The purchase of a piece of land by Messrs. Lune, Crawford & Ca. Was the subject of a motion in H. M. Supreme Court en Thursday before his Honour Judge Skinner turner. The motion, submitted by My, Tycho Wing, asked for a 14 days' extension of the time for registering a piece of land assigned to applicants by Mr. W. H. Griffiths.
Counsel read an affidavit by the secretary of the Company (Mr. J. Bowerman), from which it appeared that on September 15, 1920, upon, payment to him of Tls. 20,000, Mr. Grittiths assigned to the cor pany his interest in B.C. lot 925, subject_to a mortgage to the Yokohama Specie Bank (dated July 1, 1918) of Tls, 30,000, of which Mr. Griffiths had paid off Tls. 10,000. The company took over this mort: gage and continued the due pay ment of Tls. 400 monthly, having in this way reduced the debt by Tls. 3,600 since the land was purchased. The affidavit pointed out: that the transaction was in no way prejudicial! to the company's creditors and shareholders; on the contrary, it was in the nature of an investment for their benefit. Through inadvertence, it had been omitted to register the mortgage and assignment within the period required by the Company's Ordinances, 1911/15.
Mr. A. G. Mossop, Acting Crown Advocate, consented to the application on behalf of the Registrar of Companies, and his Lordship granted the extension asked for, applicants to pay costs.
Text read from the printed page and cleaned; old type leaves the occasional error.