Both officers denied they were the worse for drink. ister, a former officer in the R.A.F., said no drinks were sold after 10 p.m. He had provided specially for drinks for his guests.
Lister was fined 30s. on each of six summonses for selling after permitted hours and his wife 10s on each of four similar summonses, The magistrates ordered the club to be struck off the register.
The chairman, Dr. W. W. Nuttall, complimented the police officers on their evidence. ian."
The Deputy of the Chancellor said relief was sought by Mrs. Aschkenasy as the assignee of the cause of action from the trustee in bankruptcy of her husband, Solomon Aschkenas; He was the registered holder of 4,700 shares, and the remaining 500 stood the name of his son, Mr.
who was said to be nominee of his father. Mr. Geoffrey Tweedale was a Fellow of the Institute of Chartered Accountants whose integrity stood ünimpeached and unimpeachable.
But although Mrs. Aschkenasy did not raise any issue as to his honesty of purpose, she alleged that the sale of the 5,200 shares was made by him at a gross under-value, negligently, and in breach of hi duty as the trustee of a deed of assignment for the benefit of creditors executed by Mr. Aschkenasy on December 20, 1929. Damages were claimed against him, and also against the other defendants, on the ground that they purchased knowing, so it was alleged, that the sale was in breach of trust. Since the action was started Mr. Goldstone had died, and his executors were substituted for him as defendant:
A. Silverstone and Ca, Ltd, was a private company, and under the Articles of Association the directors had power, in their absolute and uncontrolled discretion, without assigning any reason, to decline to register any transfer of shares. The capital was £25,000 in £1 shares, 13000 preference which were never issued and 12,000 ordinary, of which 10,200 were issued and fully paid. Mr. Aschkenasy held 4,700, his son 500, Mr. Silverstone 2,500, Mr. Goldstone 2,500. The remaining 1,800 were subject to an option given to Mr, Aschkenasy to subscribe for them at por whenever he thought fit.
Under an agreement dated December 27, 1922, shortly after the incorporation of the company, Mr. Silverstone and Mr. Goldstone were appointed joint managers for ten years from November 13, 1922; their remuneration was to be £400 per year each, and also a sum equivalent to a dividend of 2,700 shares at the rate paid on the ordinary shares. Judge Peel said he was in-
èd to the opinion that on the true construction of that clause the extra remuneration was limited to e block of 2,700 shares, but when dividends of 15 per cent. were paid in respect of the years 1927 and 1928 the extra remuneration as signed to the managers was £810 in each year, equivalent to a 15 per cent. dividend on 5,400 shares. In his view a prudent prospective purchaser would consider the true construction of the clause was that taken by the members of the company in paying £810 as extra remuneration.
Before the incorporation of the company the business had been carried on by Mr, Silverstone and Mr. Goldstone. It exported cotton goods, mainly to India, where the great majority of the customers were. Mr. Silverstone was in India six months each year and was in close touch with all the customers.
Text read from the printed page and cleaned; old type leaves the occasional error.