Indian Partnership Act, 1932

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HomeBrud.gifIndian LawBrud.gifIndian ActsBrud.gifIndian Partnership Act, 1932

Indian Partnership Act, 1932 [8th April, 1932.] is Act No. 9 of 1932.

Contents

Notes

  • It is an Indian Act to define and amend the law relating to partnership.
  • It has 8 Chapters, 74 sections and 1 schedule

Sections

Chapter I: Preliminary

Chapter II: The Nature of Partnership

  • Section 4: Definition of "partnership", "partner" "firm" and "firm name"
  • Section 5: Partnership not created by status
  • Section 6: Mode of determining existence of partnership
  • Section 7: Partnership at will
  • Section 8: Particular partnership

Chapter III: Relations of Partners to another

  • Section 9: General duties of partners
  • Section 10: Duty to indemnify for loss caused by fraud
  • Section 11: Determination of rights and duties of partners by contract between the partners
  • Section 12: The conduct of the business
  • Section 13: Mutual rights and liabilities
  • Section 14: The property of the firm
  • Section 15: Application of the property of the firm
  • Section 16: Personal profits earned by partners
  • Section 17: Rights and duties of partners

Chapter IV: Relations of partners to third party

  • Section 18: Partner to be agent of the firm
  • Section 19: Implied authority of partner as agent of the firm
  • Section 20: Extension and restriction of partner's implied authority
  • Section 21: Partner's authority in an emergency
  • Section 22: Mode of doing act to bind firm
  • Section 23: Effect of admissions by a partner
  • Section 24: Effect of notice to acting partner
  • Section 25: Liability of a partner for acts of the firm
  • Section 26: Liability of the firm for wrongful acts of a partner
  • Section 27: Liability of firm for misapplication by partners
  • Section 28: Holding out
  • Section 29: Rights of transferee of a partner's interest
  • Section 30: Minors admitted to the benefits of partnership

Chapter V: Incoming and Outgoing Partners

  • Section 31: Introduction of a partner
  • Section 32: Retirement of a partner
  • Section 33: Expulsion of a partner
  • Section 34: Insolvency of a partner
  • Section 35: Rights of outgoing partner to carry on competing business
  • Section 36: Rights of outgoing partner to carry on competing business
  • Section 37: Right of outgoing partner in certain cases to share subsequent profits
  • Section 38: Revocation of continuing guarantee by change in firm

Chapter VI: Dissolution of a Firm

  • Section 39: Dissolution of a firm
  • Section 40: Dissolution by agreement
  • Section 41: Compulsory dissolution
  • Section 42: Dissolution on the happening of certain contingencies
  • Section 43: Dissolution by notice of partnership at will
  • Section 44: Dissolution by the Court
  • Section 45: Liability for acts of partners done after dissolution
  • Section 46: Right of partners to have business wound up after dissolution
  • Section 47: Continuing authority of partners for purposes of winding up
  • Section 48: Mode of settlement of accounts between partners
  • Section 49: Payment of firm debts and of separate debts
  • Section 50: Personal profits earned after dissolution
  • Section 51: Return of premium on premature dissolution
  • Section 52: Rights where partnership contract is rescinded for fraud ormis representation
  • Section 53: Right to restrain from use of firm name or firm property
  • Section 54: Agreements in restraint of trade
  • Section 55: Sale of goodwill after dissolution

Chapter VII: Registration of Firms

Chapter VIII: Supplemental

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