Indian Partnership Act (Page 2)

14. The property of the firm. Subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm, or for the purposes andKEEP READING

15. Application of the property of the firm. Subject to contract between the partners, the property of the firm shall be held and used by the partners exclusively for the purposes of the business. Partnership Act full Bare Act Download Partnership Act PDFKEEP READING

16. Personal profits earned by partners. Subject to contract between the partners,- (a) if a partner derives any profit for himself from any transaction of the firm, or from the use of the property or business connection of the firm or the firm name, he shall account for that profitKEEP READING

17. Rights and duties of partners. Subject to contract between the partners- (a) after a change in the firm- where a change occurs in the constitution of a firm, the mutual rights and duties of the partners in the reconstituted firm remain the same as they were immediately before theKEEP READING

CHAPTER IV – RELATIONS OF PARTNERS TO THIRD PARTIES 18. Partner to be agent of the firm. Subject to the provisions of this Act, a partner is the agent of the firm for the purpose of the business of the firm. Partnership Act full Bare Act Download Partnership Act PDFKEEP READING

19. Implied authority of partner as agent of the firm. (1) Subject to the provisions of section 22, the act of a partner which is done to carry on, in the usual way, business of the kind carried on by the firm, binds the firm. The authority of a partnerKEEP READING

20. Extension and restriction of partner’s implied authority. The partners in a firm may, by contract between the partners, extend or restrict the implied authority of any partner. Notwithstanding any such restriction, any act done by a partner on behalf of the firm which falls within his implied authority bindsKEEP READING

21. Partner’s authority in an emergency. A partner has authority, in an emergency, to do all such acts for the purpose of protecting the firm from loss as would be done by a person of ordinary prudence, in his own case, acting under similar circumstances, and such acts bind theKEEP READING

22. Mode of doing act to bind firm. In order to bind a firm, an act or instrument done or executed by a partner or other person on behalf of the firm shall be done or executed in the firm name, or in any other manner expressing or implying anKEEP READING

23. Effect of admissions by a partner. An admission on representation made by a partner concerning the affairs of the firm is evidence against the firm, if it is made in the ordinary course of business. Partnership Act full Bare Act Download Partnership Act PDFKEEP READING

24. Effect of notice to acting partner. Notice to a partner, who habitually acts in the business of the firm of any matter relating to the affairs of the firm operates as notice to the firm, except in the case of a fraud on the firm committed by or withKEEP READING

25. Liability of a partner for acts of the firm. Every partner is liable, jointly with all the other partners and also severally, for all acts of the firm done while he is a partner. Partnership Act full Bare Act Download Partnership Act PDFKEEP READING

26. Liability of the firm for wrongful acts of a partner. Where, by the wrongful act or omission of a partner acting in the ordinary course of the business of a firm, or with the authority of his partners, loss or injury is caused to any third party, or anyKEEP READING

27. Liability of firm for misapplication by partners. Where- (a) a partner acting within his apparent authority receives money or property from a third party and misapplies it, or (b) a firm in the course of its business receives money or property from a third party, and the money orKEEP READING

28. Holding out. (1) Any one who by words spoken or written or by conduct represents himself or knowingly permits himself to be represented, to be a partner in a firm, is liable as a partner in that firm to any one who has on the faith of any suchKEEP READING

29. Rights of transferee or a partner’s interest. (1) A transfer by a partner of his interest in the firm, either absolute or by mortgage, or by the creation by him of a change on such interest, does not entitle the transferee, during the continuance of the firm, to interfereKEEP READING