Somayya, J.

1. This is an appeal against the decree of the City Civil Judge passed in O.S. No. 900 of 1940. The plaintiff is the Travancore National Bank Subsidiary Company, Limited (now under liquidation) represented by its Official Liquidator. The lower Court dismissed the suit which was one to recover the balance of subscription due in respect of two chits. The plaintiff-company was carrying on a chit fund business. Various chits were started from time to time. The first defendant is styled " Tranabank Union" which admittedly consists of the employees of the Travancore National and Quilon Bank, Ltd. (now in liquidation) and also of the plaintiff-company which is the Travancore National Bank Subsidiary Company. The first defendant subscribed for two chits and was the successful bidder of both the tickets at the auction held on the 4th January, 1938. A sum of Rs. 1,340 in cash was paid to the first defendant-company and an agreement was executed for the future instalments on the 10th January, 1938. This agreement was signed by the second defendant on behalf of the first defendant. Though the suit was filed against both the defendants, the present appeal is pressed only agai