1939 (8) TMI 25

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.... Respondent. JUDGMENT Pandrang Row, J. - These connected revision petitions arise out of two connected small cause suits instituted by two different persons claiming to be assignees or indorsees of two different promissory notes under indorsements purporting to have been made by Rao Saheb P.U. Narayana Ayyar and P. Ramayya Alva as joint holders of a power-of-attorney granted to them by the l....

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.... given to the liquidator to indorse promissory notes is a power given by the statute, and it is a well established principle that a statutory power cannot be delegated in the absence of a statutory provision for such delegation. It is not pretended that there is any such statutory provision for delegation in a case of this kind, and it is clear, as was held in C.R.P. No. 22 of 1934, that the indor....

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....jority of the entire body of shareholders, nevertheless an act done by a director in excess of his authority may be ratified by a majority vote of the shareholders actually present at an extraordinary meeting convened with the express object of ratifying the act that was done in excess of authority, due notice of which having been given. In other words, that case is an authority for the propositio....

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....ipal himself has decided the matter or in other words, decided to make the particular assignment or indorsement, and merely leaves it to his power of-attorney holder to sign the indorsement on his behalf. But in this cases there is nothing to show that at the very inception the liquidator had decided to assign the promissory note in question and merely employed his power-of-attorney agents to sign....