Reddish, Secretary of the Farmers and General Fire and Life Insurance and Loan and Annuity Company v Pinnock
| Jurisdiction | England & Wales |
| Judgment Date | 27 June 1854 |
| Date | 27 June 1854 |
| Court | Exchequer |
English Reports Citation: 156 E.R. 420
IN THE COURTS OF EXCHEQUER AND EXCHEQUER CHAMBER
[213] reddish, Secretary of the Farmers and General Fire and Life Insurance and Loan and Annuity Company v. PiNNOCK. June 27, 1854-The 3 & 4 Viet, c. xev., after reciting that several persons had fotmed themselves into a company or partnership for effecting assurances on lives, and that difficulties might arise in recovering debts due to the company, since, by law, all members of the company must be named in every action or suit for such puipose, enacted that all actions and suits against any person indebted to the company, or upon any bonds, covenants, bills of exchange, promissory notes, contracts, or agreements, and, generally, all other proceedings whatsoever at law or in equity, by 01 on behalf of the company, against any person or persons, whether such person or persons he a proprietor or proprietors of the company or not, shall be commenced in the name of the chairman, or of a director, or the secretary of the company as the nominal plaintiff -Held, that the company might sue, in the name of the nominal plaintiff, one of its own members for a debt due to the company The declaration stated that the plaintiff sued the defendant foi money payable by the defendant to the said company, for money had and received by the defendant for the use of the said company, and for money due from the defendant to the said company upon accounts stated between him and the said company Plea: never indebted. Upon which issue was joined At the trial, before Martin, B, at the London Sittings after last Easter Teim, it appeared that the action was brought by the plaintiff as secretaiy of "The Farmers and General Fire and Life Insurance and Loan and Annuity Company," against the defendant, who was an agent of the company, to recover 3031. 17s. lOd , being a balance due on account of monies received by the defendant as such agent for premiums of insurance. At the time the defendant received the money, he was a shareholder m the company and had executed the deed of settlement,(a) and he continued to be a shareholder up to [214] the time the action was biought The plaintiff sued under the provisions (a) The following clauses in the deed of settlement were referred to.- 5. " That the affairs of the company shall be conducted by a chairman of directors, a managing director, and ten other directors." 7. "That there shall be three trustees of the company, to be elected from the directors for the time being." 56. "All the books, goods, chattels, and other moveable and personal estate, arid ull monies at the bankers and in hand, or in the office of the company, and other notes and property irr negotiable securities, cheques, or drafts respectively, for the time being, of or belonging to or held for the benefit of the said company, shall be and be deemed at law the property of the persons being trustees for the time being of the said company, so as to be, and in all criminal and civil proceedings to be treated as, the property of the persons who for the time being shall be such trustees, and not in the whole or in part of any of the other individuals being members of the said company " The 75th clause, after providing for payment of expenses out of the profits, directed that the residue should be divided into ten parts , one-tenth to go to the augmentation of the guarantee fund, eight-tenths to the shareholder's, and the leinaming one-tenth to be applied in the promotion of agricultural purposes 158. "That all debts, liabilities, and engagements due to and subsistrng with the company, by or on the part of every or any proprietor on any account whatsoever, shall in all cases be a primary and paramount lien on the shares of every such proprietor, whether the said debts, liabilities, or engagements be those of such proprietor solely or jointly, or in partnership with any other person, and the directors are hereby empowered to cancel and extinguish, and declare forfeited, or to sell and dispose of, the shares of such proprietor, either wholly or in part, at their discretion, fo? or towards the satisfaction of such debts, liabilities, or engagements." 10 EX. 215. REDDISH V. PIN NOCK 42i of the 3 & 4 Viet c xcv ,(a) intituled "An Act [215] to enable 'The Farmers and...
To continue reading
Request your trial
-
Arnage Holdings Ltd v Walkers
...the same as that which resulted from the Defendant's breaches of duty. 228 See Notes to the RSC (op cit) — 18/19/18, at page 352. 229 (1875) 10 Ex. 213 230 (18 86) 11 P. 59, per Bowen LJ at 231 [1982] AC 529, 541. 232 As shown by their exoneration many years later when it was revealed that ......
-
John W. Russell v Bahamas Agricultural and Industrial Corporation
...and oppression in the process of litigation (Commentary at 18/19/18 on page 352 of the Supreme Court Practice 1, 1999 Castro v Murrary (1875) 10 Ex. 213) Having determined that the Statement of Claim discloses a reasonable cause of action, that it is not scandalous, frivolous or vexatious I......
-
Federated Airlines Staff Association v. Air Terminal Services (Fiji) Limited
...summarily prevents its machinery from being used as a means of vexation and oppression in the process of litigation. (Castro v Murray (1875) 10 Ex. 213; Dawkins v. Prince Edward of Saxe Weimar; Willis v. Earl Beauchamp (1886) 11 P. 59, PER Brawn L.J. p. 63) E. Discussion: 25. Issue (a) whet......
-
West Island Properties Ltd v Sabre Investment Ltd et Al
...of succeeding. 30 Concerning Order 18; rule 19(1)(d) R.S.C., both Bramwell B. And Blackburn J. in the cases of Castro v. Murray Law Rep. 10 Ex. 213; 218 and Dawkins v. Prince Edward of Saxe-Weimar 1 Q.B.D. 499; 502 respectively, underscored the fact that the Court possessed a discretion to ......