AUSTRALIAN INVESTMENT TRUST LTD. V. WOOLWORTHS LTD 3/1934

Ci

Ti

Rustic lvestment Teusr ivi y

WeoLwoaes Lier

'

° y

aa ~ 7

Nt

AUSTRALIAN | INVUST RENT TRUST Livit

v

WOOLWORTHS LT9,

a

QO RD # R. Decree of Supreme Court varied as follows :-

Omit so much thereof as orders that the suit be dismissed unless the plaintiff is prepared to accept the offer of the defendant to _ execute a charge over the shares held by the defendant in the com< pany Strand and Pitt Street Properties Ltd., containing a covenant in the form referred to in the judgment delivered on 15th December 1933 by Harvey C.J. in Eq. and as orders that, the plaintiff being prepared to accept the said offer, the defendant do execute suc! charge, .

If within one month the plaintiff by notice in writing served upon the defendant's solicitors and filed in the Registry at Sydney elects to accept such relief, substitute a declaration that the Plaintiff is entitled to require from the defendant an instrument duly executed by the defendant whereby the defendant's shares in Strand and Pitt Street Properties Ltd., being 25,000 shares of £1 each, are charged with the repayment to the plaintiff without interest of all moneys paid by the plaintiff in respect of the sald shares to the said Strand & Pitt Street Properties Ltd., and whereby the defendant covenants with the plaintiff that if within a "reasonable time a buyer is found by or on behalf of the plaintiff able and willing to buy at a price equal to the face value thereof the defendant's shares in the plaintiff company, being 25,000 shares of £1 each, the defendant will thereupon sell and transfer its said shares in the plaintiff company to such buyer and upon payment of the price will pay to the plaintiff without interest the moneys aforesaid, subject to a protteo that if the plaintiff is willing to accept a less sum in dischargd of the defentiant's liability under such covenant and procures a buyer able and willing to buy auch shares at a price equal to such less sum, the plaintiff may require the defendant to sell the same to the said buyer for such price and to pay the net proceeds ofthe sale to the plaintiff in full satisfaction of the defendant's liability uhder the covenant so that the plaintiff must depend exclusively upon the charge for the