The Partnership Act, 1932

( ACT NO. IX Of 1932 )

1An Act to define and amend the law relating to partnership.

 
WHEREAS it is expedient to define and amend the law relating to partnership:
 
 
It is hereby enacted as follows:-
 
 
 

CONTENTS

SECTIONS

1. Short title, extent and commencement

2. Definitions

3. Application of provisions of Act IX of 1872

4. Definition of "partnership", "partner", "firm" and "firm name"

5. Partnership not created by status

6. Mode of determining existence of partnership

7. Partnership at will

8. Particular partnership

9. General duties of partners

10. Duty to indemnify for loss caused by fraud

11.Determination of rights and duties of partners by contract between the partners

Agreements in restraint of trade

12. The conduct of the business

13. Mutual rights and liabilities

14. The property of the firm

15. Application of the property of the firm

16. Personal profits earned by partners

17. Rights and duties of partners after a change in the firm,

after the expiry of the term of the firm, and

where additional undertakings are carried out

18. Partner to be agent of the firm

19. Implied authority of partner as agent of the firm

20. Extension and restriction of partner's implied authority

21. Partner's authority in an emergency

22. Mode of doing act to bind firm

23. Effect of admissions by a partner

24. Effect of notice to acting partner

25. Liability of a partner for acts of the firm

26. Liability of the firm for wrongful acts of a partner

27. Liability of firm for misapplication by partners

28. Holding out

29. Rights of transferee of a partner's interest

30. Minors admitted to the benefits of partnership

31. Introduction of a partner

32. Retirement of a partner

33. Expulsion of a partner

34. Insolvency of a partner

35. Liability of estate of deceased partner

36. Rights of outgoing partner to carry on competing business

Agreements in restraint of trade

37. Right of outgoing partner in certain cases to share subsequent profits

38. Revocation of continuing guarantee by change in firm

39. Dissolution of a firm

40. Dissolution by agreement

41. Compulsory dissolution

42. Dissolution on the happening of certain contingencies

43. Dissolution by notice of partnership at will

44. Dissolution by the Court

45. Liability for acts of partners done after dissolution

46. Right of partners to have business wound up after dissolution

47. Continuing authority of partners for purposes of winding up

48. Mode of settlement of accounts between partners

49. Payment of firm debts and of separate debts

50. Personal profits earned after dissolution

51. Return of premium on premature dissolution

52. Rights where partnership contract is rescinded for fraud or misrepresentation

53. Rights to restrain from use of firm name or firm property

54. Agreements in restraint of trade

55. Sale of goodwill after dissolution

Rights of buyer and seller of goodwill

Agreements in restraint of trade

56. [Omitted]

57. Appointment of Registrars

58. Application for registration

59. Registration

60. Recording or alterations in firm name and principal place of business

61. Noting of closing and opening of branches

62. Noting of changes in names and addresses of partners

63. Recording of changes in and dissolution of a firm

Recording of withdrawal of a minor

64. Rectification of mistakes

65. Amendment of Register by order of Court

66. Inspection of Register and filed documents

67. Grant of copies

68. Rules of evidence

69. Effect of non-registration

70. Penalty for furnishing false particulars

71. Power to make rules

72. Mode of giving public notice

73. [Repealed]

74. Savings

Schedule

SCHEDULE