Chancery Division; Court of Appeal.

Stirling J; Lord Hasbury, Lindley and Rigby L JJ.

7 August 1894; 13 November 1894.

  A reference to value in relation to shares is the price that would be fetched by the sale of the shares; it is not the nominal value of those shares.

  In our second share valuation case from the 19th century, the Court of Appeal was required to consider the relationship between value as expressed in a contract and the par value of shares in a limited liability company.

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