19 VLR 482SADLIER v. SPREAD EAGLE COMPANY NO LIABILITY Supreme Court of Victoria HOLROYD, J. February 13, 22 February 1893Companies Act 1890 (No. 1074), s. 244 — No liability company — Forfeited shares — Purchase by company — Disposal by company — Special meeting.
Shares in a no liability mining company, forfeited for non-payment of a call, and purchased at public auction by the directors on behalf of the company, under sec. 244 of the Companies Act 1890 (No. 1074), can only be disposed of under that section in such manner as the shareholders, at a general or extraordinary meeting called for the purpose, may have directed. A resolution passed at a special meeting of the company, purporting to distribute them among the then shareholders, is therefore probably bad; but, even though no objection for want of parties is raised by the company in an action brought by a shareholder against it, seeking a declaration to that effect and consequential relief, the Court will not make such a declaration or grant such relief unless the shareholders whose interests may be thereby affected are brought before the Court.