The Express.
London, England, 1851-03-12 00:00:00

WINDING-UP JODIT STOCK COMPANIES.

THE ROYAL BANK OF AUSTRALIA.

LIABILITY OF BANKRUPTS UNDER THE WINDING-UP ACT:

Yesterday an application was made on behalf of
Mr. Wryghte, the official manager, to place the assignees
of Mr. A. Buhtc, who had been a bankrupt, on the list of
contributories for liabilities incurred to the date of the fiat
in 1811, and to place Mr. Bottle on the list in respect of all
sulraequent liabilities connected with this bank. It appeared
from the statement of Mr. Daniel, who, with Mr. H. Harris,
appeared as counsel for the estate, that the bankrupt ob-
tained his certificate in 1812, and the question now arose
whether under the terms of the company's deed of settle-
ment the bankruptcy operated as nn absolute forfeiture of
the shares, so as to release the bankrupt from all liability ;
and further, whether, if the deed of settlement did not do
this, the certificate of the bankrupt did. In the course of
o long technical argument it was contended on behalf of the
official manager, that the forfeiture contemplated by the
deed was optional with the directors, and that according to
recent decisions a bankrupt's certificate was only a discharge
for liabilities incurred up to the date of the fiat, and that for
all subsequent liabilities the bankrupt was responsible.
Ur. Daniel read the clauses of the deed of settlement of
the bank bearing ou the subject of bankruptcy, from which
it appeared, under the 100th clause, that any proprietor com-
mitting an act of bankruptcy should forfeit his shares to the
company, and all the profits thereon, and all other rights
and privileges in respect thereof as from the commencement,
and that such proprietor should thereupon " cease" to be a
proprietor.
His Honour said it would appear from this that., proprie-
tor talbstedme haat:opt ceased to be a proprietor Tot Cif

uir.seltniel replied, there was nothing in the clause about
the " liability" ceasing, and he thought this would be
found to be the case under the provisions of the Winding
up Act, in conjunction with previous decisions. The 102nd
clause of the deed gave to the directors of the bank a most
extraordinary and despotic power, and provided that " if
any suit or proceeding were taken by any shareholder,
which any. live directors should consider wantonly vexa-
tious, injurious, or prejudicial to the interests of the com-
pany. that then he should forfeit his shares, and all profits,
and cease to be a proprietor as from the commencement of
such suit or other proceeding." 23
Mr. Bohte said that, after his bankruptcy, the company 23
never sent him any communication as to meetings, dive- ss
dends, or other matters, and he of course concluded that he 5
was no longer recognised as a shareholder, though before 16
his bankruptcy there were circulars sent him, apprising lfi
him of the flourishing nature of the concern.
Atter considerable discussion, the case was adjourned. 30
In the matter of the executors of Mr. William Rather- gt
IT
turd, two were placed on the list, and the case of the third so
was adjourned to the next meeting, to be dealt with in the to
character of deviser. at
it is said that the North British Insurance Company will 23
not appeal against the late derision of allowing the 4;0001. 22,
only as a claim, but that they intend to resume the pro- 70
ceedings they had previously taken in Scotland to recover tii
it against certain shareholders there, and which they con- to
ceive they have a right to do, on the ground that the Joint
Stock Companies Winding-up Act contains a provision to St.
the effect, that the act is not to apply to Scotland. The i.
judges of the Scotch courts having caused the opinion of to
English counsel to be taken as to whether the shareholders st.
could be sued individually, or the company collectively, in 30
Scotland, and that opinion being that, according to English 40
law, the company was an ordinary partnership, under 16
which each shareholder was liable to bo sued, the Scotch ti
courts courts have ordered the eases to be tried on their merits, ge
the Lord Ordinary haviag, it is understood, previously de- so
dined to bear the rues en their merits, on the ground that 84.
the shareholders conld tact be individually sued. 33
• The proceedings are tuijourned to Satunlay next, at twelve
• o'clock. tit.

HEREFORD AND MERTHYR RAILWAY.--Yesterday,
after considerable discus.ion, his Honour Master R ,I,,Lichards k
decided on admitting only as a claim, and not as a debt
against this estate, a charge brought in by Mr. Taylor,
engineer and surveyor, of 1,1100!., balance of claim originally
2,2001., but of which it was admitted lie bad received 1,2001.,
and alleged that he was not entitled to the rest. This
leaves the claim open to compromise, or to recover at com-
mon law. Mr. Valiance, solicitor to Mr. Wryghte, the
official manager, said that there were 3,0001.0 r 4,0001. worth
of claims or debts under this estate, and that as there were
only 20 sharehulders at present on the list as liable, the call
that would have to be made would be a heavy one. Mr.
Jermyn, C.E., whose claim fur "work and labour" done
amounted to 1971., was disallowed at the last meeting be-
cause he could not prove that he held direct orders front
the company to do it, said he wished to correct a statement
made by Mr. Hughes at the last meeting. That gentleman
hail represented that he was "consulting engineer" to the
company, whereas, as appeared by the prospectus, ho was
only "engineer" to it.
WESLEYAN NEWSPAPER ASSOCIATION.—The meet-
ing in this matter on Monday was for the consideration of
creditors' claims. Nothing material transpired beyond the
examination of accounts in detail.

TILE CONDEMNED CRIMINALS DRORY AND CITES-
)! Am.—The hope which bore up Drory through the trial,
(fur till the delivery of the verdict he seems to have been
confident of escape), forsook him on reaching the gaol after
his condemnation. He was so exhausted that he was
obliged to he assisted to his cell by two of the officials, and
on reaching it he flung himself upon his bed and lay sobbing
violently for nearly an hour. The woman Chesharn, on
the contrary, exhibits no difference in her behaviour, but
' goes through trio usual routine which the discipline of the
gaol imposes on her with perfect callousness, and appears
altogether derma of remorse. The judge's warrants have
been received a'. the gaol, and the execution of both cri-
minals is fixed for this day fortnight, the 25th inst.—Essex
Herald.

....
FATAL SOYNAMBULISM.—The family of Mr. W.
Higgins, grocer, of Monmouth, wason Wednesday morning
thrown into the most distressing state of :affliction, by the
death of Thomis, his second son, a youth about thirteen
years of age, who fell from a second floor window on to the
pavement in the street, and was killed on the spot. It ap-
pears, from what can be learned at present, that the unfor-
tunate youth was living with his father's relatives, Mr.
Sporty, of 310n:raw-street, who were very much attached to
him. At about live o'clock they heard romeboily walking
heavily in the room where the boy slept. Mr. Sparey went
up stave to ascertain what was the matter, and found that
the poor little fellow had just dropped from the window.
0.1 opening the street dour, there lay bleeding on the stones
the lifeless body. The greatest sympathy for the afflicted
family is universal throughout the town.—lierefurd Times.