Section 11. Right of Society to disclaim certain agreements.

(1) Where it appears to the Society that the making of any agreement under which the said Institution has, will have or may have liabilities was not reasonably necessary for the purposes of the undertaking of the said Institution or has not been entered into in good faith, the Society may, within three years from the appointed date, apply to the Court for relief from the agreement, and the Court, if satisfied, after making such inquiry in the matter as it thinks fit, that the agreement was not reasonably necessary for the purposes of carrying on the undertaking of the said Institution, or has not been made in good faith may make an order cancelling or varying the agreement on such terms as it thinks fit to impose, and the agreement shall thereupon have effect accordingly. (2) All the parties to the agreement which is sought to be cancelled or varied under this section shall be made parties to the proceeding.