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JUDGMENT OF TAYLOR J.
The issues involved in this suit are in my respectful opinion quite simple and indeed straightforward. Affidavits however have been sworn to by the defendants the effect of which is to give an impression of complexity and to tend to create some confusion. It seems to me in the circumstance that if the facts which are admittedly not in dispute are kept constantly in mind then there will be no difficulty in searching for the legal principle which ought to be brought to play in deciding this action.
The plaintiffs commenced this action against the first and second defendants by originating summons. The plaintiffs who are a limited liability company are called "General Cold Industry Ltd." The name is very important and its very words are crucial to the determination of the issue which arises in this case. It is therefore very important at the very commencement of this judgment to note that, that name is the name which, in compliance with the statutory requirements of the Companies Code, 1963 (Act 179) is registered with the Registrar of Companies.
As I have pointed out, this suit was commenced by originating summons. Apparently on 20 August 1979, the erstwhile Armed Forces Revolutionary Council, at that time exercising legislative powers in this unhappy Republic, amended legislative instrument to the schedule to the Assets and Bank Accounts Decree, 1972 (NRCD 8) by the Assets and Bank Accounts (Schedule) (Amendment) (No.15) Instrument, 1979 (LI 1216). By this amendment the name of a company "General Cold Co., Ltd." was added to the schedule and thus the bank accounts, if any, of the said company were frozen.
The date of the Gazette notification of this instrument was 14 September 1979. And so from that date it became unlawful for any bank with which the said company had an account to permit the company to operate its accounts. Furthermore, on 10 September 1979 by the Transfer of Shares and Other Proprietary Interests (A & B Industries and Others) Decree, 1979 (AFRCD 31), all shares, debentures, securities and proprietary rights of the said company called in the Decree "General Cold Co., Ltd." which were held in or for and on behalf of the company by any person were transferred to the State. This Decree was made retrospective with effect from 20 August 1979, but the date of its Gazette notification was 21 September 1979. When the effect of these enactments was brought to the notice of the first defendants, who are the bankers of the pl