PARTNERSHIP ACT 1895 - SECT 27
PARTNERSHIP ACT 1895 - SECT 27
27 . Special powers of partners in certain firms
Subject to the
provisions of the last foregoing section, every member of a partnership
carrying on business of a kind in which any of the following acts is usually
done, may bind the firm by the same respectively:
(a) He
may draw, accept, indorse, make, and issue bills and negotiable instruments in
the name of the firm.
(b) He
may borrow money on the credit of the firm.
(c) He
may, for the purpose of such borrowing, or of securing an existing debt,
pledge any goods or personal chattels belonging to the firm.
(d) He
may, for the like purposes, make an equitable mortgage by deposit of deeds or
otherwise of real estate or chattels real belonging to the firm.