Judgment

SHAH, J:

The appellant is a public limited company, and has its registered office at Calcutta. By an agreement dated May 1, 1925, the Fort William Jute Company Ltd., appointed the appellant its managing agent upon certain terms and conditions set out therein. Under the agreement the appellant was to receive as managing agent remuneration at the rate of Rs. 3,000/- per month, commission at the rate of ten per cent on the profits of the company s working, additional commission at three per cent on the cost price of all new machinery and stores purchased by the managing agent outside India on account of the company, and interest on all advances made by the managing agent to the company on the security of the company s stocks, raw materials and manufactured goods. The appellant and its successors in business, whether under the same or any other style or firm, unless they resigned their office were entitled to continue as managing agent until they ceased to hold shares in the capital of the company of the aggregate nominal value of Rs. 1,00,000/- and were on that account removed by a special resolution of the company passed at an Extra-ordinary meeting of the company, or until th