589 ADMINISTRATION SUMMONS-continued.
under 15 & 16 Vict. c. 86, s. 47, to make an order
on summons for the administration and sale of a
testator's real estate, where the will only gives
the executors a power to sell such estate, and to
give receipts, without vesting the estate in them
by devise. COLMAN v. TURNER

See REVIVOR AND SUPPLEMENT.
ABSOLUTE GIFT-"For benefit of herself and
family"

ACCUMULATIONS-Apportionment

267

-Corroboration

230

41

See EVIDENCE OF HUSBAND.
AFFIDAVIT-Informality-Omission in formal

part

See INFORMAL AFFIDAVIT.
Winding-up Petition

See WINDING-UP PETITION. 2.
AFTER-ACQUIRED PROPERTY
settle

-

See COVENANT TO SETTLE.

52

390

Covenant to

585

AGREEMENT-Not under seal-Corporation--
Acquiescence

-

668

See STANDING BY AND ALLOWING BUILD-
ING. 2.

ALLOTMENT OF SHARES-Notice

659

Share-

See GIFT, ABSOLUTE OR IN TRUST.
ACCEPTANCE OF SHARES-Contributory-No ADULTERY-Evidence of husband-Non-access
Notice of Allotment-Execution of Transfer in
Blank.] At the instance of the promoters of a
limited company, and as he was told pro formâ,
W. signed an application for 200 shares, and at
the same time executed a blank transfer. He
paid nothing, never executed the articles of asso-
ciation, received no notice of allotment, and heard
nothing about the company till he received notice
from the liquidator, appointing a day to settle
the list of past members-Held, that he was en-
titled to be taken off the list, though it appeared
that the shares had been, in fact, allotted to him,
that deposits and calls had been paid on them by
some persons without his knowledge, and that, by
the transfer executed by him in blank, and sub-
sequently filled up, the shares had been trans-
See ACCEPTANCE OF SHARE3.
ferred to one of the promoters. In re BRITISH
AND AMERICAN STEAM NAVIGATION COMPANY. AMALGAMATION OF COMPANIES - Assurance
WARD'S CASE
659 Association-Unregistered Company-Transfer—
635 Winding-up-Association not dissolved-Absence
of Novation-Liability of Association
holders to contribute.] The deed of settlement of
an insurance association, dated in 1856, contained
clauses empowering the directors, with the sanc-
tion of general meetings, to purchase shares on
behalf of the association; to dissolve the associa-
tion; and to transfer the business to any other
insurance company.-The association was never
registered; and, in 1858, it was resolved that the
business should be transferred to the A. company;
each proprietor in the association to have the
option, either of being repaid in money the amount
he had paid upon his association shares, or to
have A. company shares allotted to him in lieu of
his association shares.-The transfer having been
effected by deed, and the A. company and the
association being both afterwards in liquidation:
-Held, that a shareholder in the association, who
had for some of his association shares received 4.
company shares, and for others cash, was liable
to be retained on the list of contributories of the
association. In re BANK OF LONDON ASSURANCE
ASSOCIATION. PART'S CASE
622

ANNUITY Forfeiture of-Scotch sequestration
See FORFEITURE CLAUSE.
[604
ANNULLING REGISTRATION-Bankruptcy Act,
1861, 88. 192, 198-Deed of Arrangement-Un-
reasonable Amount of Composition-Laches.] A
creditors' deed, under the 192nd section of the
Bankruptcy Act, 1861, may be impeached for in-
adequacy of composition importing fraud.-Such
a deed, when registered, is in the nature of a re-
cord, and the Court has power to order the regis-
tration to be vacated.-Mere delay in applying to
set aside a creditors' deed for fraud, is in itself no
ground for refusing such an application, if the
position of the parties be not altered.-Ex parte
Savin (Law Rep. 1 Ch. 616) distinguished. Ex
parte WILLIAMS. In re PULLEN
57
ANTICIPATION-Restraint on

See RESTRAINT ON ANTICIPATION.

564

APPORTIONMENT-TENANT FOR LIFE AND
REMAINDERMAN-continued.

Tenant for Life and Remainderman-Apportion-
ment of Purchase-money-23 & 24 Vict. c. 124.]
Leaseholds under a Dean and Chapter, renewable
by custom, were held by trustees upon trust for a
tenant for life, with remainder over; and the
trustees were directed, "two years or sooner be-
rental into a fund until a sufficient sum was raised
fore the time for renewal,' to bring a part of the
for the renewal, "so that the estates may be
always kept renewed... for ever."
1865, and February, 1866, notices to treat for parts
In June,
of the leaseholds, then having about thirteen and
five years respectively to run, were given by a
railway company. At Lady Day, 1866, the Dean
and Chapter ceased to renew leases; and about
the same date their property was taken over by
the Ecclesiastical Commissioners.-The values of
the two properties having been assessed at
amounts which, when paid, and invested in £3
per Cent, stock, gave a diminished income to the
tenant for life:-Held, that the tenant for life was
not entitled to be recouped the deficiency of in-
come out of the corpus of the fun 1.-Morres v.
Hodges (27 Beav. 625) and Tardiff v. Robinson
(27 Beav. 629, n.) considered and distinguished.
In re WOOD'S ESTATE

-

572

APPLICATION OF RATES-Improvement Commis-
sioners-Costs of Promotion of Bill in Parliament
-Injunction] By a Local Improvement Act,
passed in 1854, Commissioners were incorporated,
and a district was defined; and the Commissioners
were empowered to cause to be paved, drained,
and otherwise improved, the town and township
comprised in the district, and to be the surveyors
of highways within the same, and keep the same
in repair; to "do all acts, matters, and things for
promoting the health, comfort, and convenience APPORTIONMENT WHEN NO DEATH-Change
of the inhabitants" of the district, which they of Interest without Death or Determination-4 & 5
might deem or consider necessary, and "for that Will. 4, c. 22, s. 2.] A settlor, by deed, assigned
purpose' to 66
exerc se all the powers vested in securities to trustees upon trust after his, the
them" by the Act and the Acts incorporated settlor's death, during the minority of A. to pay
therewith, amongst which were the Companies such portion of the income as they should think
Clauses Act, and parts of the Towns Improvement proper, for the maintenance and education of A.;
Clauses Act, 1847.-The Court granted an injunc- and when A. should have attained the age of
tion to restrain the Commissioners from applying twenty-one, and thenceforth until he should at-
any moneys produced by rates towards the pro- tain thirty, by and out of the income to pay to A.
motion of a bill in Parliament the object of which such annual sum as they should in their discretion
was to obtain an extension of their district. AT- think proper, not exceeding £5000, and accumu-
TORNEY-GENERAL v. WEST HARTLEPOOL IMPROVE- late the unapplied portion, and stand possessed of
MENT COMMISSIONERS
152 the accumulations upon the trusts thereinafter
APPOINTMENT BY WILL-Destination of Pro- declared concerning the fund; and upon further
perty ineffectually appointed.] C., by his will, trust, when and so soon as A. should have attained
bequeathed a leasehold estate called S. H., after thirty, to stand possessed of the funds and the
the death of his wife, upon the same trusts as his annual produce thereof, " upon trust that they
wife should declare with respect to the disposition and he shall pay unto and permit " A. "and his
of her residuary personal estate by her will; and assigns to receive and take the whole of the
in default of any disposition by his wife of her dividends, interest, and annual produce of the
residuary personal estate, or so far as the same (if same, during his life, for his and their own use
any) should not extend, upon other trusts.-C.'s and benefit," with limitations over. Upon A. at-
wife survived him, and by her will gave to S. and taining thirty-Held, that there must be an
R., whom she appointed her executors, "all her apportionment of the current dividends. DONALD-
property and estate known as S. H.,' in trust for SON v. DONALDSON
T. for life; and gave all her real and personal ASSIGNEE-Patent
estate to S. and R. upon trust for conversion, and
upon trust out of the proceeds to pay her debts,
funeral and testamentary expenses, and legacies;
and gave "the residue of her property," as to two
thirds, for charitable purposes :-Held, that the
S. H. estate was not by the will of the widow
converted into her own estate, and that, subject
to the life-interest of T., two thirds of it went to
the persons entitled under C.'s will in default of ASSIGNMENT FOR BENEFIT OF CREDITORS—
appointment. BRISTOW v. SKIRROW
1 Neglect of Creditor to sign-Accession by Acquies-
APPORTIONMENT-TENANT FOR LIFE AND cence.]
REMAINDERMAN-Lands Clauses Act, 8. 74- trustees for the benefit of his creditors in con-
A debtor executed an assignment to
Leaseholds under Dean and Chapter-Renewal sideration of their covenanting not to take any
Fund-Trustees-Ecclesiastical Commissioners-proceedings against him for three years, and it

See

-

635

-

509

OF

REGISTER OF PROPRIETORS
PATENTS.

ASSIGNMENT-Debenture

-

See ASSIGNMENT OF DEBENTURE.
For benefit of creditors

458

-

554

See ASSIGNMENT FOR BENEFIT OF CRE-

DITORS.

ASSIGNMENT FOR BENEFIT OF CREDITORS-
continued.

-

was provided that those creditors who should not
execute the deed within six months should be
excluded from the benefits conferred thereby.
One of the creditors neglected to sign the deed,
but acquiesced in it, and took no proceedings
against the debtor:-Held, that such creditor,
having treated the deed as valid, and acquiesced
in its provisions, was entitled to the benefits
conferred by it. In re BABER'S TRUSTS 554
ASSIGNMENT OF DEBENTURE — Company -
Set-off-Lien-Assignment subject to Equities
Release of Equities-Course of Conduct.] The
assignee of a chose in action takes it subject to
all equities available against the assignor; but
the person entitled to such equities may release
them, either expressly or by implication arising
from his course of conduct. The articles of asso-
ciation of a company provided that the company
should have a primary lien on the debentures of
any member of the company who might be either
absolutely or contingently indebted to the com-
pany for any amount or on any account, and that
the directors might, after any such debt became
absolutely payable, sell and transfer any de-
bentures of the member so indebted or liable.
The holder of certain debentures, who was also
a shareholder, transferred his debentures in
August, 1865, and the transferees were registered
as the proprietors of the debentures, and received
certificates to that effect from the company. In
1866 and 1867 calls were made on the shares
held by the transferor, which were unpaid. In
December, 1867, the company fell into difficulties,
and applied to the transferees of the debentures to
renew them for a period of three years:-Held,
that the company had precluded themselves by
their conduct from setting up their lien for un-
paid calls as against the transferees.-Higgs v,
Northern Assam Tea Company (Law Rep. 4 Ex.
387) followed and approved. In re NORTHERN
ASSAM TEA COMPANY. Ex parte UNIVERSAL LIFE

ASSURANCE COMPANY

-

458

BILL OF SALE-continued.

theatre, and was described in such bill of sale
simply as "Esquire":-Held, that the description
was insufficient, and the bill of sale, notwith-
standing registration, null and void against his
assignee in bankruptcy.-A bonâ fide assignee
for value under a bill of sale of household furni-
ture and effects, immediately sent a person into
the house to take and keep, and who took and
kept, possession; but the assignor down to the
date of his bankruptcy continued to live in the
house and use the furniture as before :-Held,
that the furniture and effects were in the posses-
sion or apparent possession of the bankrupt
within the meaning of the Bills of Sale Act.
Ex parte HOOMAN. In re VINING
BOND-Railways Abandonment Act-Application

of

See RAILWAYS ABANDONMENT ACT.

-

63

613

--

BORROWING POWERS-Company-Directors-
Power to charge Calls-Disposition of Property
after Commencement of Winding-up-Unlimited
Company-Insurance Company-Set-off of Debt
against Calls-Companies Act, 1862, ss. 101, 153.]
The deed of settlement of an insurance company
contained no express power of borrowing, but
empowered the directors to do and execute all
acts, deeds, and things necessary, or deemed by
them proper or expedient, for carrying on the
concerns and business of the company, and to do,
enforce, perform, and execute all acts and things
in relation to the company, and to bind the com-
pany, as if the same were done by the express
assent of the whole body of members thereof:-
Held, that the directors acted within their powers
in borrowing money from the bankers of the
company to meet pressing demands upon the
company, and charging the proceeds of a call
already made, but not immediately payable, with
the repayment of the loan; and that two of the
directors who had become sureties for the com-
pany, and had repaid the loan, were entitled to
the benefit of the charge on the call.-Between
the presentation of a petition to wind up an in-
surance company and the winding-up order, the
directors, being in negotiation for the transfer of
the company's business and liabilities to another
company, and being pressed by the company's
bankers for payment of their overdrawn account,
passed a resolution giving the bankers a charge
sentation of the petition, and gave their own
on the proceeds of calls made before the pre-
promissory note for the amount of the debt, as
sureties for the company :-Held, that the charge
on the calls, having, under the circumstances,
been given with the bona fide intention of pre-
See SEPARATE ESTATE, LIABILITY OF. venting the ruin of the company, ought to be
BILL OF SALE-Bills of Sale Act (17 & 18 Vict. confirmed by the Court in the exercise of the dis-
c. 36-Assignee in Bankruptcy and Assignee cretion given to it by the Companies Act, 1862,
under a Bill of Sale-Insufficiency of Descriptions. 153; and that the directors, having paid the
Possession or apparent Possession. The object of
the Bills of Sale Act (17 & 18 Vict. c. 36) is to
give, by means of registration, information to all
persons whom it may concern that a debtor, or a
person about to contract debts, has executed a
bill of sale and thereby deprived himself of a
portion of his property. Therefore, where at the
date of the execution and registration of the bill
of sale, the assignor was lessee and manager of a

BANKERS-Officers of company-Companies Act,
1862, s. 100
298

See MISCONDUCT OF DIRECTORS.
BANKRUPTCY-Execution creditor-Liquidation
by arrangement
419, 425, 432

See EXECUTION CREDITOR. 1-3.

Fraudulent preference-Bankruptcy Act,

1869

-

648

See FRAUDULENT PREFERENCE.
BILL OF EXCHANGE-By married woman living
as feme sole
88

debt of the bankers, were entitled to a lien on the
proceeds of the calls. A shareholder in an un-
limited company, which is being wound up by
the Court, may be allowed to set-off a debt due
to him from the company on an independent
contract, against calls made on his shares under
the winding-up, and this rule applies to an in-
surance company whose deed of settlement pro-
vides that the policies shall restrict the liability

See DEATH BEFORE “PAYABLE."
CHAMPERTY-Maintenance-Master and Servant

Clogstoun v. Walcott (13 Sim. 523), not fol- Jurisdiction of Court of Equity.] A secretary

Action against secretary-Maintenance by CONDITION—Legacy on condition of conveying

622 CONDITIONS OF SALE-Right to rescind contract
See RESCINDING CONTRACT.

[212
312, 381 CONFIRMATION OF SALES ACT (25 & 26 Vict.
c. 108)-Practice-Service of Petition.] A Peti-
tion under 25 & 26 Vict. c. 108, s. 2, by trustees
of settled land with power of sale, exerciseable
with the consent of the tenant for life, for leave
to sell the land and minerals separately, need