ETHELBURGA (W.A.) LTD. vs. LUTTERODT

JUDGMENT OF OLLENNU J. The plaintiffs claim a declaration that they are owners of 2,000 shares held by the defendant in the Coconut Palm Ltd., and that defendant is a trustee holding the said shares in trust for them; they also claim an order for transfer of the said shares to them. Their case is that the Coconut Palm Ltd. was incorporated and established with moneys provided by them, and was managed by them as their property up to some time in July, 1961, the date of the incidents which culminated in the present suit. The defendant on the contrary contended that he holds the said shares in his own right as the beneficial owner thereof, that he appointed the plaintiffs managers of the Coconut Palm Ltd., of which he is the chairman and majority shareholder, and further that he has since July, 1961, terminated the appointment of the plaintiff-company as managers of the said Coconut Palm Ltd. The evidence in the case has been rather lengthy due firstly to the fact that ...