ORDER :- On 18th June 1956 Surendranath Nayak acquired 60 shares in the Agricultural and Industrial Bank Ltd., Coondapoor, now in liquidation. The shares were of the face value of Rs. 50 on which only Rs. 10 had been paid. On 4th January 1950 the directors declared these shares to be forfeited to the bank on the ground that the calls due on the shares had not been paid. On 18th February 1953 a petition was filed in this court for winding up the Bank, and, on 6th April 1953, an order was made directing that the bank be wound up.

2. On 12th January 1956 the liquidator filed a claim against Surendranath Nayak for a sum of Rs. 2400 being the amount of the unpaid calls on the 60 shares. Article 34 of the Articles of the Bank empowered the directors to charge interest on arrears of calls at a rate not exceeding nine per cent per annum. On the basis of this article the liquidator has also claimed interest at nine per cent. which, on the date the claim was filed, amounted to Rs. 1,294-3-9.

3. Mr. Kamath, learned counsel for Surendranath Nayak resisted the claim on the ground that it is barred by limitation. Counsel for the liquidator, however, relies on S. 45F of Central Act XX of 1