Industrial Equity Ltd v Blackburn

[1977] HCA 59

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(Judgment by: Murphy J)

Industrial Equity Ltd
vBlackburn

Court:

Judges: Stephen J
Mason J
Jacobs J

Murphy JAickin J

Subject References:
Companies
Dividends
Interim dividend
Capitalized profits
Date of declaration of dividend
Date of payment of dividend
Dividend not payable except out of profits
Group accounts
Profits insufficient
Whether distribution valid
(NSW) Companies Act 1961 as amended, s 376

Legislative References:
Companies Act 1961 (NSW) - s 376(1); article 129
Companies Act 1896 (Vic) - s 48

Case References:
Ammonia Soda Company Ltd v Chamberlain - [1918] 1 Ch 266
Burnes v Pennell - (1849) 2 HLC 497
Dovey v Cory - [1901] AC 477
Lee v Lee's Air Farming Ltd - [1961] AC 12
Lee v Neuchatel Asphalte Company - (1889) 41 Ch D 1
Potel v Inland Revenue Commissioners - [1971] 2 All ER 504
Re National Bank of Wales Ltd - [1899] 2 Ch 629
Re National Funds Assurance Company - (1878) 10 Ch D 118
Re Severn and Wye and Severn Bridge Railway Company - [1896] 1 Ch 559
Salomon v Salomon & Co Ltd - [1897] AC 22
Trevor v Whitworth - (1887) 12 App Cas 409
Verner v General and Commercial Investment Trust - [1894] 2 Ch 239
Walker v Wimborne - (1976) 50 ALJR 446

Hearing date: 22 August 1977
Judgment date: 15 November 1977

Sydney

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Judgment by:
Murphy J

The appeal should be dismissed for the reasons given by Mr Justice Mason.