Saunders v Johannesburg Stock Exchange Committee Of [1914] ZAWLD 30 (5 November 1914)

Ultra vires.-Stock Exchange.-Committee.-Control of business.Alteration of completed bargains.

A resolution passed by the committee of a stock exchange that interest should be
paid on all postponed bargains made by members of the exchange constitutes an alteration of a completed bargain.Such resolution is ultra vires the committee under a clause authorising them to manage and control the mode in, and the conditions subject to which, the
business of the exchange sh all be transacted.