The Sun.
London, England, 1857-10-19 00:00:00

LAW INTELLIGENCE.—Oct. 17.

COURT OF BANKRUPTCY.
(Before Mr. Commissioner Pane.)
ill RR TILE ROYAL SIIRRET,GARDEIsTS.
This was the day appointed by adjournment
from August last for the consideration of a petition
for winding up the Royal Surrey Gardens Com-
pany (Limited), which had been presented by Mr.
Horace Jones, architect, a shareholder, and cre-
ditor of the company, nnder the PrOtit clause of the
Joint-Stock Companies Act (1856). At the last
meeting, it will be remembered, his Honour de-
clined to make any order upon the petition, and
adjourned its consideration with a view to the de-
cision of the shareholders being taken at a general
meeting of that body. The proceedings which have
subsequently taken place are known to the readers
of The Sun.
Mr. A. Jones now appeared for the petitioner,
and Mr. T. B. Fleming for the committee of share-
holders. Mr. Coppock and some other of the di-
rectors were present. Mr. Chappell appeared for
M. Jullien and other shareholders ; and Mr. Levy
for Mr. Palmer and Madame Caradori.
Mr. Jones stated the ground on which adjourn-
ment had been made.
The Commissioner—Well, have you been able
to come to any arrangement ?
Mr. Jones—I am not afraid at present, but I will
tell your honour whit has taken place since the last
meeting. A meeting of shark-holders took place on
the sth of October, at which a committee of twelve
shareholders was appointed to invectigato the affairs
of the company, and to report to an adjourned
meeting on the 211 of November. I have now to
ask your honour to permit this petition to stand
over di! a day subsequent to that day. lam wil-
liog to cuisent to that., and am not aware of any
opp omit 'on.

Mr. Fleming—l do not to the adjournment;
but I think your honour will attach some condition
to it when I state what has taken place between the
last meeting and the present time. The share-
holders, being dissatisfied with the conduct of the
direatyrs, and having lost confidence in them, pur-
m-d the course pointed out by the deed of settle-
meat, and sent in a requisition Eignrd by the re-
quisite number of shareholders requiring the di-
rectors to call a meeting, in order that they might
be removed, and others appointed in th-:ir stead.
At that time there were only four directors, not a
sufficient number to act; the deed requires that
there should be five, of whom three are a quorum.
The directors appointed another „gentleman, which
appointment was quite unobj actionable and legal.
The meeting took place under the requisition ;
there was a groat deal of discussion ; and it was ul-
timately agreed that a committee of the share-
holders should be appointed. That committee was
-.,ppointed with the c•Jrisent of all parties ; and it
was distine,ly understood and stated that an appli-
c ition should be made to your honour to postpone
.ho consideration of this petition till a future day,
in order that a committee might investigate the
accounts and report to the adjourned meeting.
However, I hear this morning, for the first time,
f,f what I consider a great lereach of the undertak-
ing towards the shareholders, that the directors
have taken time by the forelock, and have them-
salvos appointed three more directors, thus endea-
vouring to supersede the object of the meeting and
render all our operations nugatory.
The Commissioner—What condition do you wish
mo to attach to the adjournment?
Mr. Fleming—That the directors, in the inter-
val, shall not do anything in contravention of the
understanding which was come to at the meeting.
The Commissioner—That is too vague. I cannot
exact an indefinite pledge of that sort.
_ _

Mr. Jones said that the co-directors last ap-
pointed were taken from among the requisitionists.
Of the seven directors, four were requisionists.
Mr. Fleming denied that they bad been nomi-
nated by the t equisitionists, th )ugh they had them-
selves signed the requisition. They had also signed
the request for a poll at the last meeting, which, if
persisted in, would have swamped the decision of
the meeting, for Mr. Coppock, with his 11.0 shares,
would have outvoted all those present.
The Commissioner—Then you say he had a
giant's power, but did not use it like a giant.
(Llughter.)
Mr. Fleming—But he would have used it, had
not the expression of the meeting not been so strong
that ho did not dare to do it. ("No, no.")
In answer to the court,
Mr. Jones stated that of the committee appointed
at the meeting of shareholders, nine were hostile to
the directors, and three favourable to them. •
Mr. Fleming said that there were six on one side
and half a dozen on the other. (Laughter.)
The Commissioner—Then it seems a fair com-
mittee enough. If they report against the direc-
tors, and a vote of censure is passed upon them,
they will retire of course ?

14r. rlemieg doubted that. They would use all
!de tus to get the zewe of the meetivg in thrir
fav

After a desultory discussion, his Honour decided
tint ho hnd no power to annex any condition to
the order for adjournment. If it were insisted on,
be must either make the order for winding-up or