[See  BoRROwiNO  Powers,  Call,  Con-
tributory, Cost  Book,  Directors,
Lands  Clauses  Act,  Railway,
Shares,  Shareholders,  Ultra  Vires,

WiNDINO-UP.]

1.  Four  projectors  of  a  public  company,
obtained  a  charter,  by  which  they  and  all
persons  who  might  become  subscribers
were  incorporated.  The  capital  was  de-
clared to  be  20,000/.,  which  was  to  be
divided  into  400  shares.  Before  any  other
subscribers  had  joined,  the  four  pro-
jectors, of  common  assent,  divided  thtf
400  shares  amongst  themselves,  account-
ing to  the  corporation  (as  was  alleged)
for  12,000/.  and  not  20,000/.  They  after-
wards disposed  of  the  shares.  A  bill
being  subsequently  filed  by  the  corpora-
tion against  the  projectors,  impeaching
the  transaction,  and  to  compel  them  to
pay  the  full  consideration.  Held,  that
though  at  the  time  they  were  the  only
persons  interested  in  the  company,  yet  it
was  not  competent  for  them  to  take  the
shares  without  paying  the  full  considera-
tion. Society  of  Practical  Knowledge  v.
Abbott,  vol.  2,  p.  569

2.  On  a  bill  by  an  incorporated  company
against  the  four  projectors  of  it,  to  com-
pel them  to  account  to  the  company  for
the  value  of  shares  which  they  had  ap-
propriated to  themselves,  without,  as
was  alleged,  having  paid  the  full  con-
sideration: Held,  that  the  individoal
shareholders  need  not  be  made  parties.
Ibid.
8.  Distinction  between  a  corporation  and
the  aggregate  of  the  members  forming
such  corporation.    Ibid,


GENERAL  INDEX.
97


4.  Provistoiml  directors  of  t  company  held,
under  the  circumstances,  empowered  to
make  a  call,  in  the  interval  between  the
gfrant  of  a  charter  and  the  execution  of
the  deed  of  settlement  as  required
jihereby,  and  under  which  a  board  of
directors  was  to  be  elected.  Norman  ▼.
