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Ramsgate Victoria Hotel v Montefiore (1866) Court of Exchequer
The plaintiff corporation was established on June 6, 1864. On 8 June, the defendant proposed to purchase 50 shares. On 23 November, the directors allocated the shares and communicated to the defendant their acceptance of his offer. The court determined that the defendant was not obligated to purchase the shares. The allocation must occur within a reasonable timeframe, and the period from June to November was deemed unreasonable.
The plaintiff corporation was established on June 6, 1864. On 8 June, the defendant proposed to purchase 50 shares. On 23 November, the directors allocated the shares and communicated to the defendant their acceptance of his offer. The court determined that the defendant was not obligated to purchase the shares. The allocation must occur within a reasonable timeframe, and the period from June to November was deemed unreasonable.
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