The issue was whether a special resolution has been passed bona fide for the benefit of the company.
Held: The phrase, ‘the company as a whole,’ does not (at any rate in such a case as the present) mean the company as a commercial entity as distinct from the corporators. It means the corporators as a general body. That is to say, you may take the case of an individual hypothetical member and ask whether what is proposed is, in the honest opinion of those who voted in its favour, for that person’s benefit.’
Sir Raymond Evershed MR
[1951] Ch 286
England and Wales
Cited by:
Cited – Redwood Master Fund Ltd and Others v TD Bank Europe Ltd and Others ChD 11-Dec-2002
The claimants were a minority of a lending syndicate. A change to the terms of the syndication agreement had been proposed which they considered would prejudice them. Risks of the loan arrangement would be transferred to them.
Held: The change . .
These lists may be incomplete.
Updated: 16 June 2021; Ref: scu.181243
