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Jointly and/or severally

29 January 2014

Hello Professionals,

In resolutions, while appointing more than one authorised signatories Ive seen people write jointly and / or severally.

Is this the correct method? Or should we just write jointly or severally?

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5 Replies

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 29 January 2014

Jointly and \ or severally means It may either be jointly or may be severally and if requires the authorisation is for both options as well. Where jointly and singly both options may be availed.

However, under jointly or severally means any one of the option may be adopted if jointly all the documents need to be signed jointly and if singly all the documents need to be signed singly.

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Still Learning (cs) (234 Points)
Replied 29 January 2014

THank You.This was helpful.

1 Like

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 29 January 2014

According to me, "joint and/or several" authority makes no sense. If one can execute a document individually, what is the need of giving authority to execute it jointly with someone else? For exeample, in case of authority for signing cheques, it is nornmal practice to give authority as:

"The Bank is hereby authorised to honour cheques signed by Mr A and Mr B severally upto a limit of Rs.5 lacs per cheque and jointly by Mr A and Mr B above Rs.5 lacs per cheque....."

Instead, if we write "The bank is hereby authorised to honour cheques signed by A and B jointly and/or severally......" it will make no sense because any of A and B can sign the cheque and it is as good as authorising them severally.

Thanks

benish shrestha (director) (21 Points)
Replied 29 January 2014

seperately.severally.

Sanjeev Kumar (GM-Contracts & Risk) (28 Points)
Replied 28 February 2023

Agree. But in the case of J&S Liability under a Contract, it means both the partners (who have taken J&S liability) are liable under the Contract and in case one partner runs away, the leftover partner has to fulfill the obligations of other partner also under the Contract.