The Lords ¶Reversed a previous chancery Court decision and held that British holders of "gold clause" bonds of the Societe Intercommunale Beige d'Electricite are entitled to demand and receive interest and capital payments in gold at the par value of the pound.* "The original intention of the contract was to prevent the loss from falling upon the bondholder should sterling become depreciated," argued counsel for the bondholders, and this view the Lords upheld. Because the U. S. Supreme Court gives great weight to pertinent decisions at the fountainhead of Anglo-Saxon law, holders...
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