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

BARRISTERS-AT-LAW.

LELAND STANFORD
NIVERSITY
LIBRARY

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[CONTEMPORARY WITH LAW REP. [1906] 1 & 2 CH.; AND LAW REP. [1906] A.C.

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

The Right Hon. Lord ROBERTSON

The Right Hon. Lord ATKINSON

Lords of Appeal in Ordinary.

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 Right Hon. Sir ANDREW RICHARD SCOBLE

The Judicial Committee Act, 1833 (3 & 4
Will. 4. c. 41), s. 1.

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 Right Hon. Sir HENRY DE VILLIERS
The Right Hon. Sir HENRI ELZEAR TASCHEREAU
The Right Hon. Sir EDWARD FRY
The Right Hon. Sir FORD NORTH

The Judicial Committee Amendment Act,
1895 (58 & 59 Vict. c. 44), s. 1.
Retired Lord Justice of Appeal.
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

LIBRAR

HIS MAJESTY'S HIGH COURT OF JUSTICE.
CHANCERY DIVISION.

The Right Hon. Lord LOREBURN, Lord High
Chancellor, President.

The Right Hon. Sir ARTHUR KEKEWICH.
The Hon. Sir GEORGE FARWELL.

The Hon. Sir HENRY BURTON BUCKLEY.

The Hon. Sir MATTHEW INGLE JOYCE.
The Hon. Sir CHARLES SWINFEN Eady. **)
The Hon. Sir THOMAS ROLLS WARRINGTON
The Hon. Sir RALPH NEVILLE.
The Hon. Sir ROBERT JOHN PARKER,

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Payment of

Gas Company-Dividend-Maximum Rate Fixed by Statute Dividend Free of Income Tax-Income Tax Act, 1842 (5 & 6 Vict. c. 35), 88. 40, 54, and 60, Sched. (A), No. III. 3-Income Tax Act, 1853 (16 & 17 Vict. c. 34), s. 40 -Ashton Gas Act, 1877 (40 & 41 Vict. c. clxxxvi.), ss. 16, 18, and 19.

Where a gas company is prohibited by its special Act from paying a dividend in excess of a specified rate, it cannot pay dividends at the maximum rate free of income tax. In calculating the maximum dividend payable, income tax on the dividend must be included.

Decision of the COURT OF APPEAL (73 L. J. Ch. 673; [1904] 2 Ch. 621) affirmed.

Appeal from an order of the Court of Appeal (Vaughan Williams, L.J., Romer, L.J., and Cozens-Hardy, L.J.) dated June 22, 1904, affirming an order made by Buckley, J., on January 26, 1904, in an action in which the Attorney-General at the relation of the mayor, aldermen,

* Coram, The Lord Chancellor (Earl of Halsbury), Lord Robertson, and Lord Lindley. VOL. 75-CHANC.

and burgesses of the borough of Ashtonunder Lyne and the corporation were plaintiffs and the present appellants were defendants.

The question was whether the maximum dividends to which the shareholders of special Acts regulating the company the company were entitled under the could properly be paid free of income tax or whether such dividends ought only to be paid after deducting income tax therefrom. The company was incorporated by the Ashton Gas Act, 1847 (10 & 11 Vict. c. cci.), for the purpose of supplying gas to the town of Ashton-under-Lyne and the provisions of such Act as amended by the neighbourhood, and was regulated by the Ashton Gas Act, 1877 (40 & 41 Vict. c. clxxxvi.). The 16th section of the Ashton Gas Act, 1877, was as follows: "16. Except as in this Act provided, the profits of the company to be divided among the shareholders in any year shall not exceed the rate of ten pounds per centum per annum (which rate is in this Act referred to as 'the standard rate of dividend') on the ordinary share capital or stock of the company authorised by Parliament and paid up." Sections 18 and 19 provided that if the "clear profits of the undertaking in any year should amount to a larger sum, the excess might be invested and form an insurance fund,

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