1466

In the liquidation of commercial associations in which minors or incapacitated persons are interested, the father, mother, or guardian of the latter, as the case may be, shall act with full powers, as though a private transaction were involved, and all the proceedings instituted and consented to by said representatives for their principal shall be valid and irrevocable without previlege of restitution and without prejudice to the liability the former may contract with regard to the latter by reason of their carelessness or negligence.\nHistory —Commerce Code, 1932, § 153.