1932 (11) TMI 10

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....atachari for the Respondent. JUDGMENT Stone, J. -In this matter I reserved judgment in order carefully to consider whether the new scheme fell within Wallingford v. Mutual Society [(1880) 5 A. C. 685]. I had and have no doubt the other points raised. The first question is whether the Assistant Registrar of Joint Stock Companies has power to decline registration of any part of (a) a memora....

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....ration." But it is said that although that applies to memorandum it does not apply to a resolution altering articles. I entirely fail to see why section 22 relates to a memorandum and articles and if the Registrar can in the exercise of his quasi-judicial function refuse to register a memorandum I should think it is almost an unarguable proposition that he yet must register articles. If he can ....

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.... does not increase with the number of certificates held. I have carefully considered Wallingford v. Mutual Society (1880) 5 A.C. 685 at 696-697], in the light of the judgments of the Chief Justice and Cornish, J., in Universal Mutual Aid and Poor Houses Association, Ltd., Madras v. Thoppa Naidu [1932 Comp. Cas. 515] and in my opinion this scheme offends against section 294-A of the Indian Penal Co....

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....simply means that a trap is or may be prepared for the unwary. The obvious intention is to offer to the public something that is attractive and the attraction is a loan on personal security, that is held up as a benefit and that benefit is obtained by this man or that according as this man or that is fortunate in a draw. If this were straight business whereby a money lending association were of....