The Political Institutions and Theories of the Hindus: A Study in Comparative Politics c9.s4.t2.9

c9.s4.t2.9

The agreement entered into by a gild was binding on each and all of the members. Anybody failing to perform the duties implied thereby was liable to be banished and have his property confiscated.⁴ All expenditures were treated as common charges.⁵ Responsibility for loans contracted by a member on behalf of the association was also common. Lastly, *śreṇîs* had the "right of joint action" in relation to the state, as we have noticed in the agreement of the south Indian shepherds,⁶ one of the privileges for which the European craft used to fight.