RAMAKRISHNAN, J. :- This is a reference under Sec. 57 of the Indian Stamp Act, 1899. The following question has been referred to us for decision :

"Whether the document dated 13-8-1957 is an instrument given for consideration and authorising the attorney to sell any immovable property falling under Art. 48(f) of Sch. 1-A (now Article 48(e) of Schedule (1) or a mere power of attorney falling under Article 48(d) of Schedule 1-A (now Article 48(c) of Schedule I of the Indian Stamp Act as amended)". Annamalai and Co. (Pvt.) Ltd., the respondent herein, borrowed several sums of money from Reliance Bank of India, Ltd., and hypothecated with the Bank immovable properties as security for the loan. Thereafter, on 13-8-1957, Annamalai and Co. executed a document, described as an irrevocable power of attorney, which is the subject-matter of the present reference. The gist of the document is this.

2. Annamalai and Co. to be described as the borrowers, agreed with the Board of directors of the Bank on 8-8-1957 to give to the Bank an irrevocable power of attorney in their favour to sell at the discretion of the Bank the scheduled properties and credit the sale proceeds therefrom to the ac