SUPREME COURT: NATAL MARINE INSURANCE AND TRUST COMPANY: The cases brought by the above company against two of the colonial shareholders have been watched with great interest by those directly concerned, and the community generally. The judgment of the Supreme Court was delivered on the 14th of September, and is important, not only as to the amount at stake, but also as to the legal principle involved. The case arose out of several of the shareholders refusing to pay up calls amounting to £6 per share, made by the directors of the company, who it was alleged had acted ultra viva of the deed of settlement, by endorsing notes to the creditors of Messrs. Pinsent and Few, Natal, and had thus made the company, whose paid up capital was only £12,000, liable for a sum of £50,000. In one of the cases brought before the court, Mr. Geo. Wood, jun., of Grahamston, was the defendant, and in the other case Dr. Housley, of Port Elizabeth … (continues at length) …
Transcribed in whole or part from scanned originals: Presented with or without modified text and punctuation. For absolute accuracy refer to the original newspapers. Source: The British Newspaper Archive.
Referenced
GRO0798 Devonport: Savery Pinsent: 1815 – 1886