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Home » Nigeria CAMA 2020 » Section 97 Companies and Allied Matters Act 2020

Section 97 Companies and Allied Matters Act 2020

Section 97 CAMA 2020

Section 97 Companies and Allied Matters Act is about Bills of exchange and promissory note. It is under Company’s Contracts of Chapter 5 of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Bills of exchange and promissory note

(1) A bill of exchange or promissory note is deemed to have been made, accepted, or endorsed on behalf of a company if made, or expressed to be made, accepted, or endorsed in the name of the company, or if expressed to be made, accepted or endorsed on behalf or on account of the company by a person acting under its authority.

(2) The company and its successors shall be bound thereby if the company is, in accordance with sections 89-91, liable for the acts of those who made, accepted or endorsed it in its name or on its behalf or account, and a signature by a director or the secretary on behalf of the company shall not be deemed to be a signature by procuration for the purposes of section 25 of the Bills of Exchange Act.

See also  Section 39 Companies and Allied Matters Act 2020

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