BISHAMBHAR DAYAL, C. J.

( 1 ) THIS is a petition by eight persons who were Directors of the Gwalior commercial Cooperative Bank, Gwalior (hereinafter referred to as the Cooperative society), which is now under liquidation. The facts in short which have given rise to this petition are that according to the petitioners one Shri Jagan prasad was running a bank called the Gwalior Bank at Gwalior. He was the sole proprietor thereof and after his death his son became the proprietor. In August 1955 it was decided to form a co-operative society and to transfer the assets and liabilities of this Bank to that society. The contention of the liquidator, on the other hand, is that this Bank was the joint family property of the petitioners who were members thereof. That question appears to have been assumed by the Deputy registrar and the Board of Revenue, without deciding it on evidence, in favour of the liquidator. However nothing much turns on that fact. The Co-operative Society was formed under the Madhya Bharat Co-operative Societies Act, 1954 (Act No. 9 of 1955) (hereinafter referred to as the Act) and it was registered on the 26th August, 1955. Thereafter, the assets and liabilities of th

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