1 Nov 2017
PEREGRINE ESTATE LIMITED v HAY AND KIM EDWARD HOLLOWS AS TRUSTEES OF THE GREG HAY FAMILY TRUST [2017] NZCA 496
- Citation
- [2017] NZCA 496
- Court
- Court of Appeal
The Court held the expert's valuation was made within the express mandate of the company's constitution and was not invalid; implying a general judicial rationality constraint into the contract was unnecessary and contrary to the constitution's objective of finality; taking legal advice did not constitute impermissible delegation; any s 149 claim would be against the director and cannot be set off against the trustees' claim for the purchase price; summary judgment against Peregrine was correct and the appeal was dismissed.