NIKHIL NATH BHATTACHARJEE, J.

( 1 ) THIS is a suit for recovery of Rs. 44,958/- (Forty-four thousand nine hundred fifty-eight) only being the amount due and payable from 25th January, 1956 till 24th Jan. 1958 by the Hindusthan Cooperative Insurance Society Ltd. , a company incorporated under the Indian Company's Act. By virtue of the provisions of the Life Insurance Corporation Act, 1956 (Act No. X 31 of 1956) the assets and liabilities of the said Hindusthan Co-operative Insurance Society Ltd. having been vested in the Life Insurance Corporation of India, the present defendant is said to be liable to pay to the plaintiff the said sum of money.

( 2 ) PLAINTIFFS case, shortly stated, is that Late Nalini Ranjan Sarkar predecessors-in-interest of the original and substituted plaintiffs was associated with Hindusthan Cooperative Insurance Society Ltd. and in consideration of his devoted and loyal service the said society at a meeting of its Board of Directors held in Calcutta on 12th Aug. 1940, resolved, inter alia, as follows:- (a) That the said Sri Nalini Ranjan Sarkar be paid for the reminder of his natural life the sum of Rs. 5,000/- (Five thousand) only per month as pension or re

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