( 1 ) THIS matter comes up on a reference by a Division Bench of this Court and the question that has been referred to the Full Bench for decision is:- "whether a challenge to the validity of the election of the Chairman of the Board of Directors of the, respondent, the Co-operative Central and Land Mortgage Bank Ltd. , is a dispute falling under bye-law 52 of the bye-laws framed by the Bank?''

( 2 ) AT a meeting of the Board of Directors of the Bilaspur Co-operative, Central and Land Mortgage Bank Ltd. , held on 19th May 1951, the respondent No. 2 Kesheorao Goverdhan was elected as Chairman of the Board. Thereupon the respondent No. 1. Laxmansingh, who was defeated at the election, filed an application under Rule 26 of the Rules made by the Local Government under the Co-operative Societies Act, 1912, challenging the validity of the election of Keshorao as the Chairman and claiming a declaration about his own election as chairman. The Registrar acting under Rule 27 referred the election dispute to three arbitrators for decision. The arbitrators made an award on 18th September, 1961, holding that the election of Kesheorao as the Chairman was invalid and declaring Laxmans