[1985] VR 613
BELL GROUP LTD v HERALD and WEEKLY TIMES LTD
SUPREME COURT OF VICTORIA
KAYE J
11, 12, 16, 23 April 1985
[1985] VR 613
Companies — Stock Exchange — Offer to sell securities on floor of exchange — Dispute as to identify of acceptor — Whether contract concluded — Whether
contractual rights derived prior to resolution of dispute by committee of
exchange.
.
A broker on the floor of the Melbourne Stock Exchange offered to sell a parcel
of shares. The offer was purportedly accepted by three brokers, each acting
for a different client, at about the same time. A dispute arose as to which
party, if any, accepted the offer. The articles of the Stock Exchange provided
that disputes between members with reference to transactions in securities
should be investigated and resolved by the committee of the Exchange whose
decision was binding upon the members. The plaintiff, who was the principal of
one of the accepting brokers, sued contending that it was the successful
purchaser of the parcel and seeking to restrain the Exchange from conducting
any enquiry into who was the successful purchaser of the parcel. The plaintiff
contended that principals inter se are not bound by the usages of the Exchange
applicable to their brokers in the transaction of a dealing concerning a
security on the floor of the Exchange.
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[1985] VR 613
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