PARTNERSHIP.
No. 1 of 1897.
S01
circumstances, the lender of the loan shall not be entitled to recover anything in respect of his loan, and the seller of the goodwill shall not be entitled to recover anything in respect of the share of profits contracted for, until the claims of other creditors of the borrower or buyer for valuable consideration in money or money's worth have been satisfied.
firm-name.
4. Persons who have entered into partnership with one another are, for the purposes of this Ordinance, called collectively a firm, and the name under which their business is carried on is called the firm-name.
Relations of partners to persons dealing with them.
partner to
5. Every partner is an agent of the firm and his other partners for the purpose of the business of the partnership; and the acts of every partner 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.
on behalf of
6. 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 authorised, 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.
7. Where one partner pledges the credit of the firm for a purpose apparently not connected with the firm's ordinary course of business, the firm is not bound, unless he is in fact specially authorised by the other partners; but this section does not affect any personal liability incurred by an individual partner.
firm will not
8. 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.
partner.
PARTNERSHIP.
No. 1 of 1897.
S01
circumstances, the lender of the loan shall not be entitled to recover anything in respect of his loan, and the seller of the goodwill shall not be entitled to recover anything in respect of the share of profits contracted for, until the claims of other creditors of the borrower or buyer for valuable con- sideration in money or money's worth have been satisfied.
firm-name.
4. Persons who have entered into partnership with one Meaning of another are, for the purposes of this Ordinance, called firm and collectively a firm, and the name under which their business is carried on is called the firm-name.
Relations of partners to persons dealing with them.
partner to
5. Every partner is an agent of the firm and his other Power of partners for the purpose of the business of the partnership; bind firm. and the acts of every partner 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.
on behalf of
6. An act or instrument relating to the business of the Partners firm and done or executed in the firm-name, or in any other bound by acts manner showing an intention to bind the firm, by any person firm. thereto authorised, 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.
7. Where one partner pledges the credit of the firm for a Partner using purpose apparently not connected with the firm's ordinary credit of firm course of business, the firm is not bound, unless he is in purposes.
for private fact specially authorised by the other partners; but this section does not affect any personal liability incurred by an individual partner.
firm will not
8. If it has been agreed between the partners that any Effect of restriction shall be placed on the power of any one or more notice that of them to bind the firm, no act done in contravention of the be bound by agreement is binding on the firm with respect to persons acts of having notice of the agreement.
partner.
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