Union Bank Act, 1845, 23 of 1845 (Rep., Act 8 of 1868)

Section IX. Provided always and it is hereby further enacted, that in case execution upon any judgment or decree

Repealed or not in force · As amended up to 2026-08

IX. Provided always and it is hereby further enacted, that in case execution upon any judgment or decree in any such action or suit obtained against the Secretary or Treasurer of the said Union Bank as defendant or respondent or otherwise shall have been issued and taken out against the funds and property of the said Union Bank under the Provisions of this Act, and shall be ineffectual for obtaining full payment and satisfaction for the sum or sum sought to be recovered, then and in such case execution upon any such judgment or decree shall be issued against any other Individual, Proprietor or Proprietors of the said Upon Bank successively as it may become necessary to enforce payment and satisfaction of the said Judgment or judgments. Provided also that every such Secretary of Treasurer in whose name any such action or suit shall be commenced, prosecuted or defended, and every Director or Member against whom execution upon any judgment or decree obtained in any such action or suit shall be issued as aforesaid, or as hereinafter mentioned shall always be reimbursed and paid out of the funds or property of the said Union Bank, all such loss, damages, costs and charges as by the event of any such proceedings he or they shall be put unto or become chargeable with, and if the funds or property of the said Union Bank shall be insufficient to pay the said loss, damages, costs or charges then the deficiency shall be made good by the Proprietors for the time being of the said Union Bank. Provided also, that if any such execution against the Secretary or Treasurer or Member or Members for the time being of the said Union Bank shall be ineffectual for obtaining payment of the sum or sums sought to be recovered thereby, it shall be lawful for the party or parties so having obtained judgment or decree against the Secretary or Treasurer for the time being of the said Union Bank to issue execution against any other person or persons who was or were a Member or Members thereof at the time the Contract or Contracts Was or were entered into upon which such action or suit was or were institution, but no such execution shall be issued against any other person than the actual party to the action or suit without leave first granted in open Court by the Court by the Court in which such action or suit may have been brought or instituted, and when motion shall be made or notice to the person or persons sought to be charged. Provided also, that nothing herein contained shall render such past Members or Proprietors liable for payment of any debt or claim for which such action, suit or proceedings may have been brought to which they would not have been liable by operation of law as Partners in case any action or other proceeding had been originally brought against them for the same.

Source: India Code