SIR I. LEWIS, JSC (Delivering the Leading Judgment): In Suit No.LD/190/68, the plaintiffs' Statement of Claim read:-
"The Plaintiffs are Bankers incorporated as a Limited Liability Company under the Companies Act with their registered Head Office at 148, Broad Street, Lagos and registered Branch Office at 27/29, Martins Street, Lagos.
The defendants are Fish Sellers at 228, Bamgbose Street, Lagos carrying on their business under the Name of Ore-Ofe Women Fisheries Company.
1. On 26/3/63, the defendants opened a current account with the plaintiffs under the Name of Ore-Ofe Women Fisheries Company.
2. At the time of opening the account the three defendants were the only signatories to all the cheques drawn on the plaintiffs on behalf of the Trading Concern.
2a. The three defendants are the Managing Director, Directress and Secretary of the Trading Concern.
3. The defendants operated the account on credit basis until about 11/9/64 when the plaintiffs' General Manager approved a loan of …