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(Ante, vol. xxviii. p. 828, July 14, 1891, 18 R. p. 1140; vol. xxx. p. 140, 20 R. (H. of L.) p. 7, November 29, 1892).
Subject_1 Company Subject_2 Preliminary Expenses Subject_3 Cost of Procuring Act Subject_4 Professional Services of Promoters — Remuneration — Edinburgh Northern Tramways Act 1884, sec. 78. Facts: It was provided by the 78th section of Edinburgh Northern Tramways Act of 1884 that “the company shall pay all costs, charges, and expenses of and incident to the preparing for, obtaining, and passing of this Act, or otherwise in relation thereto.”
Held that the promoters of the company were not in a fiduciary relation to the company so as to bar them from receiving remuneration for professional services as law agent and engineer rendered by them incident to the preparing for, obtaining and passing of the company's Act, or otherwise in relation thereto.
Held further that the promoters were not entitled to charge a commission for procuring from a bank on their own credit the requisite Parliamentary deposit.
Observations ( per Lord M'Laren and Lord Kincairney) as to the extent of the analogy between the positions of a trustee and a company promoter.
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