 \af0\afs27 
\ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
In these discussions, Ruggiero offered the Plaintiff 10,000.00 shares of Mediterranean for the consideration of $100,000.00 (Fijian).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 The Plaintiff like
s Fiji. He does not deny he was looking for investment. But at the time (August/September 1993) he made no firm commitments to invest in Fiji in general or Mediterranean in particular.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
He returned to his home in Europe but kept contact with Ruggiero.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 H
e returned to Fiji, as stated, on the 9th February 1994. After further discussions with Ruggiero he decided to invest in Mediterranean on the terms previously discussed.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
On the 25th February 1994, Ruggiero and the Plaintiff met in the offices of Ruggiero and Mediterranean\rquote 
s Accountant in Lautoka being Messrs Kapadia Singh & Co Chartered Accountants (Mr. Ravindra Singh). Minutes of that meeting deemed a meeting of Mediterranean are dated the 28th February 1994 and are Exhibit 2 herein.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 The meeting resolved as follows.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li720\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93
It was unanimously resolved that:}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \fi-709\li1418\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin1418\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 a)}{
\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \b\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~\~\~\~\~\~\~\~\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
A further 10,000 ordinary shares be issued to Mr Allessandro Bianco at a price of $100,000 (One Hundred Thousand Dollars), the receipt of which is hereby acknowledged by the company.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 b)\~\~\~\~\~\~\~\~
 Upon completion of the above transaction, Mr. Allessandro Bianco will be entitled to a share certificate for 10,000 ordinary shares in the company representing 10% of the total registered share capital of the company.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 c)}{\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \b\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~\~\~\~\~\~\~\~\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 The Directors hereby appoint Mr. Allessandro Bianco as \lquote Island Manager\'94 from the date issued \'93Working Permit\'94\~
by the Fiji government for the period of 3 (three) years. His \'93Working Permit\'94 for the years will be applied by the company to the Ministry of Imm
igration in Fiji. The conditions of his employment will be discussed and determined in the next Director and shareholders meeting.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \fi-1134\li1134\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin1134\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li1418\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin1418\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Kapadia Singh & Co., Chartered Accountants of Lautoka are hereby instructed to prepare the necessary share allotment docume
nts, share certificates etc to give legal effect to the above transactions. They are further instructed to attend to stamping and filing of the necessary documents with the Commissioner of Stamp Duties and Registrar of Companies.\'94}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 This was signed by Guis
eppe Ruggiero and Taeko Ruggiero and witnessed by the said Mr. Singh, the Accountant.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 A share certificate in Mediterranean, being No. 3 and dated the 28th February 1994 for 10,000 shares, was issued to the Plaintiff (Exhibit 3).}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 The Plaintiff further p
urchased certain items for F$8,200.00 which were provided to Mediterranean for use on its Tivua Island Resort. The monies so expanded were treated as a loan to Mediterranean from the Plaintiff. Exhibit 4 is very clear on that. The $8,200.00 was expressed 
as a loan \'93with the condition of No Interest, No Term and No Security\'94. It was, in effect a \'93pay back when you can\'94 loan.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Matters progressed thereafter according to plan until August 1995 when the Plaintiff had his solicitor write to Ruggiero and Mediterr
anean seeking to rescind the agreement to purchase the shares and, as well, demand repayment of the loan. The Plaintiff\rquote s reasons for this appear to relate to matters centred on his personal life which, in my view, have little relevance here.}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 The Defendants of course resisted this.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 The Plaintiff\rquote 
s argument is a very narrow one. He says that at the time of purchase of the shares, he was a non-resident of Fiji and thus the agreement to purchase the shares (security) was contrary to Section 10 of the\~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid14644582 HYPERLINK "http://www.paclii.org/fj/legis/consol_act/eca170/"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Exchange Control Act}}}\sectd \ltrsect
\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~(Cap 211).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Further, as relates to the $8,200.00 loan, it is argued that the Plaintiff, by serving demand, had \'93called in\'94
 the loan, to which the Defendant had no right to refuse payment thereof.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 There are some preliminary matters which need to be disposed of.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Firstly, it is not in dispute that at the time of the transfer of the shares (25th February 1994 - 28th February 1994) there existed no approval for the issuing of those shares as envisaged in Section 10 of the Act. This approval was obtained on the 20th 
September 1995 (See Exhibits 9, 10 and 11) one month after the letter from the Plaintiff\rquote s solicitors (Exhibit 5) which no doubt, drew this to the Defendants\rquote  attention.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Secondly, at the commencement of the Defendants\rquote  case, the Defendants were granted le
ave to add to paragraph 11 of the Notice of Defence the following:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri538\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin538\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93
Further and/or in the alternative if the issue of the 10,000 shares in the 2nd Defendant Company was without the permission of the Reserve Bank of Fiji and/or was contrary to the\~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 
HYPERLINK "http://www.paclii.org/fj/legis/consol_act/eca170/"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Exchange Control Act}}}\sectd \ltrsect
\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
, the Plaintiff was in pari delecto and the Plaintiff is not entitled to the refund of the purchase price of the said shares.\'94}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The Plaintiff was allowed to reply in terms as follows \'93Plaintiff claims he was not pari delecto and that he is entitled to the refund of $100,000.00\'94}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Thirdly, as I have said, Defence Counsel submitted that the Plaintiff had not made out a case against Ruggiero. I will deal with that submission now.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
In my view the submission (thirdly above) is correct. On the evidence (and in fact it is not even pleaded) I can find no cause of action against Ruggiero in their personal capacity. As I understand the evidence, they acted at all times in the capacity of 
o
ffice bearers of Mediterranean. There is no evidence that they acted improperly in that capacity such as would remove from them the protection of the Corporate veil. In acting as they did, they acted for and on behalf of the Company (Mediterranean) for wh
ich the company must bear the liability of those actions.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Accordingly the Plaintiff\rquote s case against Ruggiero is dismissed.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The only cause of action here is the Plaintiff\rquote s cause of action against Mediterranean.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Section 10 (1) of the\~}
{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 HYPERLINK "http://www.paclii.org/fj/legis/consol_act/eca170/"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Exchange Control Act}}}\sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~reads:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li709\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin709\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93
Except with the permission of the minister, no person shall in Fiji issue any security or, whether in Fiji or elsewhere, issue any security which is registered in Fiji, unless the following requirements are fulfilled , that is to say:-}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \b\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \fi-709\li1418\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin1418\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 (a)\~\~
\~\~\~\~\~ neither the person to whom the security is to be issued nor the person, if any, for whom he is to be a nominee is resident outside Fiji, and}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \fi-709\li1418\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin1418\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 (b)\~\~
\~\~\~\~\~ the prescribed evidence is produced to the person issuing the security as to the residence of the person to whom it is to be issued and that of the person, if any, for whom he is to be a nominee..\'94}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 The Plaintiff\rquote 
s argument is that as a non-resident, the Minister\rquote s perm
ission was needed before the issue of the Share Certificate. As no such permission was obtained prior to the issue of the security, this cannot now be remedied by subsequent approval or, alternatively, it has not been subsequently approved.}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Consequently,
 it is argued, the share issue is illegal: it should be rescinded and the monies returned to the Plaintiff.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Section 10 (1) of the\~}
{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 HYPERLINK "http://www.paclii.org/fj/legis/consol_act/eca170/"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Exchange Control Act}}}\sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~is quite clear. If a person is a 
non-resident, permission must be granted before any security can be issued. Mediterranean\rquote s Counsel argues that, taking the term \'93resident\'94
 at its normal meaning, the Plaintiff was in fact resident in Fiji in or about February 1994. He was, it is argued, living here, day to day. He intended, it is argued, to remain. This, it is submitted makes him \'93resident here\'94
 for the purposes of Section 10 (1).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The counter argument to this is that the term \'93resident\'94 must be given the meaning attributed to it under the\~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 HYPERLINK "http://www.paclii.org/fj/legis/consol_act/ia138/"}
}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Immigration Act}}}\sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 
\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~(Cap 88). To do otherwise, it is argued, is to make a nonsense of the provision for it would allow a person to fly into the country, stay a week, purchase securities and the
n leave. The whole point of the provision, that of having some control over foreign ownership of locally issued securities, would thus be defeated.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
I agree with Counsel for the Plaintiff. The term \'93resident\'94 must take for its meaning, that\~definition attributed to it under the provisions of the\~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 
HYPERLINK "http://www.paclii.org/fj/legis/consol_act/ia138/"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Immigration Act}}}\sectd \ltrsect
\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~(Cap 88).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 In Section 2 of the\~}
{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 HYPERLINK "http://www.paclii.org/fj/legis/consol_act/ia138/"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Immigration Act}}}\sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 , \'93resident\'94 is defined thus:-}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri595\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin595\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93
Residence with its grammatical variation means residence in Fiji which is not unlawful under any of the provisions of this Act.\'94}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Thus by definition, to be a resident of Fiji, a citizen of another country (such as the Plaintiff) must have a permit to reside issued pursuant to Section 8 (1) of the\~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 
HYPERLINK "http://www.paclii.org/fj/legis/consol_act/ia138/"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Immigration Act}}}\sectd \ltrsect
\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 .}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
In February 1994, the Plaintiff did not have such residency - he only had a visitor\rquote s permit issued under Section 9. He was not a resident at the time, however, for the\~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 
HYPERLINK "http://www.paclii.org/fj/legis/consol_act/ia138/"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Immigration Act}}}\sectd \ltrsect
\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 , or, as I see it for the purposes of the Exchange Control.}{\rtlch\fcs1 \af0\afs27 
\ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Whilst the general preference of the Court is to give words to their natural meaning, in this instance the meaning of \'93resident\'94 must be restricted by the definition in the\~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 
HYPERLINK "http://www.paclii.org/fj/legis/consol_act/ia138/"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Immigration Act}}}\sectd \ltrsect
\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 . The Plaintiff was here as a visitor. If his permit at the time has not b
een extended and eventually he had not been granted the permit to reside and work, he would have been here illegally and liable for deportation.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 

\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 In fact, as I read the Defendants\rquote  material, as much as admitted.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
In paragraph (c) of the Minutes of the Meeting of the 25th February 1994 (Exhibit 2) the need to get a work permit (and consequential residency) is acknowledged. That, to my mind, acknowledges the Plaintiff\rquote s non-resident status and the Defendants
\rquote  knowledge of it.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Further, having received notice of the Plaintiff\rquote 
s intention to rescind and his reasons why, Mediterranean immediately set about acquiring permission under Section 10. This must again be taken as an acknowledgement that the Plaintiff was a non-resident such that permission was needed 
and that Mediterranean was fully aware of that.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
To my mind, it is clear that Mediterranean, in issuing the securities (for shares) to the Plaintiff on or about the 28th February 1994 did so knowing that the Plaintiff was not a resident in Fiji; did so without the Minister\rquote 
s permission; and in so doing, was in breach of Section 10 of the\~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 HYPERLINK "http://www.paclii.org/fj/legis/consol_act/eca170/"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 
\ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Exchange Control Act}}}\sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 
\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 .}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The above applies, if in fact the shares were \'93issued\'94 as opposed to transferred. The distinction is perhaps pedantic, academic and, as it turns out, arguably unnecessary but for completeness I should cover it.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
In the normal sense of a company\rquote s business, the term \'93issued\'94 can be somewhat confusing. In Ford\~}{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Principles of Company Law}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~para 806 the learned author says:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93The word 
\'93issue\'94 is a difficult term and it is capable of meaning different things. In\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Mosekly v. Koffyfontein Mines Ltd}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~[1911] 1 Ch 73 at 84, Farwell LJ said:}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li1440\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin1440\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93
There are three steps with regard to new capital; first 
it is created; till it is created the capital does not exist at all. When it is created it may remain unissued for years ... When it is issued it may be issued on such terms as appear for the moment expedient.Next comes allotment. To take the words of Sti
rlimg J,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 in Spitzel v. Chinese Corporation}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}
{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid14644582 HYPERLINK "http://www.paclii.org.vu/cgi-bin/LawCite?cit=%5b1899%5d%2080%20LT%20347" \\o "View LawCite Record"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 
\ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 [1899] 80 LT 347}}}\sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 
\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~at 351), he says: \'93What is an allotment of shares? Broadly speaking, it is as appropriation by the directors or the managing body of the company of shares to a particular person.\'94}
{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Dixon J, in\~}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Central Piggery Co Ltd v. McNico11}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~
(1949) 78CLR 594 at 599, after citing that statement referred to another meaning of the word \'93issue\'94. He said:}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \b\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li1440\ri851\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin851\lin1440\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93
Speaking generally the word \'93issue\'94\~used in relation to shares means, where an allotment has taken place, that the shareholder is put in control of the shares allotted.\'94}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri851\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin851\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri851\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin851\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
This would occur when his}{\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \b\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
name was placed on the register of members or some other step was take by which the title derived from the allotment would be made complete.\'94}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 

\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Perhaps it is splitting hairs, but to my mind, the transfer of shares takes place when one shareholder, having previously had shares issued and allotted to him or her, s
ells or transfers all of that allotment or part thereof to a third party. Ford covers this distinction in paragraph 1119 but there is no need for me to go into that at any depth. In any event, Section 11 of the Exchange Control Act (without setting it out
 in full), enacts a similar provision for the transfer of shares as Section 10 does for the issue of them. Irrespective of whether it was an issue of shares or a transfer which the Plaintiff took, the law would, in my view, be the same.}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 The evidence befor
e me was a little vague as to whether it was a transfer of the shares or an issue of the shares. The Certificate (Exhibit 3), notably in the panel indicating share numbering on the left hand side thereof indicates an issue of further shares from 80,001 to
 90,000 to accommodate the Plaintiff\rquote s the purchase.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
In contrast, the letter from the FTIB of the 12th September 1995 (Exhibit 9) although secondary evidence, indicates a transfer of part of Ruggiero shareholding to the Plaintiff.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 As it turns out, however it is of little moment, as either way, Section 10 and/or Section 11 of the\~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid14644582 HYPERLINK "http://www.paclii.org/fj/legis/consol_act/eca170/"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Exchange Control Act}}}\sectd \ltrsect
\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~have been breached due to the failure to obtain the Minister\rquote s permission.}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 I note Exhi
bit 9, whilst approval to issue the securities retrospectively appears to be the intent to this correspondence, it inaccurately reflects the agreement. The Plaintiff was to get 10,000 shares not a 10% shareholding as is shown in this letter. Accordingly I
 do not place much value on Exhibit 9. It appears to me to be an \'93after the event\'94 attempt to obtain the required permission rather than accurately reflecting the agreement.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 I also note that paragraph (a) of the Minutes of Meeting (Exhibit 2) refers to \'93shares to be issued\'94, thus, on balance, I accept that an \'93issue\'94
 of shares is applicable and not a \'93transfer\'94. On balance therefore, Section 10 is the applicable Section although, for completeness Section 11 should not escape reference.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Given that there has been a breach of Section 10, Counsel for the Plaintiff put the transaction is thus invalid. He referred the Court to\~}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Re Transatlantic Life Assurance Co. Ltd.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~
[1979] 3 All ER 352, a decision in Chancery of Mr. Justice Slade.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 In\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Re Transatlantic}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 , Mr. Justice Slade considered the effect of Section 8 (1) of the Exchange Control Act 1947 (UK).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The factual situation, at least on the crucial points, was similar to the case herein in that shares were issued to a non-resident without the consent of the Treasury as required by the appropriate Section, Section 8 (1).}{\rtlch\fcs1 \af0\afs27 
\ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Section 8 (1) of the English Act almost mirrors the Fiji equivalent save for what could be called local variations.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Justice Slade held that a breach of Section 8 (1) (Section 10 in Fiji) r
endered the transaction invalid. His Lordship held that shares were securities and as required by the legislation (See also\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Re Fry, Chase National Executors and Trustees Corporation Ltd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~[1946] 2 All ER 106 at 112 and Re Transatlantic at p.356).}{\rtlch\fcs1 \af0\afs27 
\ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Having sa
tisfied himself that Section 8 (1) (Section 10 of Fiji) Slade J. reasoned that a breach rendered the transaction invalid by reference to Section 18 of the English Act.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The equivalent of Section 18 is found in Section 20 Cap. 211.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Section 20 (Section 18 UK) reads:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri284\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin284\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \b\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 (1)}{\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \b\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 -\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The title of any person to a security for which he has given value on a transfer thereof, and the title of all persons claiming through or under him, shall, notwithstanding that the transfer, or any previous transfer, or the issue of t
he security, was, by reason of the residence of any person concerned other than the first-mentioned person, prohibited by the provisions of this Act relating to the transfer or issue of securities, be valid, unless the first-mentioned person had notice of
 the facts by reason of which it was prohibited.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li567\ri284\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin284\lin567\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri284\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin284\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
(2)- Without prejudice to the provisions of subsection (1), the Minster may issue a certificate declaring, in relation to a security, that any acts done before the issue of the certificate purporting to eff
ect the issue or transfer of the security, being acts which were prohibited by this Act, are to be, and are always to have been, as valid as if they had been done with the permission of the competent authority, and the said acts shall have effect accordin
gly. ( Amended by Legal Notice 112 of 1970).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 (3)- Nothing in this section shall affect the liability of any person to prosecution for any offence against this Act.\'94}{\rtlch\fcs1 \af0\afs27 
\ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Mr. Justice Slade reasoned at p.355:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93
In my judgment counsel for the company is correct in submitting that this section, by necessary inference, presupposes that the purported issue of a security in manner prohibited by the 1947 Act is wholly invalid. Were this not so, I could see no point in
 the provisions of S.18 (1) which, when applicable, by their terms operate to validate the title to such a security of a person who has given value on taking a transfer thereof. Were this not so, I could likewise see no point in the provisions of S. 18(2)
 which empower the Treasury to issue a certificate, inter alia, retrospectively validating acts purporting to effect the issue of a security in manner prohibited by the 1947 Act. The very use by the legislature of the phrase \'93purporting to effect\'94
, in S.18(
2), in my judgment further illustrates that the acts which purport to effect the issue in a prohibited manner do not in fact operate to effect that issue ab initio. In these circumstances, on a bare reading of the Act, I would conclude that the purported 
issue of 200,000 ordinary shares by the company in March 1974 wholly invalid and void.\'94}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Then, referring to\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Re Fry}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 , the only previously decided case in UK on Section 8, His Lordship said at p. 357:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri595\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin595\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93
The reasoning of Romer J in\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Re Fry}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 , mutatis mutandis, 
in my judgment, supports the conclusions, which I would have reached in its absence, that the relevant issue of the 200,000 shares to LACOP was wholly invalid and void and that it operated to confer on LACOP no title whatever to any such shares, either at
 law or in equity.\'94}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
I have closely read Mr. Justice Slade\rquote s judgment and consider it to represent a correct view of the effect of a breach of Section 8 (1) (UK), consequently it thus a correct approach to adopt in respect of a breach of Section 10 (1)the 
Fiji equivalent.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
In my judgment, relying heavily on the reasoning of Mr. Justice Slade, I consider that, in breach of Section 10, the issue of shares to the Plaintiff by Mediterranean must be treated as wholly invalid and void. Thus no title to the share
s can be conferred on the Plaintiff at law or an equity.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Before moving to consider the effects of this finding of invalidity, and the submissions of Counsel in respect thereof, I feel I must look at the question of retrospective approval of the issue.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Neither\~}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Re Fry}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~nor\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Re Transatlantic}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~
offer any assistance on this point. Retrospective approval, although clearly an option of the parties, was not effected prior to the rulings in those cases.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
In the matter now before the Court, neither Counsel argued on this point and nor is it pleaded. The point is however raised in the evidence.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 

\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
On the evidence before me, the Plaintiff, through his solicitor, raised the issue of non-compliance with Section 10 in the correspondence of the 10th August 1995. It appears this may have galvanised Mediterranean into action. Exhibits 9, 10 and 11 show th
at Mediterranean applied to the FTIB and the Reserve Bank for approval under the Exchange Control Act for 10,000 share to be issued to the Plaintiff.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
On the 20th September 1995, the Reserve Bank, for and on behalf of the Minister, granted approval (Exhibit 11).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Although it does not say so, I am prepared to accept in the circumstances, the approval was granted as applies to Section 10 of the Act.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
As the issue of 10,000 shares was decided by Mediterranean on the 25th February 1994 and actually effected on the 28th February 1994, (Exhibit 2 - the Minutes and Exhibit 3 - the Shares), such approval is obviously retrospective.}{\rtlch\fcs1 \af0\afs27 
\ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Section 20 of the Exchange Control Act falls to be considered.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Section 20 (1) reads:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri538\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin538\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \lquote 
The title of any person to a security for
 which he has given value on a transfer thereof, add the title of all persons claiming through or under him shall, notwithstanding that the transfer, or any previous transfer, or the issue of the security, was, by reason of the residence of any person con
cerned other than the first-mentioned person, prohibited by the provisions of this Act relating to the transfer or issue of securities, be valid, unless the first mentioned person had notice of the facts by reason of which it was prohibited.\'94}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 My understan
ding of this sub-section is that it applies to further transfers beyond the initial transfer or issue. That is, in this instance, if the Plaintiff, not having notice of the infringement of Section 10 or 11, has transferred his shares to another party, Sec
tion 20 (1) could be used to validate the transfer notwithstanding the initial imperfection. In my judgment, Section 20 (1) is not relevant to the argument before me.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Section 20 (2) reads:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri284\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin284\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93
Without prejudice to the provisions of Section (1), the 
Minister .may issue a certificate declaring, in relation to a security, that any acts done before the issue of the certificate purporting to effect the issue or transfer of the security, being acts which were prohibited by this Act, are to be, and are alw
ays to have been, as valid as if they had been done with the permission of the competent authority, and the said acts shall have effect accordingly.( Amended by Legal Notice 112 of 1970).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 In my view, this Section is directly relevant. It gives the Ministe
r the power to validate what was previously invalid - in other words, it gives the Minister the power,\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 obviously on application\~}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 (my emphasis) to validate retrospectively, a transaction previously invalid on account of a breach of Section 10 (or any other Section) of the Exchange Control Act.}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 On the face of Exhibit 9, 10 and 11, this could have been the case. I emphasise \'93could have been\'94.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
As I read Section 20 (2), it must be encumbent on the Applicant for Minister\rquote s approval thereunder, to give the Mini
ster the full details of the transaction sought to be validated. The party applying must inform the Minister of the invalidating factors before seeking his indulgence under Section 20 (2). To not do so would not be obtaining a validation under the Section
.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
On reading Exhibits 9, 10 and 11, there is reference to previous correspondence and facsimile from Mediterranean to the FTIB and the Reserve Bank. This correspondence were not placed before me as evidence so I have no way of knowing if what was sought b
y Mediterranean was merely an approval to issue securities to a non-resident or, retrospective approval/validation under Section 20 (2). In my Judgment the greater probability is the former, not the latter. I consider that if Mediterranean had sought retr
ospective validation under Section 20 (2) the Reserve Bank would have specifically referred to that Section when giving its eventual approval. There is no such reference in the correspondence.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Further, if there was such validation, I would have expected a Certificate declaring the same, to issue in accordance with the sub-section.}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 I am thus, not prepared to accept Exhibits 9, 10 and 11 would operate as a retrospective validation.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
As a consequence of this finding, the transaction between the Plaintiff and Mediterranean must remain as invalid and of no effect in law and equity. Thus no title in the shares can be conferred on the Plaintiff.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 As to the effect of such invalidity, Counsel for Mediterranean submitted that, as the invalidity sprang from non-co
mpliance with a statute, the whole transaction is null and void ab initio and illegal and thus the contract between the Plaintiff and Mediterranean, being an illegal contract is unenforceable. Relying on decision such as\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Chalmers v. Pardoe}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 \ltrch\fcs0 
\insrsid14644582 HYPERLINK "http://www.paclii.org.vu/cgi-bin/LawCite?cit=%5b1963%5d%20All%20ER%20552" \\o "View LawCiteRecord"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 [1963] All ER 552
}}}\sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~and\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Kiriri Cotton Co. Ltd. v. Dewani}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\field\fldedit{\*\fldinst {\rtlch\fcs1 \af0 
\ltrch\fcs0 \insrsid14644582 HYPERLINK "http://www.paclii.org.vu/cgi-bin/LawCite?cit=%5b1961%5d%20All%20ER%20177" \\o "View LawCiteRecord"}}{\fldrslt {\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf2\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
[1961] All ER 177}}}\sectd \ltrsect\linex0\endnhere\sectlinegrid360\sectdefaultcl\sectrsid14365975\sftnbj {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~
(Privy Council), Counsel submitted the parties were in pari delicto and thus, as the illegal transaction was an executed transaction, the Plaintiff could not recover.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Counsel for the Plaintiff refutes this by saying that the partie
s were not in pari delicto. His argument is based on the supposition that for this to apply, both parties must be guilty of committing the breach. This is not the case here, he argues, for it was Mediterranean\rquote 
s obligation and responsibility alone to meet 
the requirements of Section 10. And the onus is on the Defendant, Mediterranean and as this action is fundamentally one for monies had and received, Counsel says that these monies are recoverable at Common Law.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 In Lord Denning\rquote 
s discussion of \'93in pari delicto\'94\~in\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Kiriri Cotton}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 , His Lordship (on behalf of the whole Privy Council) established the following principles:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \fi-709\li1418\ri538\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin538\lin1418\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 i)\~\~
\~\~\~\~\~\~\~ In respect of mistake at law, the true proposition is that no man can excuse himself from doing his duty by saying he did not know the law on the matter;}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \fi-709\li1418\ri538\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin538\lin1418\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 ii)\~\~
\~\~\~\~\~\~ Monies paid under a mistake at law, by itself and nothing more, cannot be recovered back;}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \fi-709\li1418\ri538\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin538\lin1418\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 iii)\~\~\~\~\~\~\~\~ At page 181, His Lordship\~said:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \fi-1134\li1134\ri538\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin538\lin1134\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li1418\ri538\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin538\lin1418\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93
If there is something more in addition to a mistake of law - if there is something in the defendant\rquote 
s conduct which shows that, of the two of them he is the one primarily responsible for the mistake then it may be recovered back. Thus, if as between the t
wo of them the duty of observing the law is placed on the shoulders of the one rather than the other - it being imposed on him specially for the protection of the other - then they are not in pari delicto and the money can be recovered back: see\~}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Browning v. Norris}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~
by Lord Mansfield. Likewise, if the responsibility for the mistake lies more on the one than the other - because he has misled the other when be ought to know better - then again they are not in pari delicto and the money can be recovered back: see\~}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Harse v. Pearl Life Assurance Co}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
., by Romer, L.J. These propositions are in full accord with the principles laid down by Lord Mansfield relating to the action for money had and received.\'94}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
It is the finding of this Court that the onus of complying with Section 10 is solely on Mediterranean. If Mediterranean does not seek the Minister\rquote 
s permission, then the Plaintiff cannot do it by operation of Section 10 alone. Further, Exhibit 2, indicates that Mediterranean instructed its Accountant Messrs. Kapadia Si
ngh & Co. to attend to all the necessary matters relevant to a share issue. This must have included the obtaining of permission under Section 10 (See Exhibit 2 para (c)). This alone is evidence that, by referring to the need of a work permit in paragraph 
(c), that Mediterranean and its Accountants were, as I have previously found aware, of the Plaintiff\rquote s non-residential status.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The crucial phrase in the Privy Council judgment in\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Kiriri Cotton}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~is as follows:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li720\ri567\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin567\lin720\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \'93
Thus, if as between the two of them the 
duty of observing the law is placed on the shoulders of the one rather than other it being imposed on him especially for the protection of the other - then they are not in pari delicto and the money can be recovered back see\~}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Brown v. Morris}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~(by Lord Mansfield).\'94}{\rtlch\fcs1 \af0\afs27 
\ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \ab\af0 \ltrch\fcs0 \b\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Although not fully developed, this was the argument for Counsel for the Defendants. He argued, in anticipation of such cases as\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Hughes v. Assett Management Co. Pty Ltd.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~[1995] 3 All ER 669 may be raised by the Plaintiff, that the benefit of Sectio
n 10 does not fall to any individual but to the benefit of the nation as a whole. Section 10 he argued, is designed to prevent a risk of unchecked foreign takeovers with the consequential national detriment of an outward cash flow of profits to foreign re
sidents. Counsel gave no authority for this proposition. Counsel may have benefited from developing the argument further by reference to such cases as\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Green v. Portsmouth Stadium Ltd}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~[1953] 2 All ER 102 (Court of Appeal) which is referred to in the\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Kiriri Cotton}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~case.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 In\~}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Green\rquote s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~
case, the Court of Appeal agreed with Parker J. (the Judge at first instance) that in an action for monies had and received, the monies are recoverable at common law if the parties are not in pari delicto. How the Court of Appeal d
iffered from Parker J. was that they considered that the effect of the statute under review was not to confer a benefit on the Plaintiff such that a civil action would lie, but to create a means of regulating racecourses which could only be enforced by cr
iminal proceedings (See particularly Denning L at p.104 and Hodson LJ at pp 104 and 105).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
In my opinion the Exchange Control Act and Section 10 (1) in particular, gives rise to both a criminal prosecution and a civil remedy.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The Fifth Schedule to the Act obviously creates criminal offences. It is correct for the Mediterranean\rquote 
s Counsel to say that the section (and the Act in general) is for the good of the nation. That, however, does not mean that the individual (in this case the Plaintiff) does not have
 a civil remedy. In my view Section 10 both protects the nation and gives rise to criminal prosecution to achieve this end but also protects the individual by ensuring (through Section 20 (2)) that the issue of the securities is effected and value given f
or money - this of course by definition, can only give rise to enforcement through civil action.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
On reading Section 20 (2), it appears to me that a civil action can be brought by an individual caught in the position of the Plaintiff, to enforce the Company or party issuing the security, to apply to the Minister for retrospective permission.}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Section 20 as a whole is obviously enacted to prevent a non-resident, who has paid good consideration for security, from being left empty handed because the person or
 corporation issuing or transferring the security had failed to observe the obligations of Section 10 or Section 11.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 It must thus be further stated that if the Plaintiff (as then beneficiary of the transfer or issue) can take civil action to enforce the 
right to get title to the security, the converse must apply as a matter of the Plaintiff\rquote 
s election. That is to say that the Statute confers a right to civil enforcement which by definition, and at election, must include a remedy for monies had and received as well as for enforcement of the contractual terms.}{\rtlch\fcs1 \af0\afs27 
\ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 If I am correct in this, then as per the Privy Council\rquote s decision in\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Kiriri Cotton}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
, the evidence before me must lead to a finding that the parties were not in pari delicto.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri28\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin28\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
There was a mistake at law in not observing the requirements of Section 10.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
The Defendant, Mediterranean, is the party primarily responsible for this mistake. The obligation to obtain permission to issue the security is its sole responsibility under Section 10.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \fi-850\li850\ri538\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin538\lin850\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Further the obligation is placed there for two reasons:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \fi-698\li1418\ri538\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin538\lin1418\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 (1)\~\~
\~\~\~\~ for the good of the nation (as Counsel for the Defendant puts it) - this is enforceable by criminal prosecution.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 (2)\~\~\~\~\~\~ for the benefit of the other party - the purchaser of the security - to en
sure that he or she gets what they have bargained for - this gives rise to enforcement by civil action.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Indeed both\~}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Re Fry}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~and\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Re Transatlantic}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~confirm this approach.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Accordingly, in my judgment, a mistake has been made but between the two of them, the
 duty of observing the law is placed on the shoulders of Mediterranean rather than the Plaintiff - and this duty is imposed on Mediterranean for protection of the Plaintiff, inter alia - then the parties are not in pari delicto and the money can be recove
red (to paraphrase Lord Denning).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
As this is fundamentally an action for monies had and received, the Plaintiff should succeed in his action for return of the $100,000.00 (One Hundred Thousand Dollars) paid in February 1994.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 If I am wrong in this, the 
situation remains that the issue of the 10,000 shares to the Plaintiff was invalid thus the share registry of Mediterranean reflects an incorrect number of shares properly issued. Of the 90,000 share issued (see Exhibits 2 and 3), only 80,000 shares have 
been correctly issued (perhaps by way of example, I should also note that this would also reflect an inaccuracy in the issued share capital of Mediterranean some $100,000 (One Hundred Thousand Dollars).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 In\~}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \ul\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Re Transatlantic}{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 , Slade J. was confronted with th
is position. He was asked to make a declaration by way of an order for rectification under Section 116 of the Companies Act 1948 (UK).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
Slade J. made an order for rectification of the share registry to reflect the true position resulting from his finding of an invalid issue of shares due to the breach of Section 80 (1).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
In so doing, His Lordship expressed the view that if rectification is made, repayment to the Plaintiff, as ancillary relief flowing therefrom, would have the Court\rquote s approval.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Section 1
16 (UK) is identical to Section 120 of the Companies Act (Fiji) Cap 247. This leaves open the argument that the Plaintiff may well be able to bring an action based on the finding herein of an invalid issue, under the Companies Act and obtain a refund of m
o
nies paid. This is of course not the cause of action pleaded herein, but for completeness it is worth mentioning even only if academic purposes only. It does of course support, in a peripheral sense, that a breach of Section 10 of the Exchange Control Act
 does not necessarily preclude repayment of the monies.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
As far as the loan of $8,200.00 is concerned, the law is quite settled. One simply cannot have a loan with no terms for repayment. That would be a gift. This is not a gift. It is a loan for an indeterminate term.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
My understanding of the law is that the term can be defined by reasonable notice of demand for repayment given to the borrower from the lender.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 

\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 
I consider the letter of the 10th August 1995 to be a reasonable notice of demand for repaymen
t of the $8,200.00. As such it determines the time of the loan which thereafter fell for repayment. In my judgment, Mediterranean must repay the loan and I will order it to do so.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 In all I find for the Plaintiff.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 I order that:-}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \fi-567\li567\ri312\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin312\lin567\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \fi-567\li1134\ri312\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin312\lin1134\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 1.\~\~
\~\~\~\~ By way of declaration, the issue of shares of the 28th February 1994 be declared invalid.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 2.\~\~\~\~\~\~
 That Mediterranean repay to the Plaintiff the sum of $100,000.00 (One Hundred Thousand Dollars). Interest on this amount is to be at 9.5% per annum from the day of the commencement of the action until repayment.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 3. \~\~\~\~\~ That Mediterranean do
 repay to the Plaintiff the sum of $8,200 (Eight Thousand and Two Hundred Dollars). In accordance with the terms of the loan, no interest would attach to this. It could be argued that interest should apply from the date of commencement of this action, but
 
in the exercise of my discretion, I feel it more equitable to order that no interest accrue on the sum of $8,200 (Eight Thousand and Two Hundred Dollars) if it is repaid within 28 days from the date of delivery of this judgment. Thereafter (subject to any
 orders of another court) interest should accrue on the Judgment sum of $8,200.00 (Eight Thousand and Two Hundred Dollars) at the rate of 9.5% per annum until payment.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \fi-567\li567\ri312\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin312\lin567\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{
\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \fi-567\li1134\ri312\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin312\lin1134\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 4.\~\~
\~\~\~\~ The Plaintiff is entitled to his costs on a party-party basis to be taxed or agreed.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 5.\~\~\~\~\~\~ That the Plaintiff\rquote 
s action against the 1st Defendant Ruggiero be dismissed. I make no order as to costs on that matter. As I see it both Defendants were acted for by the same solicitors and it would be impossible to separate each Defendant\rquote 
s costs independently. The greater probability is that the costs incurred by Ruggieros were for the exactly same things and on the same matter as Mediterranean.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 
\fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 I do so order.}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\qj \li0\ri0\sb15\sa15\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6177945 \cbpat8 {\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 
\af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 (Judgment for the Plaintiff).}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 \~}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 (}{\rtlch\fcs1 \ai\af0 \ltrch\fcs0 \i\cf1\lang2057\langfe1033\langnp2057\insrsid6177945\charrsid6177945 Editor\rquote s Note: An appeal against this Ju
dgment was dismissed by the Court of Appeal on 7 October 1998 - FCA Reps 98/426)}{\rtlch\fcs1 \af0\afs27 \ltrch\fcs0 \fs27\cf1\lang1033\langfe1033\langnp1033\insrsid6177945\charrsid6177945 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 {\rtlch\fcs1 \af0 \ltrch\fcs0 \insrsid1972231 
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