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TMI Blog1927 (12) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... 1882. I shall refer to it as "the Company" and I shall not refer to it as "the Club" for the reason that by the terms of its regulation the "Club" is reserved for a different body. The main objects of the Company are to maintain and conduct a Club for the benefit of such persons as may become members of that Club. The Club's membership is unlimited in number and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Article 12 of the Company's Articles of Association provides that: no shareholder as such shall be entitled to use the Company's Club premises, or enjoy the accommodation provided by the Company for the use of members of the Club, unless and until he has been duly elected as a member of the Club, or is exempt from ballot in accordance with the rules and regulations contained in Schedule ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Club or from a member is not clear.) 5. The following facts are stated by the Commissioner of Income Tax as showing the position in 1926. The number of shareholders in the Company is not given but the number of shares issued was 445 shares. Of these shares 74 are held by persons who are not members of the Club; by how many of such persons is not stated. 6. The number of members of the Club was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 9. These statements are confused and erroneous. The Company dealt in 1926 with 220 members of the Club who were not shareholders, i.e. with 220 persons not members of the Company. The Company is not a mere mutual trading society making "quasi profit" by trading with its own members and returning such "profits" to the members. The case is wholly different on the material fac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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