law: Negotiable Instruments Act, 1881 
  27. Agency 
  Every person capable of binding himself or of being bound, as
  
  mentioned in section 26, may so bind himself or be bound by a duly authorized
  
  agent acting in his name.
  A general authority to transact business and to receive and
  
  discharge debts does not confer upon an agent the power of accepting or
  
  endorsing bills of exchange so as to bind his principal.
  An authority to draw bills of exchange does not of itself import
  
  an authority to endorse.