Search - consideration

The maximum consideration for which the common shares could be issued was fixed at $15,000 subject to variations in the manner prescribed in the letters patent. ... Of the 100,000 authorized preference shares of the par value of $1 each, 30, 000 were issued, 10,000 to each one of the Hollingsworth brothers in consideration of the $30,000 which they had advanced to the appellant. ... In consideration of the aforesaid transfer of shares the Manager hereby covenants and agrees that the 30,000 5% non-cumula- tive redeemable preference shares of the par value of $1.00 each in the capital stock of the company now held by the owners shall be redeemed in full before any dividends are ever paid on the common shares without nominal or par value now held by the Owners and the Manager and before any increase in the present salary of SIX HUNDRED DOLLARS ($600.00) per month now being paid to the Manager other than the ten per cent bonus now paid to the Manager when the net profit before taxes exceeds $25,000.00. ...

In the re-assessments now under consideration, the Minister wholly disallowed the deductions claimed on the ground that the respondent did not have a permanent establishment in the province of Quebec in any of the taxation years in question. ... In my opinion, the respondent did not have a branch, office, agency or other fixed place of business (excluding for the moment consideration of the word ‘‘warehouse’’) in the province for any of the years in question. ... The same considerations, which shew that the office is not their office, go to shew that they do not carry on business in London. ...

The consideration to be paid for this grant, as set out in the sublease, consisted of (a) a payment of $100,000 per year, (b) the sublessee’s share of the duties payable under the Quebec Mining Act, and “(c) An overriding royalty on all iron ore and specialties shipped by the Sublessee under this Sublease from any mines upon the described lands (except iron ore and specialties shipped for the account of the Sublessor) and sold and delivered each year by the Sublessee, of seven per cent of the then competitive market price f.o.b. vessels at Seven Islands, Quebec (determined as provided in Section 2 of the Mutual Covenants of this Sublease) for each grade and kind of such iron ore and specialties, which the Sublessee binds itself to pay to the Sublessor during the term hereof; provided however, that, in the event seven per cent of such competitive market price for any grade or kind of such iron ore or specialties shall be less than twenty-five cents a ton, then the overriding royalty on such iron ore and specialties shall be twenty-five cents a ton.” ... In December, 1949, Iron Ore Company of Canada had entered into a contract with Hollinger-Hanna Limited by which the latter for consideration undertook to provide management services and supervision of the operations and properties of Iron Ore Company of Canada and in June, 1954, the appellant made a similar contract with Hollinger-Hanna Limited for the management by it of the appellant’s iron ore operations and properties. In March, 1955, the appellant made a further contract with Iron Ore Company of Canada whereby the latter undertook for certain consideration to mine for the appellant iron ore from the appellant’s remaining portion or proportion of the iron ore on the tract of land. ...

It is unnecessary to consider all the implications of that decision, but, so far as the point under consideration is concerned, I agree so unreservedly with the reasoning of Luxmoore, J., where he is dealing with comparable provisions of the Imperial Finance Act, 1894, that I transcribe the relevant paragraph which appears at pp. 807-8 of the report: ‘It is argued that the power in the present case is a limited power and does not authorize the donee to appoint or dispose of the property subject to it as he thinks fit. ... At page 116, he also said: ‘* Aussi bien et en tout respect pour les tenants de l’opinion contraire, je suis d’avis que si l’on écarte de la considération l’existence du DEED oF DECLARATION and ACCEPTANCE,—comme l’ont fait les intimés pour les fins de ces articles de la loi fédérale, il y a eu, au décès de Madame Smith, une succession venant d’elle en ce qui concerne les biens qui lui furent légués par son époux.’’ ... Whilst the considerations mentioned may go so far as to suggest that the testator thought it unlikely that his widow would, by the time of her death, have disposed of the whole of the residue of his estate, I do not think they indicate that he intended that she should not have power to do so, and even if they tend to suggest that conclusion, in my opinion, they cannot prevail over the express wording of the seventh clause of the will. ...

A consideration of the whole of the evidence and particularly that relating to the Great Plains option, the Trident offer which the Syndicate was prepared to accept if Diamond had not exercised his prior rights in regard thereto, and the several contracts entered into with Diamond, leads me to the conclusion that almost from the time the leases were acquired, the Syndicate was prepared to dispose of some or all of the leases by sale. ... Taylor, [1956] C.T.C. 189 at 212, where he stated: ‘ The considerations prompting the transaction may be of such a business nature as to invest it with the character of an adventure in the nature of trade even without any intention of making a profit on the sale of the purchased commodity. ... It is what he did that must be considered and his declaration that he did not intend to make a profit may be overborne by other considerations of a business or trading nature motivating the transaction.’’ ...

Counsel for the respondent considered that, among the 31 mortgages with which we are concerned, the maturity date of ten of them was five years, and this statement gives rise to the aforementioned instance which I think calls for some detailed consideration and consequent modification. ... I now pass on to consideration of the evidence given by the two witnesses heard on behalf of the appellant. ... MacLeod’s testimony, particularly on cross-examination in respect of investment practice, indicates that individuals in need of money frequently borrowed on 2nd mortgages, it does not throw any light on what was the status or business of the grantors of the mortgages concerned, or whether it was customary for such individuals not publicly engaged in the business of lending to deal in them to the extent to which the respondent did, nor does it take into consideration the respondent’s even more speculative dealings in chattel mortgages. ...

The purchase price of the aforesaid properties is described in the deed as follows: “The present Sale has been thus made for the sum of ONE DOLLAR ($1.00) and other goods and valuable considerations which the Vendor acknowledges to have received from the Purchasers to her satisfaction, whereof quit for so much. And for the further consideration of the payment by the Purchasers to the Vendor in the proportion of their respective shares hereinabove mentioned, the sum of ONE HUNDRED and ONE THOUSAND Four HUNDRED and Fifty-seven DOLLARS AND THIRTY-THREE Cents ($101,457.33) the whole without interest, as follows: (a) The sum of THIRTEEN THOUSAND Two HUNDRED and TWENTY-EIGHT DOLLARS and Sixty-six CENTS ($13,228.66) on the Nineteenth day of November Nineteen hundred and fifty-four; and (b) The sum of Eighty-eight THOUSAND Two HUNDRED AND TWENTY-EIGHT DOLLARS and SIXTY—SIX CENTS ($88,228.66) on the Nineteenth day of November Nineteen hundred and fifty-eight.” ... The Secretary-Treasurer was directed to advise the applicants that the Mayor and Aldermen are interested in their proposal to build and will give the matter their careful consideration and that in the meantime the Town’s Consulting Engineer has been instructed to prepare estimates of the probable cost of extending the sewer on Guelph Road with a view to providing services in the part of Lot 93 referred to. ...

In making the re-assessment the Minister added to the revenue declared in the return an amount of $25,650 in respect of what was referred to as ‘‘additional consideration on sale to Ridge Realty Limited not recorded’’ and assessed tax accordingly. ... By an indenture dated September 20, 1956, in which it is recited that the respondent is the company referred to as the ‘‘company to be incorporated” in the agreement between Islington Park Limited and ‘‘Juliana Allonsius (Trustee for a company to be incorporated)”, the latter, as assignor, ‘‘in consideration of the premises’’ and of $5.00 assigned to the respondent all her interest in the lands described in the agreement to hold the same subject to the terms of the agreement and the covenants and conditions therein. ... In this as well it did not succeed at first but ultimately, by an indenture dated October 7, 1957 and made between the respondent of the first part, Ridge Realty Limited of the second part and Evans and Howard of the third part, the respondent assigned to Ridge Realty Limited all its interest in the lands described in the Islington Park agreement together with all its interest in or under the agreement, in consideration of $125,000 to be paid by Ridge Realty Limited to Evans and Howard at the rate of $5,000 an acre on the sale, transfer or con- veyance by Ridge Realty Limited of any of a certain portion of the lands, such payment to be secured in the meantime by a vendor’s lien on that portion of the property in favour of the respondent and in favour of Evans and Howard. ...

I am consequently of the opinion that any further consideration of the revenues derived from the surplus milk plant operations can be eliminated. ... Lowe as membership fees and called a commission in clause 6 of the membership contract (Ex. 2), “(6) In consideration of the services to be rendered by it as herein provided, the Member agrees to pay to the Association a commission, either directly or through others, on all milk shipped by him to any market within the scope of this agreement.” ... This is immaterial since in any event it was this sum that constituted the consideration for which the Association rendered services to its members, as previously described. ...

The Deputy Minister of National Revenue on March 2, 1955 (Exhibit E) acknowledged the February 14, 1955, letter from the claimant’s solicitor, advised (a) that on the basis of the evidence before the Department there was no authority under the Excise Act whereby the truck could be released; (b) that special consideration as an act of executive clemency could hardly be expected in view of the attempt of Carl Zarowney and Kluk to destroy the evidence and their refusal to give any information as to the source of the alcohol; (c) that in view of the claim under Section 115 the Department would be obliged to refer the matter to the Department of Justice with a request that it be brought before the Exchequer Court and a judgment of forfeiture sought; and (d) that substantial costs would be awarded against the claimant if the judgment was unfavourable to him and so to allow further time for consideration no reference to the Department of Justice would be made until April 2, 1955. ... While the condemnation may be a great hardship to the claimant, the way is open to him to apply for consideration under Section 22 of the Financial Administration Act, chapter 116, R.S. 1952. ...