1897.]
PARTNERSHIP.
[No. 1.
281
Relations of Partners to Persons dealing with them.
Every partner is an agent of the firm and his other partners for Power of the purpose of the business of the partnership; and the acts of every partner bind firm. who does any act for carrying on in the usual way business of the kind carried on by the firm of which he is a member bind the firm and his partners, unless the partner so acting has in fact no authority to act for the firm in the particular matter, and the person with whom he is dealing either knows that he has no authority or does not know or believe him to be a partner.
An act or instrument relating to the business of the firm and done or executed in the firm-name, or in any other manner showing an intention to bind the firm, by any person thereto authorized, whether a partner or not, is binding on the firm and all the partners: Provided that this section shall not affect any general rule of law relating to the execution of deeds or negotiable instruments.
Partners bound by acts done on behalf of the firm.
9. Where one partner pledges the credit of the firm for a purpose Partner using credit of firm apparently not connected with the firm's ordinary course of business, for private the firm is not bound, unless he is in fact specially authorized by the purposes. other partners; but this section does not affect any personal liability incurred by an individual partner.
Effect of notice that the firm will not be bound by the acts of a partner.
10. If it has been agreed between the partners that any restriction shall be placed on the power of any one or more of them to bind the firm, no act done in contravention of the agreement is binding on the firm with respect to persons having notice of the agreement.
11. Every partner in a firm is liable jointly with the other partners Liability of for all debts and obligations of the firm incurred while he is a partner; partners. after his death his estate is also severally liable in a due course of administration for such debts and obligations, so far as they remain unsatisfied, but subject to the prior payment of his separate debts:
12. Where, by any wrongful act or omission of any partner acting Liability of firm for in the ordinary course of the business of the firm or with the authority wrongs. of his co-partners, loss or injury is caused to any person not being a partner in the firm, or any penalty is incurred, the firm is liable therefor to the same extent as the partner so acting or omitting to act.
13. In the following cases, namely,
(a) where one partner, acting within the scope of his apparent authority, receives the money or property of a third person and misapplies it; and
(b) where a firm in the course of its business receives money or property of a third person, and it is misapplied while in the custody of the firm.
1897.]
PARTNERSHIP.
[No. 1.
281
Relations of Partners to Persons dealing with them.
partner to
Every partner is an agent of the firm and his other partners for Power of purpose of the business of the partnership; and the acts of every bind firm. ner who does any act for carrying on in the usual way business of kind carried on by the firm of which he is a member bind the firm his partners, unless the partner so acting has in fact no authority to for the firm in the particular matter, and the person with whom he dealing either knows that he has no authority or does not know or love him to be a partner.
An act or instrument relating to the business of the firm and done executed in the firm-name, or in any other manner showing an tention to bind the firm, by any person thereto authorized, whether a rtner or not, is binding on the. firm and all the partners: Provided that this section shall not affect any general rule of law relating to the
ecution of deeds or negotiable instruments.
Partners
bound by acts on behalf of
firm.
credit of firm
9. Where one partner pledges the credit of the firm for a purpose Partner using pparently not connected with the firm's ordinary course of business, for private. the firm is not bound, unless he is in fact specially authorized by the purposes. other partners; but this section does not affect any personal liability
mourred by an individual partner.
Effect of
notice that
firm will not be bound by
acts of partner.
partners.
10. If it has been agreed between the partners that any restriction hall be placed on the power of any one or more of them to bind the im, no act done in contravention of the agreement is binding on the rm with respect to persons having notice of the agreement.
11. Every partner in a firm is liable jointly with the other partners Liability of
all debts and obligations of the firm incurred while he is a partner; after his death his estate is also severally liable in a due course of inistration for such debts and obligations, so far as they remain nsatisfied, but subject to the prior payment of his separate debts:
12 Where, by any wrongful act or omission of any partner acting Liability of the ordinary course of the business of the firm or with the authority wrongs. his co-partners, loss or injury is caused to any person not being a ther in the firm, or any penalty is incurred, the firm is liable herefor to the same extent as the partner so acting or omitting to act.
13. In the following cases, namely,
where one partner, acting within the scope of his apparent authority, receives the money or property of a third person and misapplies it and
firm for
Isapplica tion of money received for
or property →
or in custody of firm.
No comments yet.
Private notes are available after approval.