INTERNATIONAL MERCANTILE MARINE COMPANY v. OCEANIC STEAM NAVIGATION COMPANY AND OTHERS.

(1934) 49 Ll L Rep 113

CHANCERY DIVISION.

Before Mr. Justice Eve.

Companies - Injunction - Merger agreement between C and O companies as condition of Government assistance towards completion of vessel originally ordered by C company-Previous sale by plaintiffs to R company of whole of issued share capital of O company- Purchase by instalments - Shares vested in trustees-Power of sale in trustees in case of default by R company in payment of any instalment of purchase price of interest-Motion by plaintiffs for an injunction to restrain O company from acting upon the merger agreement-Locus standi of plaintiffs-Whether O company or its directors exceeded their powers.