https://www.taxtmi.com/caselaws?id=98991 Company liability under a promissory note may arise where its wording and surrounding description show execution on the company's behalf, even if the company is not expressly named. Section 47 of the Companies Act, 1956, and the company's memorandum and articles may support a managing director's authority to borrow where directors are permitted to borrow. A new shareholder's part-payment, endorsed in the capacity of managing director, may evidence assumption of the company's liability. Such payment may also support the conclusion that a recovery suit was filed within limitation. en-us Fri, 27 Oct 1972 00:00:00 +0530 Tue, 24 Jan 2012 17:42:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98991 Company liability under a promissory note may arise where its wording and surrounding description show execution on the company's behalf, even if the company is not expressly named. Section 47 of the Companies Act, 1956, and the company's memorandum and articles may support a managing director's authority to borrow where directors are permitted to borrow. A new shareholder's part-payment, endorsed in the capacity of managing director, may evidence assumption of the company's liability. Such payment may also support the conclusion that a recovery suit was filed within limitation. Case-Laws Companies Law Fri, 27 Oct 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98991