An endorsement by one of the partners on the promissory note where the promissory note required the ...........

Indian Partnershoip Act (IPA) 1930 Miscellaneous Provisions

An endorsement by one of the partners on the promissory note where the promissory note required the endorsement of all the partners is said to be –

Within the implied authority of the partner

not within the implied authority of the partner under section 17 of the Act

not within the implied authority of the partner under section 19 of the Act

None of the above

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Explanation:

Section 19 –
19. Implied authority of partner as agent of the firm. (1) Subject to the provisions of section 22, the act of a partner which is done to carry on, in the usual way, business of the kind carried on by the firm, binds the firm. The authority of a partner to bind the firm conferred by this section is called his “implied authority”. (2) In the absence of any usage or custom of trade to the contrary, the implied authority of a partner does not empower him to- (a) submit a dispute relating to the business of the firm to arbitration, (b) open a banking account on behalf of the firm in his own name, (c) compromise or relinquish any claim or portion of a claim by the firm, (d) withdraw a suit or proceeding filed on behalf of the firm, (e) admit any liability in a suit or proceeding against the firm, (f) acquire immovable property on behalf of the firm, (g) transfer immovable property belonging to the 12firm, or (h) enter into partnership on behalf of the firm.