PARTNERSHIP AMENDMENT (VENTURE CAPITAL FUNDS) ACT 2006 (NO 9 OF 2006) - SECT 11 Partner using firm's credit
PARTNERSHIP AMENDMENT (VENTURE CAPITAL FUNDS) ACT 2006 (NO 9 OF 2006) - SECT 11
Partner using firm's credit(1) The use of the credit of a firm other than an incorporated limited partnership by one of its partners for a purpose not apparently related to its ordinary business does not bind it unless the partner is specially authorised by the other partners to do so.
(2) The use of an incorporated limited partnership's credit by one of its general partners for a purpose not apparently related to its ordinary business does not bind it unless the general partner is specially authorised by it to do so.
(3) To avoid doubt, this section does not affect any personal liability of a partner in a partnership.