Power of fiduciaries as to cheques
19A Power of fiduciaries as to cheques
Where two or more persons in a fiduciary position (other than trustees under a will, settlement or other instrument) have deposited with an
ADI moneys which have been received by them as such fiduciaries, it shall be lawful for the ADI, when so authorised by those persons—
to pay cheques drawn on the ADI by any one or more of them or by any agent authorised by them:
to recognise as a valid endorsement upon any bill of exchange or promissory note payable to the order of such persons, an endorsement by any one or more of them or by any agent authorised by them.
Where any person in a fiduciary position (other than a trustee under a will, settlement or other instrument) has deposited with an ADI moneys which have been received by him as such fiduciary, it shall be lawful for the
ADI when so authorised by that person—
to pay cheques drawn on the ADI by any agent authorised by the said person:
to recognise as a valid endorsement on any bill of exchange or promissory note payable to the order of the said person an endorsement by any agent authorised by him.
Nothing in this section contained shall affect any liability of any person in a fiduciary position to any person towards whom he is in a fiduciary position.
This section shall not be construed so as to limit in any way the operation of section 19.
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