This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 368.— (1) What is the proper wording of a note to be given by a limited company (say The A.B.C. Co., Limited) to a bank?
(2) A note reads "We promise to pay," etc., and is signed as follows:—
The A. B. C. Co., Limited, Richard Roe, John Doe,
Could John Doe and Richard Roe be held personally liable on such a note?
Answer.—It is correct to make such a note read "The A. B. C. Co., Limited, promise to pay," in which case only the signatures of the authorized officers are necessary, or " We promise to pay," to be signed as set out in your second question.
In either case the company only is liable as promissor, and the persons who sign as its officers are not under any personal liability.