.(i) Explain the Rule in Royal British Bank v Turquand.(2 marks)
(ii) Enumerate the various exceptions to the rule in (i) above.(6 marks)
The articles of Shirika Company Ltd.provided that the directors had power to determine who should be entitled to sign contracts and documents on behalf of the company.
One director Chapu Chapu, describing himself as the Chairman and without having been so authorized,executed and gave guarantee to Chafua in the name of the company.Shirika Company have found out about the guaranteeexacuted and have refused to honor it as demanded by Chafua.
Explain whether Shirika Company Ltd.is liable with regard to the demands by Chafua.(12 marks)
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