THE INDIAN PARTNERSHIP ACT, 1932

ACT NO. 9 OF 1932 · Enacted [8th April, 1932.] · 74 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions.

Section 3.Application of provisions of Act 9 of 1872.

THENATURE 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.

RELATIONSOF PARTNERS TO ONE 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— after a change in the firm, after the expiry of the term of the firm, and where additional undertakings are carried out.

RELATIONS OF PARTNERS TO THIRD PARTIES

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.

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.Liability of estate of deceased partner.

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.

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 or misrepresentation.

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.

REGISTRATION OF FIRMS

Section 56.Power to exempt from application of this Chapter.

Section 57.Appointment of Registrars.

Section 58.Application for registration.

Section 59.Registration.

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

Section 61.Noting of closing and opening of branches.

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

Section 63.Recording of changes in and dissolution of a firm.

Section 64.Rectification of mistakes.

Section 65.Amendment of Register by order of Court.

Section 66.Inspection of Register and filed documents.

Section 67.Grant of copies.

Section 68.Rules of evidence.

Section 69.Effect of non-registration.

Section 70.Penalty for furnishing false particulars.

Section 71.Power to make rules.

SUPPLEMENTAL

Section 72.Mode of giving public notice.

Section 73.[Repealed.].

Section 74.Savings.