Re The Norwich Yarn Company
| Jurisdiction | England & Wales |
| Judgment Date | 05 December 1850 |
| Date | 05 December 1850 |
| Court | High Court of Chancery |
English Reports Citation: 51 E.R. 164
ROLLS COURT
[426] Re the norwich yabn company. Nov. 30, Dec. 2, 3, 4, 5, 1850. Where in the course of winding up a legal claim is made against the company it is not imperative on the Court to decide it, but it may, without the assezit of th& claimant, require him to establish his claim at law. This company, which was established for spinning yarn (see 8 Beavan, 343, and 12 Beavan, 366), was ordered to be wound up. The bankers of the company, " The-East of England Bank," claimed before the Master a debt of 35,755 on the balance of the account; but he was of opinion that the right ought to be established at law,, and he certified that he had not allowed the claim. The Banking Company now-brought the case before the Court upon appeal, insisting that the claim ought to be-allowed, without any reference to a Court of law. The cheques, &c., were alleged not to have been drawn in conformity with the provisions of the deed of settlement. Mr. Bethell, Mr. R. Palmer, and Mr. Cole, for the bank, argued, first, that independent of the deed of settlement, the directors had power to borrow under the-general law applicable to partners; Story on Partnership (150), Ex parte Bonbonus (8 Vesey, 543), Sandilands v. Marsh (2 B. & Aid. 673), Davism v. Robertson, (3 Dow, 218), and that an authority was to be inferred Prescott v. Flinn (9 Birig. 19); secondly, that the deed itself gave them such power; Bank of Australasia v. Breillat (6 Moore,. 1SBEAV.4J7. RE THE NORWICH YARN COMPANY 165 P. C. C. 152); and, thirdly, that complete information had been given to the share-[427] holders, Walfvrdv. Adie (5 Hare, 118), who had acquiesced, sanctioned, and ratified the proceeding, Gray v. Chaplin (2 Russ. 126), Graham v. Birkenhead, tc., Railway Co. (2 Mac. & Gor. 146, and 2 Hall & Tw. 450), Maclean v. Dunn (4 Bing. 722), Crellin v. Cohort (14 Mee. & W. 11). Mr. Roupell, and Mr. Busk, for the official manager, contested these points, and contended, first, that the directors had acted ultra vires in borrowing money; Exports Morgan, (1 Mac. & Gor. 225, and 1 Hall & Tw. 320), Hawtayne v. Bourne (7 Mee. & W. 595, and 8 Mee. & W. 703), Kicketts v. Bennett (4 C. B. 703), Brown v. Byers 16 Mee. & W. 252), Attwood v. Munnings (7 Bam. & C. 278), Dickinson v. Valpy {10 Barn. & C. 128), Bramah v. Roberts (3 Bing. (N. C.), 963), He The German Mining Company (14 Jurist, 874), and see Burmester v. Narris (6 Ex. 796); that the Banking...
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