Judgement

Appeal (No. 56 of 1931) from a decree of the High Court in its appellate jurisdiction (September 30, 1930) affirming a decree of the Court in its original jurisdiction (March 19, 1930).

On June 23, 1925, a member of the Bombay Native Share and Stock Brokers Association was declared a defaulter under the rules of the Association, and his card or right of membership was forfeited by the directors. On July 2, 1925, the member was adjudicated an insolvent under the Presidency-towns Insolvency Act, 1909, his insolvency dating from some days before the forfeiture of his membership became effective.

On October 9, 1928, the appellant, the Official Assignee, instituted a suit in the High Court against the respondents, directors of the Association, on behalf of themselves and all other members, claiming (1.) a declaration that the insolvents card of membership and all rights and benefits annexed thereto vested in the plaintiff, and that the plaintiff was entitled to the net proceeds of the sale thereof ; (2.) an order that the defendants should sell the said card and all rights and benefits attached thereto and hand over the proceeds to the plaintiff for distribution amongst the cr