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32
Cross examined by ir. Fitzrov
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His Lordship:
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. Fitzroyt
His Lordships
Mr. Fitzroys
According to your Minute Book a call of 5% on all shares, making the total of 10% was passed on the 10th June, 1927.
I agree. That is the date when a very large number of these calls were made. You a sid that people wanted to pay a lot of money to you and that you did not wish to receive it. Do you sugɛest that these people ever came with money to you ready to
pay, beyond the 10%?.
I have not said that people wanted to pay me a lot of money, but I most wertainly said that in several cases they came forward and said they wished to pay $10,000.00, or what the case was, and it was after the first fer that I objected.
After they had offered or after they had paid?.
After they had offered, after they had come with the cash in their fists.
Some came with the full amount of money and you refused to accept it, unless they took it back in the form of a loan?. Yee, I say that.
At a Directors' meeting on the 12th of hay, acccrding to the Minutes here signed by you. Various things were dealt with, one as to the shares allotted to bra, Irewer (Minute read " -- and Nos 1 to 4,800 remain unallotted at present, etc") Do on the 12th of May, those shares were left at your
disposal?.
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The point is that on the 12th of way there has been no refund of the consideration money yet. I am still in possession of the $68,000.00 and I am obligated to use this $68,000.00 to purchase shares in the
Company. At that date I did not know whether I am returning the consideration or not. Hence the shares are reserved to the possession of mee or my nominee because we
wish to find out whether I am retaining the consideration money or returning it to the
firm.
Was this money the actual right of yours to appropriate to purchase shares?.
No, as a matter of fact there is a variatior in the consideration of money I was to re- ceive and the amount of purchase.
No actual cash has been given but merely the right to demand?.
All the cash of the Company was in my handa and I have only to give a receipt, because it is already in my hands,
Had you $68,000.00 in your hands on the 31st of May?.
I doubt it but I have not the books. That was the position, you wrote your lette you were quite prepared to forego your $55, 000.00 and it was accepted but without any
record of it?.
No comments yet.
Private notes are available after approval.