annuitants, to be in place of the annuities given by the will, the purchase money to be a first charge on the proceeds of sale of the estate charged, which on such purchase being made, were to be discharged from the annuities. M. died before the sale was completed. Held, that her representatives were not entitled to receive the value of her annuity. Secus, as to the annuitants who survived the completion of the sale.-Pitman v. Holborrow, L.R. [1891] 1 Ch. 707; 60 L.J. Ch. 279; 64 L.T. 447; 39 W.R. 537.

Arbitration:

(i.) C. A. & Q. B. D.-Power to Award Costs-Arbitration Act, 1889, ss. 2, 25.-Where an arbitration took place after the commencement of the Act, pursuant to a submission which had been entered into before the commencement of the Act, and which contained no power to the arbitrator to deal with the costs of the reference and the award, held, that the combined effect of sects. 2 & 25 of the Act was to give the arbitrator power to deal with such costs.-In re Arbitration between Williams and Stepney, L.R. [1891] 1 Q.B. 700; 39 W.R. 533.

See Building Society, p. 111, i.

Auctioneer.-See Trover, p. 143, i.

Bank of England:

(ii.) Q. B. D.-List of Stock Transferred to National Debt CommissionersRight to Inspect-National Debt Act, 1870, s. 52.-A person who does not shew that he, bonâ fide, claims an interest in some unclaimed stock, either on his own behalf, or as representing some other person, is not entitled to inspect the list of unclaimed stock, transferred to the National Debt Commissioners.-Reg. v. Bank of England, L.R. [1891] 1 Q.B. 785; 64 L.T. 468; 39 W.R. 558.

Bankruptcy :

(iii.) Q. B. D.-Discharge-Speculation-Stock Exchange Transactions.— A stockbroker having been made bankrupt, and applying for his discharge, the official receiver reported that he had been guilty of rash and hazardous speculation in buying on the Stock Exchange for clients who were speculating for differences, and were not able to pay the differences when the markets fell. Held, that the Bankruptcy Court ought not to consider the general morality of transactions for differences, that the risk of a purchase by a stockbroker for a client did not depend on whether the bargain was a bargain for differences, or whether it was a purchase for investment, but on whether the client had or had not the means to pay the differences which might result; and that the discharge ought not to be refused, but suspended for three years.— E. p. Jenkins; in re Jenkins, 39 W.R. 430. (iv.) C. A.-Leave to withdraw Application-Application for Discharge.-The Bankruptcy Court has the same inherent jurisdiction as any other Court to give leave for the withdrawal of an application made to it, and there is no exception in the case of an application by a bankrupt for his discharge.-E. p. Board of Trade; in re Wallis, 60 L.J. Q.B. 455; 39 W.R. 453.

(v.) Q. B. D.-Order and Disposition-True and Reputed Owner-Charge -Bill of Sale-Bankruptcy Act, 1883, s. 44.-Under the order and disposition clause the true and reputed owner may be the same person, W. was partner with his son X., and by his will appointed X. executor and trustee, and gave him the option of purchasing W.'s share in the business at a fixed price. X., after W.'s death, exercised the option,

and paid part of the purchase money, but became bankrupt before payment of the remainder. The receiver, in an action to administer W.'s estate, claimed a charge on certain stock-in-trade for the balance of the purchase money. Held, that the charge was not a bill of sale; but that the trustee in bankruptcy of X. was entitled to the stock under the order and disposition clause.-E. p. Slatter; in re Webber, 64 L.T. 426.

(i.) C. A.-Petitioning Creditor-Trustee as to Part of Debt.-A petition in bankruptcy may be presented by a creditor who is beneficially interested in part of his debt and trustee as to the other part, without joining the cestui-que trust as co-petitioner.-E. p. Ward; in re Gamgee, 39 W.R. 579.

(ii.) Ch.-Provable Debt-Betting.-Decision of Q. B. D. (see Vol. 18, p. 73, iii.) affirmed.-E. p. Seaton; in re Deerhurst, 64 L.T. 273.

(iii.) Q. B. D.-Proxy-Attestation-Bankruptcy Act, 1883, Schedule I., rr. 15, 16 - Bankruptcy Rules, 1886, rr. 245, 247- Appendix, Forms 75, 76.-Under the Bankruptcy Act, 1883, a proxy cannot be an attesting witness to the instrument by which he is appointed.— E. p. Parrott; in re Cullen, L.R. [1891] 2 Q.B. 151; 39 W.R. 543. (iv.) Q. B. D.-Transfer of Shares-Not Accepted or Presented-Property in Shares.-C. had placed money in the hands of the bankrupt to invest. The bankrupt having absconded, a box was found in his house, which pur. ported to contain the securities of C. In the box was a transfer of cer. tain shares from the bankrupt to C., purporting to be in consideration of £500, together with the share certificates. The transfer had not been executed by C., nor presented to the company. Held, that the shares were the property of C. and not of the trustee in bankruptcy.— Brown v. Coates; in re Dodds, 64 L.T. 476.

See Criminal Law, p. 117, vi.

Bill of Sale:

(v.) C. A.-Registration-Hire and Purchase Agreement. -Decision of Q. B. D. (see Vol. 16, p. 38, iii.) reversed.-Beckett v. Tower Assets Co., L.R. [1891] 1 Q.B. 638; 64 L.T. 497; 39 W.R. 438.

(vi.) Q. B. D.-Validity-Clause "Necessary for Maintenance of Security "Bills of Sale Act, 1882-Form in Schedule.-A clause in a bill of sale empowering the grantee "to sell the goods by private treaty or public auction on or off the premises," is "necessary for the maintenance of the security," and does not vitiate the bill of sale.-Bourne v. Wall, 64 L.T. 530; 39 W.R. 510.

Boiler :

(vii.) C. A.—Explosion—Inquiry into-Coal Mine-Boiler Explosions Act, 1882, ss. 3, 4-Boiler Explosions Act, 1890, s. 2-Meaning of "Boiler." -The Board of Trade has now jurisdiction to order an inquiry into a boiler explosion, although an inquiry might be held under the Mines Regulation Act, 1872. Where the boiler was 1,363 feet from the engine, and stop-valves were placed at different places on the steampipe, the last valve being close to the engine, and an explosion took place at such last valve, held, that such place was part of the "boiler," under the definition of "a closed vessel used for generating steam."-Reg. v. Commissioners under the Boiler Explosions Act, 1882, L.R. [1891] 1 Q.B. 703; 39 W.R. 440.

Building Society:

(i.) C. A.-Arbitration-Power to order Case to be Stated. Decision of Q. B. D. (see Vol. 16, p. 74, v.) reversed.—In re Arbitration between Knight and the Tabernacle Building Society, L.R. [1891] 2 Q.B. 63; 39 W.R. 507.

Charity :

(ii.) Ch. D.-Endowed School-Dismissal of Master-Consent of Charity Commissioners to Action-Charitable Trusts Act, 1853, s. 17.-The deed of trust of an endowed school provided for the appointment of the schoolmaster by the vicars of three specified parishes, and power was given to such vicars to remove the master for certain specified causes. The plaintiff, being the master of the school, received notice of dismissal signed by two of the vicars. He had had no opportunity of being heard in his defence, and there was no evidence that the third vicar had been consulted. Held, that the plaintiff could not be removed without having an opportunity of defending himself at a duly constituted meeting of the three vicars. Held, also, that it was not necessary for the plaintiff to obtain the consent of the Charity Commissioners before suing for an injunction to restrain the vicars from removing him without such a hearing.-Fisher v. Jackson, L.R. [1891] 2 Ch. 84.

(iii.) Q. B. D.-Lease-Validity-Consent of Charity CommissionersCharitable Trusts Amendment Act, 1855, s. 29.-A lease of charity property for more than twenty-one years, made without the consent of the Charity Commissioners does not enure for any purpose, but is absolutely void.-Bishop of Bangor v. Parry, 39 W.R. 541.

(iv.) Ch. D.-Mortmain-Trade Union-Bequest to-Trade Union Act, 1871, s. 7.-A testator devised land for life, with a condition that the devisee should pay an annual sum to the benevolent fund of a registered trade union, for the benefit of the distressed members of the society, and the widows and children of deceased members. Held, that the gift of the annual sum was void under the Mortmain Act. The word "purchase" in sect. 7 of the Trade Union Act, 1871, does not include taking by devise. Land may be given to a man for the combined periods of his own life and the life of the person who may be his heir.Carrier v. Price, 39 W.R. 551.

(v.) Ch. D.- Mortmain - Interest in Land. - Stock created by the corporation of Manchester, under the Manchester Waterworks and Improvements Act, 1872, which enacts that the stock is to be a charge upon the city rate, and all landed and other property vested in or to be acquired by the corporation, "but is to be distributable, transmissible, and transferable as, and in other respects have, the incidents of personal estate," is an interest in land, and cannot be validly bequeathed to a charity.-Holmes v. Holmes, 60 L.J. Ch. 267.

See Administration, p. 107, iii.

City of London Court:

(vi.) Q. B. D.-Jurisdiction-County Courts Act, 1888, ss. 74, 185-London (City) Small Debts Extension Act, 1852, s. 39.-The City of London Court has jurisdiction to try an action when the defendant has "employment" within the City, though he does not dwell or carry on business therein, and though no part of the cause of action arose therein. Kutner v. Phillips, 64 L.T. 628; 39 W.R. 526.

College:

(i.) Ch. D.-Land taken-Application of Purchase Money-Universities and College Estates Act, 1858, ss. 27, 28-Universities and College Estates Amendment Act, 1880, ss. 2, 4-Lands Clauses Consolidation Act, 1845, s. 69.-Where land belonging to a college is taken compulsorily, the purchase money may, under the provisions of the above-mentioned statutes, be invested in another mode in addition to those mentioned in sect. 69 of the Lands Clauses Consolidation Act, 1845.-E. p. King's College, Cambridge, L.R. [1891] 2 Ch. 677; 64 L.T. 623.

Colonial Law:

(ii.) P. C.-New South Wales-Crown Lands Alienation Act, 1861Conditional Purchase-Infant.-X., an infant, was entered by A. as a conditional purchaser of land selected by A., forming part of his own run. A. paid the deposit, made the requisite statutory improvements, occupied the land as part of his run, and paid the balance of the purchase money. When X. came of age, A. brought an action to have X. declared a trustee for him, and for an order of transfer. Held (1), that X. was not a statutory purchaser, as the conditions of the Act had not been complied with by himself personally, or for his own benefit; (2) that A. was not a statutory purchaser, since his proceedings being under cover of the name of X. in order to create in him a right subject to a resulting trust, were not a compliance with the conditions of the Act.-Tooth v. Power, L.R. [1891] A.C. 284.

(iii.) P. C.-New South Wales Act, 26 Vict., No. 20, ss. 1, 2-Devolution of Wife's Realty.-The effect of the above-named Act being to give to the next-of-kin of the predecessor all land which had previously descended to the heir, held, that the proviso that "nothing herein contained shall give to any husband on the death of his wife intestate any greater interest in the real estate of his wife, or in the produce thereof upon sale, than a tenancy for life by the courtesy," does not prevent such real estate after the death of the husband descending to the wife's next-of-kin instead of to her heirs-at-law.-Plomley v. Shepherd, L.R. [1891] A.C. 244.

Company :

(iv.) Ch. D.-Directors-Subscribers of Memorandum-No Articles-Meetings -Notices-Table A., Arts. 35, 52, 53, 58, 62, 71.-The provision in Table A., Art. 58, that the whole of the directors shall retire from office at the first ordinary meeting after registration, only applies to directors who have been duly appointed under the articles. Art. 62 does not continue mere de facto directors as directors till the ordinary meeting in the year after that in which a meeting has been held at which an election of directors ought to have taken place, when no directors have been elected at such earlier meeting or the adjournment thereof. The power given to the subscribers to the memorandum by Art. 52, to determine who shall be the first directors, remains in force notwith. standing that the first ordinary meeting after registration, and the adjourned meeting held seven days afterwards have taken place without any directors being appointed. The seven days' notice requisite for a meeting only applies to general meetings. Only reasonable notice of meetings of subscribers to the memorandum is requisite.-John Morley Building Society v. Barras, L. R. [1891] 2 Ch. 386.

(v.) Ch. D. - Memorandum of Association Alteration

Conditions

Companies (Memorandum of Association) Act, 1890, s. 1, sub-ss. 3, 5 (d).-The objects of a company were stated in the memorandum to be the investment of its money in securities of foreign, or colonial, or

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British Governments, including municipal, ruling, and public authorities, and shares and obligations of undertakings guaranteed by such Govern. ments. The Court was asked to sanction an alteration extending the class of investments to securities, bonds, debentures, and debenture stock, obligations, and mortgages of companies and corporations formed or incorporated under British, foreign, or colonial law. Held, that the alteration should be sanctioned, investment in the class of securities specified being a business which might be "combined with the business of the company," but subject to the condition that the name of the company should be altered so that persons dealing with it should not be led to suppose that its investments were limited securities. In re Foreign & Colonial Government Trust Co., L.R. [1891] to Government 2 Ch. 395.

(i.) C.A.—Memorandum of Association—Defective Signature-Registration— Winding-up-Jurisdiction.-Decision of Ch. D. (see Vol. 16, p. 76, vi.) affirmed. In re National Debenture & Assets Corporation, 64 L.T. 512. (ií.) C. A.-Prospectus-Misrepresentation-Deceit-Burden of Proof.-Deci. sion of Ch. D. (see Vol. 16, p. 41, iii.) reversed.-Angus v. Clifford, 60 L.J. Ch. 443; 39 W.R. 498.

(iii.) Ch. D.-Prospectus

Misrepresentation

Acquiescence.-E. applied for and received shares in a company on the Rescission of Contract faith of statements in the prospectus to the effect that certain persons were to form a council of administration. fact, members of the company, and on discovering this E. gave notice of These persons were not, in motion to remove his name from the register of shareholders. He subsequently attended a meeting of shareholders, but did not vote or take any part in the proceedings; and he afterwards wrote to the secretary inquiring at what price the shares were then quoted. Held, that E. was entitled to have his name removed from the register on the ground of material misrepresentations; and that he had not acted as a shareholder in such a manner as to disentitle him to relief.-In re Metropolitan Coal Consumers' Association; e. p. Edwards, 64 L.T. 561. (iv.) Ch. D.-Reduction of Capital-Sinking Fund.--The memorandum and articles of a company bound the ordinary shareholders to set apart, and the preference shareholders to accept, a sinking fund for paying off the preference shares. The fund was set apart, and a petition presented for reduction of the capital. Held, that creditors were not entitled to object, and the order was made without inquiries as to creditors.-In re Dicido Pier Co., L.R. [1891] 2 Ch. 354; 39 W.R. 486.

(v.) Ch. D.-Shares-Transfer-Inchoate Title-Priorities.-The articles of a company provided that no person should exercise the rights of a share. holder till he had been registered; that every transfer of a share not effected by operation of law should be effected in such form as the directors should approve; and that any transfer not approved by the directors should be void. The directors had fourteen days to approve of or decline a proposed transferee. Shares were registered in the name of B. as trustee for the plaintiffs. B. fraudulently deposited the certificates of the shares with the defendants, together with a transfer, the numbers of the shares and the name of the transferee being in blank. The defendants, taking for value and without notice of the trust, filled up the blanks, and left the transfer with the company for registration. On the next day the plaintiffs gave notice of their claim, and the company refused to register the transfer. Held, that the title of the transferees was not complete when the transfer was presented, and that the prior equity of the plaintiffs must prevail.-Moore v. North Western Bank, 64 L.T. 456.