Indian Partnership Act (Page 3)

30. Minors admitted to the benefits of partnership. (1) A person who is a minor according to the law to which he is subject may not be a partner in a firm, but, with the consent of all the partners for the time being, he may be admitted to theKEEP READING

CHAPTER V – INCOMING AND OUTGOING PARTNERS 31. Introduction of a partner. (1) Subject to contract between the partners and to the provisions of section 30, no person shall be introduced as a partner into a firm without the consent of all the existing partners. (2) Subject to the provisionsKEEP READING

32. Retirement of a partner. (1) A partner may retire,- (a) with the consent of all the other partners, (b) in accordance with an express agreement by the partners, or (c) where the partnership is at will, by giving notice in writing to all the other partners of his intentionKEEP READING

33. Expulsion of a partner. (1) A partner may not be expelled from a firm by any majority of the partners, save in the exercise in good faith of powers conferred by contract between the partners. (2) The provisions of sub-sections (2), (3) and (4) of section 32 shall applyKEEP READING

34. Insolvency of a partner. (1) Where a partner in a firm is adjudicated an insolvent he ceases to be a partner on the date on which the order of adjudication is made, whether or not the firm is hereby dissolved. (2) Where under a contract between the partners theKEEP READING

35. Liability of estate of deceased partner. Where under a contract between the partners the firm is not dissolved by the death of a partner, the estate of a deceased partner is not liable for any act of the firm done after his death. Partnership Act full Bare Act DownloadKEEP READING

36. Right of outgoing partner to carry on competing business. (1) An outgoing partner may carry on a business competing with that of the firm and he may advertise such business, but, subject to contract to the contrary, he may not,- (a) use the firm name, (b) represent himself asKEEP READING

37. Right of outgoing partner in certain cases to share subsequent profits. Where any member of a firm has died or otherwise ceased to be a partner, and the surviving or continuing partners carry on the business of the firm with the property of the firm without any final settlementKEEP READING

38. Revocation of continuing guarantee by change in firm. A continuing guarantee given to a firm, or to a third party in respect of the transactions of a firm, is, in the absence of agreement to the contrary, revoked as to future transactions from the date of any change inKEEP READING

CHAPTER VI – DISSOLUTION OF A FIRM 39. Dissolution of a firm. The dissolution of partnership between all the partners of a firm is called the ‘dissolution of the firm’. Partnership Act full Bare Act Download Partnership Act PDFKEEP READING

40. Dissolution by agreement. A firm may be dissolved with the consent of all the partners or in accordance with a contract between the partners. Partnership Act full Bare Act Download Partnership Act PDFKEEP READING

41. Compulsory dissolution. A firm is dissolved,- (a) omitted by Act 31 of 2016 (b) by the happening of any event which makes it unlawful for the business of the firm to be carried on or for the partners to carry it on in partnership: Provided that, where more thanKEEP READING

42. Dissolution on the happening of certain contingencies. Subject to contract between the partners a firm is dissolved,- (a) if constituted for a fixed term, by the expiry of that term; (b) if constituted to carry out one or more adventures or undertakings, by the completion thereof; (c) by theKEEP READING

43. Dissolution by notice of partnership at will. (1) Where the partnership is at will, the firm may be dissolved by any partner giving notice in writing to all the other partners of his intention to dissolve the firm. (2) The firm is dissolved as from the date mentioned inKEEP READING

44. Dissolution by the Court. At the suit of a partner, the Court may dissolve a firm on any of the following grounds, namely- (a) that a partner has become of unsound mind, in which case the suit may be brought as well by the next friend of the partnerKEEP READING

45. Liability for acts of partners done after dissolution. (1) Notwithstanding the dissolution of a firm, the partners continue to be liable as such to third parties for any act done by any of them which would have been an act of the firm if done before the dissolution, untilKEEP READING