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

Section XII. And it is hereby further enacted, that any individual Member or Members of the said Union Bank, or p

Repealed or not in force · As amended up to 2026-08

XII. And it is hereby further enacted, that any individual Member or Members of the said Union Bank, or person or persons who shall have been a Member or Members of the said Union Bank, and have parted with his, her or their shares and interests therein, and who shall claim payment of any dividends of the funds or profits of the said Union Bank due and payable to him, or them, and not also disposed of and parted with along with such share or shares, or any other right or interest against the said Union Bank generally, shall and lawful may commence and carry on in any Court of Equity within the limits aforesaid any suit or other proceeding against the Secretary or Treasurer of the said Union Bank for the time being and in like manner such Secretary or Treasure for the time being may commence and carry on in his own name by and on behalf of the said Company any suit or other proceeding in any Court of Equity within the limits aforesaid against any individual Member or Members of the said Union Bank, or person or persons who shall have been a Member or Members of the said Union Bank, and have parted with his, her or their shares and interests therein against whom the said Union Bank generally may have any claim or demands, and all such suits and other proceedings shall be as valid and effectual as if all the Members of the said Union Bank had been made parties, and every decree and order made therein shall be binding for or against the said Union Bank, and no abatement shall arise from the death, resignation or removal, or any act or proceeding of any such Secretary or Treasurer pending the suit, nor shall such suit be deemed defective by reason thereof. Provided always that in case for the purpose of discovery or for any other purpose, any person or persons (whether Members of the said Union Bank or not) having claims or demands against the said Union Bank shall be desirous to include any other Member or Members of the said Union Bank, besides the Secretary or Treasurer for the time being as defendants in any Bill or other proceeding in any Court of Equity within the limits aforesaid, it shall be lawful for him, her or them so to do—any thing in this Act contained to the contrary notwithstanding.

Source: India Code