CO129-535-4 N.I. Brewer- petition for pardon 28-5-1931 - 24-10-1931 — Page 22

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Note B.

Meaning of payment in cash.

Palmer's Company Precedents. (1927). Vol. I.p.66.

"When a transaction results in this, that there is on the one side a bona fide debt payable in money at once for the purchase of property, and on the other side a bona fide liability to pay money at once on

shares, so that if bank notes had been handed from one side of the table to the other in payment of calls, they might legitimately have been handed back in

payment of the property; then if the twe demands are

set off against each other, the shares have been paid

for in cash."

In re Harmony and Montague Tin and Copper Mining

Co. [Spargo's Caag7, 8 Ch.Ap. p.412.

North Sydney Investment and Tramway Co. Ltd. v.Higgins

and others. 1899 A.C. 263.

Larocque ▼ Beauchemin, 1897. A.C. 358.

C

*But there must be cross money payments presently

enforceable."

In re Barron-in- Furness and Northern Counties

Land and Investment Co. 14 Ch. Div.p.400.

In re Johannesburg Hotel Co. 1891.1 Ch. p.119.

If shares are issued as fully or partly paid up, in consideration of property to be made over to the

company, or services rendered to the company, or in consideration of the lease of a debt or claim, or by way of compensation, the share is issued for

consideration other than cash.