JUDGMENT

Gentle, J. - The General Family Pension Fund was incorporated under the Indian Companies Act, 1882, on 17-8-1906; it is a company limited by guarantee, it has no share capital and its members are confined to persons who are subscribers for grant of pensions and annuities and Who hold entrance certificates; the liability of each member is limited to a nominal sum of Rs. 5; since it complied with the provisions of S. 26 of the above Act, a licence was granted by the Bengal Government permitting the company to be registered without the word "Limited" being included in its name. The objects of the company, as contained in its Memorandum of Association, inter alia, are:

3. (a) To acquire and take over as a going concern and to carry on and conduct and continue the objects of an existing unincorporated association or institution called the General Family Pension Fund founded and formed in the year 1870 (not being an association farmed for the purpose of carrying on any business that has for its objects the acquisition of gain within the meaning of S. 4 of the said Act) (Indian Companies Act, 1882.)

(b) To grant terminable pensions or annuities dependent on human life or any other