ABSTRACT
This was a motion by the Plaintiff William Davison, suing on behalf of himself and all other shareholders of the London Tramways Company, Limited, and the company, for an injunction to restrain the Defendants, the directors of the company, from applying any part of the assets of the company which represented capital, or ought to be retained to represent capital, in the payment of dividends on the shares in the company, and from submitting to the shareholders any resolution to confirm or permit the payment of dividends out of capital, or summoning any meeting for the purpose of authorizing payment of dividends, without first fully and properly disclosing to all the members of the company the true state of the capital and other accounts of the company, and without disclosing the fact that no dividends could be paid except out of assets which ought to be retained to represent capital….
