Securities Trust Ltd v Hugh Moore Alexander Ltd
| Jurisdiction | Ireland |
| Judgment Date | 02 July 1964 |
| Date | 02 July 1964 |
| Court | High Court |
Inaccurate copy supplied - Duty to supply accurate copy owed only to members - Negligence - Companies Act, 1908, s. 18 (1).
In April, 1962, K. A., who was a registered shareholder of the defendant Company, applied for, and obtained, from the defendant Company a copy of the Memorandum and Articles of Association of the defendant Company. K. A. held his shares in the defendant Company as trustee for the plaintiff Company. His application for the Memorandum and Articles of Association of the defendant Company was in his own name and the defendant Company was unaware that he held his shares in trust. The copy Articles supplied to him contained an error which suggested that on a winding up of the defendant Company both ordinary and preference shareholders would participate in a distribution of surplus assets. On the faith of this copy of the Articles, the plaintiff Company made several purchases of preference shares in the defendant Company at prices in excess of their true value. Subsequent to these purchases, the error was discovered by the defendant Company and the defendant Company notified K. A. that the error existed in the copy Articles supplied to him. On the winding up of the defendant Company, the plaintiff Company claimed to be entitled to participate in the distribution of surplus assets in respect of their holding of preference shares. The liquidator...
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