Pro-Image Studios v Commonwealth Bank of Australia
(1991) 4 ACSR 586(1991) 9 ACLC 671
Pro-Image Studios
v Commonwealth Bank of Australia
Judge:
Fullagar J
Judgment date: 24 April 1991
Melbourne
Order
Declare that upon the facts disclosed by the affidavit of Stephen John William Wilson sworn 18 February 1991 and the several exhibits thereto and by the affidavit of Roland Petrie Newman sworn 22 March 1991, an issue to the defendants of 92,684,398 fully paid ordinary shares of 50c each in the capital of the plaintiff company, for a consideration consisting of the release of the immediately enforceable debt amounting to $46,342,199 due to the defendants by the plaintiff, will not constitute an issue of shares at a discount within the meaning of the Corporations Law.
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