Repealed or not in force · As amended up to 2026-08
X. And whereas it is expedient that every Member of the said Union Bank against whom any execution shall be issued upon any judgment or decree under the authority of this Act should have an easy and expeditions mode of recovering all such losses, damages, costs and charges as he or she shall be put to or become chargable with in consequence thereof. It is therefore hereby enacted, that if any execution upon any judgment or decree obtained in any action, suit or proceeding under this Act shall be issued against any other Proprietor or Member of the said Union Bank, and such Proprietor or Member shall not within the space of one month next after the issuing thereof be reimbursed out of the funds or property of the said Union Bank, all such monies, costs, charges, losses and expenses as he or she shall have paid or been put to or become chargable with in consequence of such execution having been issued against him or her, it shall be lawful for such Member or Proprietor to divide such monies or cost or charges, or so much thereof as he or she shall not have been reimbursed as aforesaid into as many equal parts or shares as the Capital of the said Union Bank shall at that time be divided into, and each and every Proprietor for the time being of any share or shares in the said Company shall in proportion to the number of shares which he or she may hold in the said Union Bank pay one or more of such parts or shares upon demand to the Member or Proprietor against whom such execution shall have issued, or to his or here Executors or Administrators, and upon the neglect or refusal of any Proprietor of such the said Company to pay upon demand his or her due and fair proportion of such monies, costs and charges, then and in such case it shall be lawful for the Proprietor, or such person to whom the same ought to have been paid, to sue for and recover the same in and by action, suit or plaint against the
Proprietor, or the Executors or Administrators of any Proprietors who shall no neglect or refuse as aforesaid in Her Majesty's Supreme Court of Judicature in Calcutta.
Source: India Code