https://www.taxtmi.com/caselaws?id=103566 A stock exchange membership card was treated as a contractual personal privilege, not a transferable property right. The exchange rules providing for cessation of nomination rights on default, vesting of proceeds in the exchange, priority payment of exchange and clearing house dues, and a first and paramount lien on the member's security were held fair, reasonable, and consistent with the regulatory scheme protecting market integrity and creditor interests. The Court also held that a writ could not be issued to compel amendment, alteration, or deletion of the rules, because such directions would amount to legislative action beyond judicial power. en-us Tue, 23 Dec 1997 00:00:00 +0530 Thu, 23 Feb 2012 17:16:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103566 A stock exchange membership card was treated as a contractual personal privilege, not a transferable property right. The exchange rules providing for cessation of nomination rights on default, vesting of proceeds in the exchange, priority payment of exchange and clearing house dues, and a first and paramount lien on the member's security were held fair, reasonable, and consistent with the regulatory scheme protecting market integrity and creditor interests. The Court also held that a writ could not be issued to compel amendment, alteration, or deletion of the rules, because such directions would amount to legislative action beyond judicial power. Case-Laws Companies Law Tue, 23 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103566