Bare Acts

The Indian Partnership Act, 1932

An Act to define and amend the Law Relating to Partnership.

भारतीय भागीदारी अधिनियम, 1932

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Act Details

Act Number:

Act Year:

1932

Location:

Enactment Date:

4/8/1932

Enforcement Date:

01-10-1932 (except section 69) 01-10-1933

Ministry:

Ministry of Corporate Affairs

All Section List

PRELIMINARY

Section 1 to Section 3

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 to Section 8

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 to Section 17

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 to Section 30

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 to Section 38

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 to Section 55

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 to Section 71

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 to Section 74

Section 72

Mode of giving public notice.

Section 73

[Repealed.].

Section 74

Savings.