Common use of Partnership Accounts Clause in Contracts

Partnership Accounts. 17.1 If the Account is owned by a partnership: (a) when the Account is opened each partner, and each person who later joins the partnership, is deemed to be bound by the Contract; (b) each former partner remains liable in relation to the Account unless released by us in writing; (c) where we receive a deposit in favour of one or more of the partners, we may pay it into the partnership Account unless instructed otherwise; and (d) each person authorised to operate the Account can do so as if all the partners had authorised the relevant operation.

Partnership Accounts. 17.1 24.1 If the Account is owned by a partnership: (a) each partner when the Account is opened each partneropened, and each person who later joins the partnership, is deemed to be bound by the Contract; (b) each former partner remains liable in relation to the Account unless released by us in writinginwriting; (c) where we receive a deposit in favour of one or more of the partners, we may pay it into the partnership Account unless instructed otherwise; and (d) each person authorised to operate the Account can do so as if all the partners had authorised the relevant operation.