Miller v Belmil Products Ltd and Another Re Belmil Products Ltd - [1976] 1 NZLR 311

Company law — Directors' remuneration in private company shown in annual balance sheet — Approval of annual balance sheet by shareholders not approval of directors' fees — Directors' fees and dividends credited to personal accounts of each director — Claim by director that she had never received payment of fees and dividends so credited from the company and requesting accounts be taken — Other director crediting directors' fees without fees being approved by shareholders exonerated by Court — Companies Act 1955, s 468.

Limitation of actions — When time begins to run — Money lent — Directors' fees and dividends credited by company to personal account of each director and shareholder in company's books — Open current accounts — Time not commencing until demand made.