High Court of Australia
ea
H. C. or A. 1916. eS:
Metuourys,
Sept. 12, 13, 14, 15, 18; Oct. 13.
Griffith C.J., Barton, Tsaacs,
Gavan Duffy
and Rich JJ.
Foll faxation, 'isher ia, ERY
HIGH COURT
{HIGH COURT OF AUSTRALIA.]
KNOWLES anal locgteal ia eer ane ee APPELLANT DerenDant,
AND
BALLARAT TRUSTEES, EXECUTORS AND | AGENCY COMPANY LIMITED AND - Responpent: OTHERS |
PuaintirFs AND DEFENDANTS,
HASLEM . és é i " " z s APPELLA Drrenpant, >
AND
BALLARAT TRUSTEES, EXECUTORS AND AGENCY COMPANY LIMITED AND | Responpe OTHERS
PLAINTIFFS AND DEFENDANTS,
ON APPEAL FROM THE SUPREME COURT OF VICTORIA.
Will—Tenant for life and remainderman—Shares in company—Dividend—Accumu- lated profits—Distribution of assets—Income or capital. :
For the purpose of determining the rights of life tenants and remaindermen entitled under a will respectively to the income and capital of shares in a com- pany which has power to increase its share capital, the term capital is not necessarily limited to sums of money appropriated by the company out of its _ accumulated profits to an increase of its share capital and in that form dis- — tributed among the members, but may also include payments of cash made by the company out of such profits to its members if such payments are in fact intended to be a distribution of capital as distinguished from dividends.
22 C.L.R.] OF AUSTRALIA. 213
So held, by Griffith C.J. and Barton, Gavan Duffy and Rich JJ. (Isaacs J. H.C. oF A.
dissenting). 1916. w Bouch v. Sproule, 12 App. Cas., 385, discussed and distinguished. aoe ap Haste 'A company which had power to increase its share capital in addition to 5 paying a "dividend" and a "bonus," made a distribution in cash out of its BALLarar 'TRUSTEES,
accumulated profits among its members equal in amount to the amount paid pByecurors
up on the shares, and purported to do so by way of " distribution of assets." snp AGENCY Co. Lap. Held, by Griffith C.J. and Barton, Gavan Duffy and Rich JJ. (Isaacs J. dis»
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