A Treatise On the Law of Partnership And Joint-Stock Companies : According to the Law of Scotland, Including Private Copartneries, Common Law Companies, Registered Companies, Chartered Companies, Railway Companies, And Others, Formed Under the Consolidati

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Partners may also become liable for the debts and obligations of Ratifloation •' _ ° after forma- their copartners, though entered into before formation of the firm, tion.
if after that event such obligations, or the transactions of which they are the consequences, have been adopted, ratified, or homolo- gated by the company. Thus, if the company grant a bill for a debt not contracted by itself, but by its promoters, the partners will be bound (d); and so, a person who became partner with the l
...essee of a house after the commencement of the lease, and jointly agreed with him to pay additional rent for additional accommodation, was found liable as a partner for the whole rent (e).
One of the most important consequences and illustrations of the Promoters.
legal principle now under consideration, will be found in the well- established rule of law, that the promoters of joint-stock companies, e.g. railway companies, etc., have no power to bind the company when it comes into existence by its special act or otherwise, for such debts or obligations as they may have contracted while it was yet in an inchoate state, and they were endeavouring to effect its formation.


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