Powers of Manager
The powers of a Manager are more extensive than those of a Karta. The manager of a joint Hindu Family has all the powers required for the purposes of carrying on the family business. He can contract debts for the purpose of the business, and pledge the credit and property of the family for the purpose of its ordinary business, but not for any speculative transactions. His actions must not be tainted with immorality. He can bind the members of the family including minors by means of Negotiable Instruments, executed in the name of the family firm. He can also compromise a dispute but he cannot embark on a new venture.
Read more about this topic: Hindu Undivided Family
Famous quotes containing the words powers and/or manager:
“The powers of the federal government ... result from the compact to which the states are parties, [and are] limited by the plain sense and intention of the instrument constituting that compact.”
—James Madison (1751–1836)
“I knew a gentleman who was so good a manager of his time that he would not even lose that small portion of it which the calls of nature obliged him to pass in the necessary-house, but gradually went through all the Latin poets in those moments. He bought, for example, a common edition of Horace, of which he tore off gradually a couple of pages, read them first, and then sent them down as a sacrifice to Cloacina: this was so much time fairly gained.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)