Central Piggery Co Ltd v McNicoll [1949] HCA 19

Central Piggery Co Ltd v McNicoll [1949] HCA 19

Because McNicoll and Hurst had not received communication of acceptance and were not complete masters of the shares before entering the company's service, the shares were not issued until after they became employees. Section 4 applied to the whole process of issuing shares, so completing that process without industrial court consent transgressed the statute and the appeals were dismissed.

Jurisdiction
Australia
Procedural Posture
Appeals Concerning Applications for Rectification of the Share Register / High Court Appeals
Outcome
Appeals dismissed with costs.
Legal Topics
['issue of Shares' 'allotment of Shares' 'employees Acquiring Company Shares' 'industrial Court Consent' 'rectification of Share Register']
['corporations Law' 'industrial Law' 'statutory Interpretation'] ['issue of Shares' 'allotment of Shares' 'employees Acquiring Company Shares' 'industrial Court Consent' 'rectification of Share Register']

Case Brief

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Procedural Posture

Appeals Concerning Applications for Rectification of the Share Register / High Court Appeals

Legal Issues

  1. 1 ['Whether s. 4 of The Industrial Conciliation and Arbitration Acts 1932 to 1947 prohibited the company from completing the issue of shares to persons who applied for and were allotted shares before becoming employees but received notification after becoming employees.' 'Whether the phrase "proceed to the issue" in s. 4 refers only to the initial step towards issuing shares or to the whole process ending in issue.']

Ratio Decidendi

Because McNicoll and Hurst had not received communication of acceptance and were not complete masters of the shares before entering the company's service, the shares were not issued until after they became employees. Section 4 applied to the whole process of issuing shares, so completing that process without industrial court consent transgressed the statute and the appeals were dismissed.

Court Disposition

Appeals dismissed with costs.

Orders

  • ['Appeals dismissed with costs.']