(1973) JELR 45888 (SC)    

Supreme Court  ·  SC.77/1971 ·  8 Jun 1973 ·  Nigeria
Other Citations
(1973) All N.L.R 527 (1973) 6 S.C. 1
TASLIM OLAWALE ELIAS Justice of The Supreme Court of Nigeria ATANDA FATAYI-WILLIAMS Justice of The Supreme Court of Nigeria DANIEL O. IBEKWE Justice of The Supreme Court of Nigeria
Core Terms Beta
established place of business
foreign company
learned trial judge
companies decree
companies act
balogun street
branch office
supervision of the court
gresham life assurance society
principal officer of the company
registrar of companies
clear distinction
laws of the federation of nigeria
mr benson
mr. cain
necessary modifications
part x of the companies decree
policy holders
principal officer
provision of the companies decree no.
said company
babatunde olusola benson
capital of the said company
colonel a. a. ochefu
draw attention
english companies act
english joint stock companies act
facts of this case
following finding
foregoing reasons
lagos high court
letter date 17th february
life insurance policy
mr alfred thomas cain
nigerian policies
notices of the petition
object of the company
petition of the petitioners
principal resident agent
pursuance of their business
register of shareholders
said liquidator
virtue of a general power of attorney
virtue of sections

T. O. ELIAS, C.J.N. (Delivering the Leading Judgment): This is an appeal from the judgment of George, J., Suit No. M/97/1969 delivered in the Lagos High Court on 10th August, 1970 and in which he dismissed the petition of the petitioners, herein appellants, for a winding-up order under the supervision of the court in accordance with the provision of the Companies Decree No. 51 of 1968. The petitioners' prayers read as follows:

"(i) That the Gresham Life Assurance Society (Nigeria) Limited be wound up under the supervision of the court in accordance with the provision of the Companies Decree No. 51 of 1968.

(ii) That Babatunde Olusola Benson be appointed liquidator.

(iii) That the policy holders under the existing Nigerian policies who wish to continue paying premiums to keep their contracts in force until maturity be allowed to do so, which is the procedure usually permitted in these circumstances.

(iv) That the said liquidator so appointed be empowered to receive premiums on the poli…

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