Alfred Henry Lionel Leach, C.J.

1. This appeal arises out of a misfeasance summons taken out by the official liquidator of the National Live Stock Registration Bank, Ltd., against the respondents, who were the brokers of the company. The company was registered on the 2nd July, 1927, with a nominal capital of Rs. 5,00,000 divided into 50,000 shares of Rs. 10 each, of which 40,500 were preferred and 9,500 ordinary shares. The certificate permitting the company to carry on the business was issued by the Registrar of Joint Stock Companies on the 1st August, 1927. The company was unsuccessful in its operations and went into voluntary liquidation on the 11th December, 1930. The voluntary liquidation was turned into a compulsory liquidation by an order of this Court, dated 13th October, 1932. The official liquidator sought to make the respondents liable to repay a sum of Rs. 8,865-11-3, which they had received as share-brokers of the company. The respondents are partners of a firm of provision dealers carrying on business under the name of A.T. Velu Mudaliar and Company. They had no previous experience as share-brokers and it is obvious that they owed their appointment to their rel