(delivering the judgment of the Court): The appellant bank ("the bank") in this case sued the respondents for the sum of $331,731.32 inclusive of interest upon a contract of guarantee up to a limit of $600,000 for banking accommodation given to Leisure Industries Sdn. Bhd. The respondents are directors of the company. Whether they are the only directors has not been made clear. They jointly and severally guaranteed in written form the repayment of such advances made to the company and interest thereon at an agreed rate.

The writ was issued on December 13, 1977. On January 21, 1978 the bank took out an R.S.C. Order 14 application, supported by a proper affidavit, for summary judgment. The Assistant Registrar made an order in terms but his order was reversed in the High Court. The appellant now appeals to this court to restore the order of the Assistant Registrar.

The clauses relevant to the consideration by the court in hearing R.S.C. Order 14 application are the following:

"Clause 8. The liability of any of us hereunder shall not be affected by any failure by the Bank to take any security or by any invalidity of any security taken or by any existing or f