Wairakei Ltd v Cleave - [1925] NZLR 624

Company — Application-moneys due on Bankrupt Allottee's Shares paid by Promoter — Trustee for Promoter substituted on Register as Owner of Shares in lieu of Bankrupt — Acquiescence of Official Assignee — Repayment of Application-moneys to Promoter out of Moneys paid on Shares subsequently transferred to Applicants by Trustee — Whether Moneys so paid recoverable by Company — Satisfaction of Applications for Shares by Transfers (with Sanction of Directors) of Promoter-director's Shares — Whether Company entitled to set Transfers aside and recover Moneys received therefrom by Promoter-director — Jurisdiction of Court to order Rectification of Register on Application of Company only by substituting Promoter-director's Name in place of Names of Purchasers from him — Commission on Sale of Shares paid by Directors to Promoter-director in respect of Shares allotted before Passing of Resolution authorizing Commission on Sales of Shares — Payment ultra vires of Directors — Companies Act, 1908, s 57, Table A, Article 5.