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The Court of Appeal

REPORTED BY
A. J. SPENCER, A. CORDERY, W. A. G. WOODS, W. E. GORDON,
W. HUSSEY GRIFFITH, AND J. RITCHIE,

BARRISTERS-AT-LAW.

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PUBLISHED FOR THE PROPRIETORS AT THE OFFICE OF
THE LAW JOURNAL REPORTS, 119 CHANCERY LANE, LONDON,

1906.

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HOUSE OF LORDS.
The Right Hon. Lord LOREBURN, Lord High Chancellor.
The Right Hon. the Earl of HALSBURY.
The Right Hon. Lord ASHBOURNE.
The Right Hon. Lord JAMES OF HEREFORD.
The Right Hon. Lord DUNEDIN.
The Right Hon. Lord LINDLEY.
The Right Hon. Lord MacNaGHTEN, G.C.M.G.
The Right Hon. Lord DAVEY

Lords of Appeal in Ordinary.
The Right Hon. Lord ROBERTSON
The Right Hon. Lord ATKINSON

Judges and retired Judges who are Peers.
MEMBERS OF THE JUDICIAL COMMITTEE OF THE PRIVY COUNCIL.
The Right Hon. Lord LOREBURN, Lord High Chancellor.
The Lords of Appeal under the Appellate Jurisdiction Acts, 1876 (39 & 40 Vict. c. 59), and 1887

(50 & 51 Vict. c. 70). The Judges of his Majesty's Court of Appeal. The Right Hon. Lord JAMES OF HEREFORD The Judicial Committee Act, 1833 (3 & 4 The Right Hon. Sir ANDREW RICHARD SCOBLE Will. 4. c. 41), s. l. The Right Hon. Sir ARTHUR Wilson {The Judicial Committee Act, 1833 (3 & 4 Will. 4.

c. 41), s. 30. The Right Hon. Sir SAMUEL JAMES WAY, Bart.

The Judicial Committee Amendment Act, The Right Hon. Sir HENRY DE VILLIERS The Right Hon. Sir HENRI ELZEAR TASCHEREAU

1895 (58 & 59 Vict. c. 44), s. 1. The Right Hon. Sir EDWARD FRY

Retired Lord Justice of Appeal. The Right Hon. Sir FORD NORTH

. Retired Judge of the Chancery Division.
HIS MAJESTY'S COURT OF APPEAL.
The Right Hon. Lord LOREBURN, Lord High Chancellor, President.
The Right Hon. Lord ALVERSTONE, G.C.M.G., Lord Chief Justice of England.
The Right Hon. Sir RICHARD HENN COLLINS, Master of the Rolls.
The Right Hon. Sir John GORELL BARNES (President of the Probate, Divorce, and Admiralty

Division.
The Right Hon. Sir ROLAND VAUGHAN, WILLIAMS
The Right Hon. Sir ROBERT ROMER, G.C.B.
The Right Hon. Sir JAMES STIRLING
The Right Hon. Sir HERBERT HARDY COZENS-HARDY Lords Justices of Appeal.
The Right Hon. Sir John FLETCHER MOULTON
The Right Hon. Sir GEORGE FARWELL
The Right Hon. Sir HENRY BURTON BUCKLEY

HIS MAJESTY'S HIGH COURT OF JUSTICE.

CHANCERY DIVISION.
The Right Hon. Lord LOREBURN, Lord High The Hon. Sir MATTHEW INGLE Jo'rce.
Chancellor, President.

The Hon. Sir CHARLES SWINFEN Eşdi.
The Right Hon. Sir ARTHUR KEKEWICH. The Hon. Sir Thomas ROLLS WARRINGTON:
The Hon. Sir GEORGE FARWELL.

The Hon. Sir RALPH NEVILLE.
The Hon. Sir HENRY BURTON BUCKLEY. The Hon. Sir ROBERT JOHN PARKER,

KING'S BENCH DIVISION.
The Right Hon. Lord ALVERSTONE, G.C.M.G., The Hon. Sir WALTER GEORGE: FRANK
Lord Chief Justice of England.

PHILLIMORE, Bart. The Hon. Sir WILLIAM GRANTIAM.

The Hon. Sir Thomas Townsend BTCKNILL. The Hon. Sir JOHN COMPTON LAWRANCE. The Hon. Sir JOSEPH WALTON. The Hon, Sir WILLIAM Rann KENNEDY, The Hon. Sir ARTHUR RI HARD JELF.,' The Hon. Sir EDWARD RIDLEY.

The Hon. Sir REGINALD MORE BRAY. The Hon. Sir John CHARLES BIGHAM.

The Hon. Sir ALFRED TRISTRAM LAWRENCE. The Hon. Sir CHARLES John DARLING.

The Hon. Sir HENRY SUTTON.
The Hon. Sir ARTHUR MOSELEY CHANNELL.

PROBATE, DIVORCE, AND ADMIRALTY DIVISION.
The Right Hon. Sir John GORELL BARNES, President.
The Hon. Sir HENRY BARGRAVE DEANE.
Sir John Lawson WALTON, K.C., Attorney-General,
Sir WILLIAM SNOWDON ROBSON, K.C., Solicitor-General,

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[IN THE HOUSE OF LORDS.] and burgesses of the borough of Ashton1905. 2 ASHTON Gas Co.

under Lyne and the corporation were Nov. 21. v. ATT.-Gen.*

plaintiffs and the present appellants were

defendants. Gas Company-Dividend-Maximum

The question was whether the maximum Rate Fixed by Statute · Payment of dividends to which the shareholders of Dividend Free of Income Tax-Income Tax Act, 1842 (5&6 Vict. c. 35), 88. 40, 54, special Acts regulating the company

the company were entitled under the and 60, Sched. (A), No. III. 3-Income

could properly be paid free of income tax Tax Act, 1853 (16 & 17 Vict. c. 34), 8. 40 or whether such dividends ought only to -Ashton Gas Act, 1877 (40 & 41 Vict.

be paid after deducting income tax thereC. clxxxvi.), 88. 16, 18, and 19.

from. The company was incorporated by Where a gas company is prohibited by

the Ashton Gas Act, 1847 (10 & 11 Vict. its special Act from paying a dividend in

c. cci.), for the purpose of supplying gas excess of a specified rate, it cannot pay

to the town of Ashton-under-Lyne and dividends at the maximum rate free of the neighbourhood, and was regulated by income tax. In calculating the maximum

the provisions of such Act as amended by dividend payable, income tax on the divi

the Ashton Gas Act, 1877 (40 & 41 Vict. dend must be included.

c. clxxxvi.). The 16th section of the Decision of the COURT OF APPEAL

Ashton Gas Act, 1877, was as follows: (73 L. J. Ch. 673; [1904] 2 Ch. 621) “16. Except as in this Act provided, affirmed.

the profits of the company to be divided among the shareholders in any year chall

not exceed the rate of ten pounds per Appeal from an order of the Court of

centum per annum (which rate is in this Appeal (Vaughan Williams, L.J., Romer,

Act referred to as the standard rate L.J., and Cozens-Hardy, L.J.) dated

of dividend ') on the ordinary share capital June 22, 1904, affirming an order made

or stock of the company authorised hy by Buckley, J., on January 26, 1904, in

Parliament and paid up." Sections 18 an action in which the Attorney-General

and 19 provided that if the clear profits" at the relation of the mayor, aldermen, of the undertaking in any year should

* Coram, The Lord Chancellor (Earl of Hals- amount to a larger sum, the excess might bury), Lord Robertson, and Cord Lindley. be invested and form an insurance fund, VOL. 70–Cuaxc.

B

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