Reports of Cases Argued and Determined in the English Courts of Common Law Volume 32 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1838 edition. Excerpt: ... courts of law and equity in Westminster Hall as joint-stock companies, and not to ordinary partnerships in trade. It was proved upon the trial of the cause, that Clare the drawer of the bill, from whom the plaintiffs derived title, and upon whose indorsement they rely, was the same William Clare who is one of the acceptors, and one of the defendants in his capacity of acceptor. So that the bill is drawn by one of the directors upon himself and the other directors, payable to his own order, and accepted by another director for himself and the rest. But the right of one director to draw a bill upon the rest, and still further the power of one director to accept a bill for himself and the others, so as to make those others liable, according to the case of Dickinson v. Valpy, 10 B. & C. 128, --in the authority of which case we entirely concur.is not a right or power implied by law, like that which belongs to one member of an ordinary partnership in trade, with respect to bills drawn and accepted for the purposes of the trade; it must depend upon the powers given by the charter, or deed or agreement, under which the company is established and constituted, or some other agreement between the parties, whether a bill so drawn and accepted shall or shall not have that legal effect. But upon the trial of this cause, no evidence whatever was given by the plaintiffs of the constitution of this company, nor of any authority given by deed or otherwise to any one of the directors to bind the other directors, or to bind the company at large, by his acceptance of bills of exchange; and in the absence of such evidence, we are of opinion that no such authority is to Be implied by law, or can be held to exist. The principal contention, however, on the argument...