Barnard v Bagshaw the Lake Bathurst Australasian Gold Mining Company
| Jurisdiction | England & Wales |
| Judgment Date | 09 December 1862 |
| Date | 09 December 1862 |
| Court | High Court of Chancery |
English Reports Citation: 46 E.R. 672
BEFORE THE LORD CHANCELLOR LORD WESTBURY.
S. C. 7 L. T. 544; 9 Jur. (N. S.), 220. See In re Bennison, 1889, 60 L. T. 860.
[306] babnahd v. bagshaw. In the Matter of the lake bathurst australasian gold mining company. Before the Lord Chancellor Lord Westbury. Nov. 25, Dec. 2, 9, 1862. [S. C. 7 L. T. 544; 9 Jur. (N. S.), 220. See In re Bennison, 1889, 60 L. T. 860.] Trustees are not liable to the cestuis que tmstent for money belonging to the trust which their co-trustee gets into his possession without their consent or knowledge and by a fraud upon them. Semble. If joint trustees draw a cheque for the trust-monies upon the bankers in whose hands such monies are and cross that cheque with the name of certain other bankers, and having so crossed it deliver it to one of their number for the purpose of paying it into the bank of the bankers with whose name the cheque is crossed, the co-trustees are not liable for the misapplication of the money by the trustee to whom the cheque is delivered, if he strike out the crossing from the cheque, and then receive and misapply the money. Semble. This was an appeal from an order of Vice-Chancellor Wood, by which the Appellant Captain Denny was charged with a sum of £1138, 6s. 2d.; but the present BARNARD V. BAGSHAW 673 report is confined to the two sums of £250 each, parts of such sum, which are hereinafter specially referred to. Captain Denny was one of the directors or committee of management of the company, the affairs of which formed the subject of this suit. The nature of the suit will appear from the report of some of the proceedings therein before the Vice-Chancellor in Messrs. Hemming & Miller's Eeporta (vol. 1, p. 69). The company was formed on the cost-book principle for the purpose of working gold mines in Australia. By the rules and regulations of the company it was provided that its affairs should be managed by 4 committee consisting of not more than ten or less than five members. Three were to be a quorum. By the sixth rule five persons, of whom a Mr. James [356] Boyle and Captain Denny were two, were appointed the first committee of management. By the eighth rule two London banking firms, Messrs. Dimsdale & Co. and Messrs. Martin, Stone & Co., or auch other bankers as might for the time being be appointed by the committee of management, were to be the bankers of the...
To continue reading
Request your trial
-
Barnard v Bagshaw Re The Lake Bathurst Australasian Gold Mining Company
...E.R. 31 HIGH COURT OF CHANCERY. Barnard and Bagshaw. In re The Lake Bathurst Australasian Gold Mining Company S. C. 3 De G. J. & S. 355; 46 E. R. 672 (with note). Joint Stock Company. Shares fraudulently issued. Bond fide Holder. 1H.&M.69. BARNARD V. BAGSHAW 31 [69] babnard v. bagshaw. In r......