General Auction, Estate and Monetary Co v Smith [1891] 3 Ch 432
In this case the plaintiff company was established for the purchase and sale of estates and property. It granted advances on estates, property for sale, loans on deposits of securities, discounted approved commercial bills, and received money on deposit. Under its memorandum and articles of association it had no express power to borrow money; but it was held that being a trading company it had, as such, implied power to borrow money for the purposes of its business.
Stirling L.J. (pg. 441) "Now upon that it seems to me that the case of Bryon v. Metropolitan Saloon Omnibus Co is a direct authority, because what was there done by the company was to raise money on debenture for the purpose of more effectually carrying on the business of the company, and that this is so is shewn, I think, by the remarks of Lord Justice Lindley on that very case in Lindley on Companies."
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