A. the view that the Court was justified on the evidence and course
of proceedings before the magistrate in inferring that proper notice was given. In any view there is no ground for granting special leave to appeal.
BARTON J., O'CONNOR J., and ISAACS J. concurred.
Special leave refused. Solicitor, for applicant, A. H. Pace, for W. J. Vowles, Dalby, Queensland.
[HIGH COURT OF AUSTRALIA.]
THE WHEAL ELLEN GOLD MINING
COMPANY, NO LIABILITY READ Company-Promoter - who is-Secret profits-Amount recoverable.
One who brings a company into existence by taking an active part in form- MELBOURNE,
ing it or in procuring persons to join it as soon as it is technically formed is Sept. 4, 5, 7,
a promoter of the company.
In an action by a mining company against the defendant to recover the profit made by him as a promoter of the company, which profit had not been disclosed to the directors or to the shareholders,
Held that, on the evidence, the defendant was a promoter, and that the company was entitled to recover from him his net gain from the transaction as a whole, including the value when issued of shares in the company issued to him which had become worthless, but not including money paid, and shares issued, to him, and paid and transferred by him to others for services rendered him in the formation of the company.