Mills v Mills [1938] 60 CLR 150
Judgement for the case Mills v Mills
Table Of Contents
Directors voted to pay out profits of a company in form of bonus shares to ordinary shareholders (instead of dividends). As result, voting power of preference shareholders was severely diminished.
Claimant, who had preference shares, sued for breach of duty.
Held
Where directors allot shares, is impractical to look at whether power was exercised for benefit of company.
Rather test for proper purposes is one of fairness as between individual shareholders.
For Further Study on Mills v Mills
Company law notes fully updated for recent exams in the UK. These notes...
Need instant answers? Our AI exam tutor is here to help.
Ask questions 🙋 Get answers 📔 It's simple 👁️👄👁️
Our AI is educated by the highest scoring students across all subjects and schools. Join hundreds of your peers today.
Get StartedSimilar Cases
Related Product Samples
These product samples contain the same concepts we cover in this case.
| Company law | Minority Rights And Remedies Cases (9 pages) |
Company law notes fully updated for recent exams in the UK. These notes...
Since 2010, Oxbridge Notes has been a trusted education marketplace, supplying high-quality materials from top achievers at universities like Oxford, Cambridge, LSE, Harvard, and Yale.