23 Jul 1991
LEE CHAI CHEONG AND ANOTHER v. THE PRUDENTIAL ENTERPRISE LTD.
- Citation
- LEE CHAI CHEONG AND ANOTHER v. THE PRUDENTIAL ENTERPRISE LTD.
- Court
- Court of First Instance
- Case number
- HCA3850/1990
The court held Article 135 authorises the directors to retain dividends payable on the deceased's shares until the entitled person becomes a member or transfers; the board had validly and unanimously exercised that power by resolutions (supported by witness statements and minutes); the 13 May 1989 letter did not amount to a clear and unequivocal waiver of the retention power but rather indicated the directors would not take action to send a cheque at that time; accordingly the plaintiffs' claim failed.