Bare Act Search Results

Bills of Exchange Act, 1882 Complete Act

State: Central

Year: 1882

.....operates as notice that the agent has but a limited authority to sign, and the principal is only bound by such signature the agent in so signing was acting within the actual limit of his authority. SECTION 26: PERSON SIGNING AS AGENT OR IN REPRESENTATIVE CAPACITY (1) Where a person signs a bill as drawer, endorser or acceptor, and adds words to his signature, indicating that he signs for or on behalf of a principal, or in a representative character, he is not personally liable thereon ; but the mere addition to his signature of words describing him as an agent, or as filling a representative character, does not exempt him from personal liability. (2) In determining whether a signature on a bill is that of the principal or that of the agent by whose hand it is written, the construction most favourable to the validity of the instrument shall be adopted. SECTION 27: VALUE DEFINED (1) Valuable consideration for a bill may be constituted by- (a) any consideration sufficient to support a simple contract ; (b) an antecedent debt or liability. Such a debt or liability is deemed valuable consideration whether the bill is payable on demand or at a future time. (2) Where value.....

Powers of Attorney Act, 1882 Section 3

Title: Payment by Attorney Under Power, Without Notice of Death, Etc., Good

State: Central

Year: 1882

Any person making or doing any payment or act in good faith, in pursuance of a power-of-attorney, shall not be liable in respect of the payment or act by reason that, before the payment or act, the donor of the power had died or become1[***], of unsound mind,1[***] or insolvent, or had revoked the power, if the fact of death,1[***], unsoundness of mind,1[***], insolvency or revocation was not, at the time of the payment or act, known to the person making or doing the same. But this section shall not affect any right against the payee of any person interested in any money so paid; and that person shall have the like remedy against the payee as he would have had against the payer, if the payment had not been made by him. This section applies only to payments and acts made or done after this Act comes into force. ________________________ 1.Words "Lunatic", "Bankrupt", "Lunacy", "Bankruptcy" omitted by the Powers-of-Attorney (Amendment) Act, 1982, w.e.f. 22-10-1982.

Powers of Attorney Act, 1882 Complete Act

State: Central

Year: 1882

.....as to trustees, executors and administrators making payments under powers, which has been in force in British India for the last fifteen years-See Act 28 of 1866,section 39. The third and last object of the Bill is to provide for the deposit of instruments creating powers of attorney, and for the evidence of the contents of such instruments. The section effecting this is copied (with the modifications necessary to adapt it to India) from 44 and 45 Vict. c. 41,section 48 ."-Gazette of India, 1881, Part V, page 1473. Amending Act 55 of 1982.- The Law Commission in its Sixty -Eighth Report examined the Powers-of-Attorney Act, 1882and while suggesting that because of its archaic form and language it should be replaced by a new enactment, it also suggested certain amendments to the Act. As the amendments do not call for any radical or substantial changes in the Act which had worked smoothly for a century, it is proposed, instead of replacing the Act by a new one, to make the necessary amendments therein. 2. The Act though it deals with powers-of-attorney, does not contain the definition of '''power-of-attorney". It is proposed to remedy this defect by inserting a suitable.....