Oakes v Oakes
| Jurisdiction | England & Wales |
| Judgment Date | 11 March 1852 |
| Date | 11 March 1852 |
| Court | High Court of Chancery |
English Reports Citation: 68 E.R. 680
HIGH COURT OF CHANCERY
Overruled, Morrice v. Aylmer, 1874-75, L. R. 10 Ch. 148; L. R. 7 H. L. 717. See In re Lane, 1880, 14 Ch. D. 858.
[666] oakes . oakes. March 10, 11, 1852. [Overruled, Morricev. Aylmer, 1874-75, L. E. 10 Ch. 148; L. E. 7 H. L. 717. See In re Lane, 1880, 14 Ch. D. 858.] Bequest of all the testator's Great Western Eailway shares, and all other the railway shares of which he might be possessed at the time of his decease, held to pass Great Western Eailway shares which he had at the date of his will, and which were afterwards, by a resolution of the company made under the authority of an Act of Parliament, converted into consolidated stock; but held not to pass consolidated stock in the same company purchased by the testator after the date of his will. The testator, by his will, dated the 26th of April 1849, bequeathed as follows :- " I give and bequeath all my Great Western Eailway shares, and all other the railway shares which I shall be possessed of at time of my decease, unto my nephew, Arthur Oakes, for his own absolute use and benefit." The testator, at the date of his will, was the registered proprietor of 40 shares of 100 each, 40 of 25 each, 100 of 20 each, and 120 of 17 each, in the Great Western Eailway Company. By an Act (7 Viet. c. iii., local and personal) obtained by the Great Western Eailway Company in 1844 the company were empowered, by and with the consent of a majority of the votes of the proprietors at some general or special general meeting, to raise so much of the additional capital therein mentioned as might not have been raised by shares before the passing of that Act, by the creation of new 9 HARE, 667. OAKES V. OAK.ES 681 shares of such nominal value, and to be issued at such times as the directors might think fit, or by the creation of stock in manner thereinafter mentioned. And it was also provided (sect. 18) that it should be lawful for the company, with consent of three-fifths of the votes of the proprietors present in person or by proxy, at any special general meeting convened for that purpose, from time to time to convert or to consolidate all Or any part of the shares then existing or authorised to be created in the capital of the company into capital stock, divisible into and transferable in any amounts, and whether of one or more than one denomination, at such time or times, and under such terms and [667] conditions, and particularly as to the dividends, whether fixed or rateable, to be received by the holders of such stock, or of any denominations thereof respectively, out of the profits of the undertaking, and the rights and privileges to be conferred on the holders of such stock as should be determined at such meeting; and (sect. 19)...
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