This is a second appeal preferred against the decree and judgment of the learned Subordinate Judge of Dindigul in A.S. No. 8 of 1954, confirming the decree and judgment of the learned District Munsif of Periakulam in O.S. No. 536 of 1932.

The facts are: In Thevaram in Madurai District there is a Cardamom Planters Co-operative Bank Ltd. It is managed by an elected directorate through its President. It is the duty of the President to supervise all matters connected with the bank. He is also the treasurer and is in charge of all the properties of the bank.

This bank has for a long time been subscribing and getting newspapers for the use of the staff and its members. These when accumulated are sold and the proceeds credited in the bank’s accounts. There is no dispute that 4 or 5 days prior to 26th January, 1950, Independence Day, the appellant Ramadoss as the then President of the Bank sold all accumulated newspapers, tins, gunny bags, used-up ink-jars, etc., for Rs. 50 to Pavuna Chettiar, Ayyathambi Nadar, Natarajan Chettiar and others of Thevaram at the bank premises and got the amount from the purchasers. The amount has not been brought to the credit of the bank in the account