MEDIUM
Bihar Cooperative Bank Assistant Mains
IMPORTANT
Earn 100

M/S Rajat & Co, a partnership firm is maintaining a current account with your branch with operational instructions to be operated by 'any one of the partners'. A cheque signed by A is countermanded by B which he claims was, through an oversight at a later stage. Subsequently, the said partner approaches the bank to revoke the instructions of lifting the stop payment. The bank would:

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Important Questions on Banking Law and Practice

EASY
Bihar Cooperative Bank Assistant Mains
IMPORTANT
Hand Book Of Banking Information>Chapter 4 - Banking Law and Practice>TEST YOUR SELF>Q 9
A partnership firm carries on a business of giving guarantees only and a guarantee letter has been signed by a single partner and not other partners. The guarantee will be:
MEDIUM
Bihar Cooperative Bank Assistant Mains
IMPORTANT
Hand Book Of Banking Information>Chapter 4 - Banking Law and Practice>TEST YOUR SELF>Q 10
Under what circumstances, the operations in a current account of a partnership firm can be permitted if one of the partners has expired and the account has been showing credit balances:
EASY
Bihar Cooperative Bank Assistant Mains
IMPORTANT
Hand Book Of Banking Information>Chapter 4 - Banking Law and Practice>TEST YOUR SELF>Q 11
Harish, a partner of a firm is authorised to operate the account and authorises his wife to operate the account. A bank should in this case:
EASY
Bihar Cooperative Bank Assistant Mains
IMPORTANT
Hand Book Of Banking Information>Chapter 4 - Banking Law and Practice>TEST YOUR SELF>Q 12
U/s 30 of the Indian Partnership Act:
MEDIUM
Bihar Cooperative Bank Assistant Mains
IMPORTANT
Hand Book Of Banking Information>Chapter 4 - Banking Law and Practice>TEST YOUR SELF>Q 13
Mumbai Bank Ltd maintains a current account of a partnership firm named Western Coats. The account is operated by both the partners of the firm singly. The bank receives a cheque of Rs. 28000, originally made for Rs.23000. Though the cheque is signed by the 1st partner, the alteration in the cheque in the amount has been made by the 2nd partner:
MEDIUM
Bihar Cooperative Bank Assistant Mains
IMPORTANT
Hand Book Of Banking Information>Chapter 4 - Banking Law and Practice>TEST YOUR SELF>Q 14
M/s Subrahmanyan and Sons are maintaining a current account with your branch and a cheque of Rs.15000 is presented for payment across the counter by the payee Mr.S Sheshan. The cheque is passed for payment and around that time a partner of the firm visits the branch. The said partner, who is not authorised to operate the account, directs the bank to stop payment of the cheque:
EASY
Bihar Cooperative Bank Assistant Mains
IMPORTANT
Hand Book Of Banking Information>Chapter 4 - Banking Law and Practice>TEST YOUR SELF>Q 15
As per Section 25 of the Indian Partnership Act, the partners are liable jointly and severally for all debts of the firm.
 
MEDIUM
Bihar Cooperative Bank Assistant Mains
IMPORTANT
Hand Book Of Banking Information>Chapter 4 - Banking Law and Practice>TEST YOUR SELF>Q 16
An HUF cannot become a partner in a firm as per Supreme Court judgement because: