Majority
THE MABOU COAL AND GYPsui Co.)
ON APPEAL FROM THE SUPREME COURT OF NOVA SCOTIA. JUSTICE.-A careful consideration of this case since the argument has led me to the conclusion that the judgment of the Supreme Court of Nova Scotia is right and ought not to be disturbed.
Judgment of the Court
By the 34th section of the Winding Up Act it is enacted that :- We have nothing before us to show that there was any continuance of powers to the directors in the present case.
It does not therefore appear that there was any fiduciary relationship subsisting between Mr. McKeen and the company or its shareholders when he became a purchaser at the sale which the order appealed from upholds. I can see no reason therefore why the sale should not be confirmed.
I have examined the note of the Alexandra Hall Co. case in the Weekly Notes (7) and although the report is certainly very meagre, yet it seems to be an authority for the decision now under appeal.
I do not write at greater length because I entirely agree in the judgment of Mr. Justice Townshend in which the case is fully and clearly treated.
The appeal must be dismissed with costs.