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does bank have the power to freeze my current account
04-Sep-2023 (In Corporate Law)
we r having partnership firm of 4 persons. one partner is making unjustifed demands, on resist to it he write letter to bank to stop operatios in current account. im deed three partners out of four are mandate to operate the account. does bank have the power to freeze my current account . how can we remove one of our partner.
The banks usually do not take any instructions on behalf of a single partner. They require the signatures of at least two and usually all partners before freezing accounts. You can only remove the partner by dissolving the partnership and entering into a new one with the remaining two partners.
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