This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
The secretary of a corporation has in the absence of special authority, no general power by virtue of his office, to bind the corporation.1 The treasurer of a corporation has ordinarily authority to receive payments made to the corporation, and to pay out money subject to the instruction of his superior officers. If the corporation acquiesces in his assuming other duties, such as those of manager,2 it is bound by his contracts within the scope of such power. The cashier of a bank has no authority to draw a draft in the name of his principal in payment of his own debt.3 He cannot bind the bank by representations as to the solvency of a third person in a transaction in which the bank is not concerned.4