RAMSGATE VICTORIA HOTEL LTD v MONTEFIORE (1865-66) - TERMINATION OF OFFER: Lapse

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'An offer may lapse after a specified period or on the occurrence of a specified condition. If none, after a reasonable time.'

The defendant in one of the above actions for non-acceptance of shares, applied for shares on June 8, but no allotment was made till Nov. 23. On Nov. 8, he withdrew his application.

The facts in the other action were the same, except that the defendant had never withdrawn his application:-

Held, that the allotment must be made within a reasonable time, that it was not so made, and, therefore, that neither defendant was bound to accept the shares allotted.

THESE were actions for non-acceptance of shares, and for calls, and cross-actions for recovery of deposit, and for damages for not duly allotting shares, turned into a special case.

The company was completely registered 6th June, 1864. By the 2nd article of association it was provided that the company should continue incorporated, notwithstanding that the whole number of shares in the company might not be subscribed for or issued, and might commence and carry on business when, in the judgment of the board…

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