McDonald v Wairakei Ltd - [1924] NZLR 201

Company Law — Application for Shares subject to the Condition that 40,000 Share should be applied for — Application-moneys for certain Shares paid by Cheque subsequently dishonoured — Applications for Shares thereby reduced below 40,000 — Whether Applications such as to enable Directors lawfully to make Allotments thereon — Delay by Applicant in repudiating Contract to take Shares — Payment of Balance due on Shares — Continuing in Office of Director — Election to retain Shares — Companies Act, 1908, s, 95 (4).