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Form Of Notes Given By Joint Stock Companies |
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Form Of Notes Given By Joint Stock Companies |
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This section is from the book "Canadian Banking Practice", by John T. P. Knight.
This section is from the "" book, by .
Question 47. - (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, Sec.-Treas.
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, promises 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.
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banking, cash, money, receipts, signature, cheque, banker, bills, debts, bank draft, bank money order, bank notes, attorney, payment, borrowing, corporation, collections, liability, deposit, business, deceased, endorsement, rules, security, guarantee, identification, insurance, loan, stock, wire, transfer
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