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Australia Leading Case uncategorized

Ngurli Ltd v McCann

[1953] HCA 39; (1953) 90 CLR 425
JurisdictionAustralia
CourtHigh Court of Australia
Year1953
StatusBinding authority

Key Principle

The directors' power to issue new shares is a fiduciary power that must be exercised bona fide to raise capital for the company and not to benefit some shareholders at the expense of others or to shift or entrench control.

Area of Law

c

Related Cases

Miller v The Queen [2016] HCA 30; (2016) 259 CLR 380 (Miller v The Queen; Smith v The Queen; Presley v DPP (SA))
Vines v ASIC [2007] NSWCA 75; (2007) 73 NSWLR 451
Ringrow Pty Ltd v BP Australia Pty Ltd [2005] HCA 71; (2005) 224 CLR 656

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