JUDGMENT

S.R. Das, J. - The plaintiff in this suit in the firm name of Syam Chand Nandi & Co., of which he is the sole proprietor was, until the time hereinafter mentioned, a member of the defendant association holding share No. 172. The defendant association is a limited liability company incorporated under the Companies Act 1913 with a capital of Rs. 3,00,000 divided into 306 shares of Rs. 1,000 each.

2. The objects for which the defendant association has been established are stated in its memorandum of association to be, inter alia, as follows:

(a) To acquire and take over all or any of the assets and liabilities of the present unincorporated association known as "The Calcutta Stock Exchange Association" and to conduct the affairs of the Stock Exchange founded by the Association and generally to support and protect the character, status and interest of brokers and dealers in stocks and shares on the Stock Exchange at Calcutta and elsewhere.

(b) To facilitate the transaction of business on the Stock Exchange and to make rules and bye-laws regulating the mode and conditions in and subject to which the business on the Stock Exchange shall be transacted and the conduct of the person tra