It determines that a beneficiary, if absolutely entitled, can instruct a bare nominee how to deal with the shares.
Mr Kirby was one of four people which sold a business to Derby Paper Staining Ltd.
Romer J first decided that the transfer did not violate the principle of a company purchasing its own shares.
[1] It is then said, however, that in any case the defendant ought not to have exercised his voting power in respect of the shares without the direction of the company.
Now here I do not know that the company ever actually intervened, either through its board of directors, or by means of the general meeting of its shareholders in the sense of giving any direction to Mr. Wilkins as to how he should vote in respect of these shares, and that being so, unless and until he received any such direction, he was in my opinion justified in voting in respect of them as his conscience dictated in the interests of the company.