484
No. 1 of, 1897.
PARTNERSHIP.
Meaning of firm and firm-name.
Power of partner to bind firm.
Partners bound by acts on behalf of firm.
Partner using credit of firm for private purposes.
Effect of notice that firm will not be bound by acts of partner.
Liability of partners.
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.
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.
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 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.
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 authorized by the other partners; but this section does not affect any personal liability incurred by an individual partner.
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.
9. Every partner in a firm is liable jointly with the other partners for all debts and obligations of the firm incurred while...
484
No. 1 of, 1897.
PARTNERSHIP.
Meaning of firm and firm-name.
Power of
partner to bind firm.
Partners bound by acts on behalf of firm.
Partner using credit of firm for private purposes.
Effect of
notice that
be bound
creditors of the borrower or buyer for valuable consideration in money or money's worth have been-satisfied.
4. Persons who have entered into partnership with one an- other 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.
5. Every partner is an agent of the firm and his other part- ners 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.
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 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.
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 authorized by the other partners; but this section does not affect any personal liability incurred by an individual partner.
8. If it has been agreed between the partners that any Arm will not 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.
by acts of partner.
Liability of partners.
9. Every partner in a firm is liable jointly with the other partners for all debts and obligations of the firm incurred while
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