Page:United States Statutes at Large Volume 47 Part 1.djvu/1296

 1272 Post, p .1274. Post, p .1275. Liquidation of partnership, see sections 1119 et seq. GENERAL PART. NERSHIP. Definition. SE C: 1100. GEN ERAL PART NERSH IP, WHAT .-Every partnership that is not formed in accordance with the law concerning special partner- ships, and every special partnership, so far only as the general partners are c oncerned, is a ge neral partnership. CROSS REFERENCES Ante, p. 1270. Partnership, what, see section 1085. Post, pp . 1275, 1278. Special partnerships, see sections 1124 and 1146. Post, p . 1278. Special partnership becomes general partnership when, see section 1145. Powers and author- ity of partners. Majority. CROSS REF ERENOE Po st, p .1276. Power, rights, and duties of special partners, see section 1131 et seq. Individual. S EC. 1102 . AUTHORI TY OF INDIVIDUAL PARTNER .-Every general: partner is agent for the partnership in the transaction o† its business, and has authority to do whatever is necessary to carry on snobb busi ness in the ordinary manner, and for this purpose may bind hi$ copartners by an agreement in writing. CROSS REFERENCES Ante, >? • 127L Common liability for losses, see section 1096. Po st, p . 1223 . Liability of partners for each other's acts, see section 1110 Limitations, on au- thorny. Acts in bad faith ineffectual. 72d CONGRESS. SESS. II. CH. 125 . F EBR UARY 27, 1933. CROSS REFERENCES Dissolution of partnership, see section 1113. CHA PTE R 5 4 .- GENERAL PA RTNERSHIP WHAT IS A OENERAL PARTNERSHIP POWERS AND AUTHORITY OF PARTNERS SE C. 1101. POWER OF MAJO RITY OF PARTNERS .--Unless otherwise exp ress ly stip ula ted, th e de cis ion of the majority of the me mbe rs of a general partnership binds it in the conduct of its business. SEC. 1103 . WHAT AUTHORITY PARTNER HAS NOT .-A partner, as such, has not authority to do any of the following acts unless his copa rtner s ha ve wh olly aban done d the busi ness to him or are incapable of acting : 1. To ma ke an assignment of the partnership property or any portion thereof to a creditor, or to a third person in trust for the benefit of a creditor, or of all creditors ; 2. To dispose of the good will of the business ; 3. To dispose of the whole of the partnership property at once, unless it consists entirely of merchandise ; 4. To do any act which would make it impossible to carry on the ordinary business of the partnership ; 5. To confess a judgment ; 6. To submit a partnership claim to arbitration ; or 7. To do any other act not within the scope of section 1102 . S EC. 1104 . PARTNER'S ACTS IN BAD FAITH, WH EN INE FFECTUA L .- A partner is not bound by any act of a copartner, in bad faith toward him, though within the sc ope of the partner's powers, except in favor of p ersons who have in good faith parted with value in reliance upon such act.