THE INDIAN PARTNERSHIP ACT, 1932

ACT NO. 9 OF 1932

8th April, 1932

An 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:—

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S.Chapter I PRELIMINARY

S.1 Short title, extent and commencement

S.2 Definitions

S.3 Application of provisions of Act 9 of 1872

S.Chapter II THE NATURE OF PARTNERSHIP

S.4 Definition of “partnership”, “partner”, “firm” and “firm name”

S.5 Partnership not created by status

S.6 Mode of determining existence of partnership

S.7 Partnership at will

S.8 Particular partnership

S.Chapter III RELATIONS OF PARTNERS TO ONE ANOTHER

S.9 General duties of partners

S.10 Duty to indemnify for loss caused by fraud

S.11 Determination of rights and duties of partners by contract between the partners. Agreements in restraint of trade

S.12 The conduct of the business

S.13 Mutual rights, and liabilities

S.14 The property of the firm

S.15 Application of the property of the firm

S.16 Personal profits earned by partners

S.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

S.Chapter IV RELATIONS OF PARTNERS TO THIRD PARTIES

S.18 Partner to be agent of the firm

S.19 Implied authority of partner as agent of the firm

S.20 Extension and restriction of partner's implied authority

S.21 Partner’s authority in an emergency

S.22 Mode of doing act to bind firm

S.23 Effect of admissions by a partner

S.24 Effect of notice to acting partner

S.25 Liability of a partner for acts of the firm

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

S.27 Liability of firm for misapplication by partners

S.28 Holding out

S.29 Rights of transferee of a partner’s interest

S.30 Minors admitted to the benefits of partnership

S.Chapter V INCOMING AND OUTGOING PARTNERS

S.31 Introduction of a partner

S.32 Retirement of a partner

S.33 Expulsion of a partner

S.34 Insolvency of a partner

S.35 Liability of estate of deceased partner

S.36 Rights of outgoing partner to carry on competing business. Agreements in restraint of trade

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

S.38 Revocation of continuing guarantee by change in firm

S.Chapter VI DISSOLUTION OF A FIRM

S.39 Dissolution of a firm

S.40 Dissolution by agreement

S.41 Compulsory dissolution

S.42 Dissolution on the happening of certain contingencies

S.43 Dissolution by notice of partnership at will

S.44 Dissolution by the Court

S.45 Liability for acts of partners done after dissolution

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

S.47 Continuing authority of partners for purposes of winding up

S.48 Mode of settlement of accounts between partners

S.49 Payment of firm debts and of separate debts

S.50 Personal profits earned after dissolution

S.51 Return of premium on premature dissolution

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

S.53 Right to restrain from use of firm name or firm property

S.54 Agreements in restraint of trade

S.55 Sale of goodwill after dissolution. Rights of buyer and seller of goodwill. Agreements in restraint of trade

S.Chapter VII REGISTRATION OF FIRMS

S.56 Power to exempt from application of this Chapter

S.57 Appointment of Registrars

S.58 Application for registration

S.59 Registration

S.59A-1 Late registration on payment of penalty

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

S.61 Noting of closing and opening of branches

S.62 Noting of changes in names and addresses of partners

S.63 Recording of changes in and dissolution of a firm. Recording of withdrawal of a minor

S.64 Rectification of mistakes

S.65 Amendment of Register by order of Court

S.66 Inspection of Register and filed documents

S.67 Grant of copies

S.68 Rules of evidence

S.69 Effect of non-registration

S.69A Penalty for contravention of sections 60, 61, 62 or 63

S.70 Penalty for furnishing false particulars

S.70A Maximum fees and power to amend Schedule I

S.71 Power to make rules

S.Chapter VIII SUPPLEMENTAL

S.72 Mode of giving public notice

S.73 [Repealed]

S.74 Savings

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