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Facts –
A testator empowered the trustees of his will to invest moneys in the parliamentary stocks or public funds or in Government securities of Great Britain or India or any British colony or dependency or any foreign country or State, or upon freehold, copyhold, leasehold or chattel real securities in Great Britain……….or in the stocks, funds and securities (not payable to bearer) of any corporation or company, municipal, commercial or otherwise
Issue –
Whether trustees can invest money in the stocks, funds or securities of
- any corporation or company formed or registered in the United Kingdom, but carrying on business abroad, and
- any corporation or company formed or registered outside the United Kingdom.
Held –
According to BUCKLEY J. no reason occurs, why a corporation or company formed or registered in the United Kingdom should not be within the words “any corporation or company, municipal, commercial or otherwise,” merely because it carries on its business abroad.
The word ‘company’ has no strictly technical meaning. It involves two ideas–namely, first that the association is of persons so-numerous as not to be aptly described as a firm; and secondly, that the consent of all the other members is not required to the transfer of a. member’s interest.The words “corporation or company” here means, an incorporated body or an unincorporated body which is “municipal, commercial or otherwise,” and which is of such a kind as not to be what is commonly called “a firm.”
Therefore, that the trustees are at liberty to invest in the stocks, funds and securities (not payable to bearer) of any corporation or company, notwithstanding the fact that it is not formed or registered in the United Kingdom.
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