The INDIAN PARTNERSHIP ACT 1932
chandigarh · 1932
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1Short - Title - These Rules may be called the Madhya Pradesh Partnership ( Registration of Firms ) Rules, 1951
- S. 2Section defines key terms used in the Indian Partnership Act, including "act of a firm," "business," "prescribed," and "third party."
- S. 3The Indian Partnership Act 1932 applies unrepealed provisions of the Indian Contract Act 1872 to firms where they don't conflict.
- S. 4ii The Indian Partnership Act, 1932 Contents Extension and restriction of partner's implied 5 authority
- S. 5Section 5 of the Indian Partnership Act 1932 grants the Registrar authority to conduct investigations and maintain a register of firms with amendment and protest procedures.
- S. 6Determines existence of partnership by examining real relations between parties based on all relevant facts.
- S. 7Section 7 of the Indian Partnership Act 1932 outlines the default terms for partnerships without specific agreements, including duties and rights of partners.
- S. 8—
- S. 9Name of firm Serial No
- S. 10Section 10 requires non-English documents to be translated and certified by a partner or agent for submission to the Registrar.
- S. 11The section details the Registrar's duties in granting and endorsing acknowledgements for firm registration and document filings.
- S. 12Section 12 mandates the maintenance of firm documents and records in a Registrar's office, with provisions for inspection and fee-based access to copies.
- S. 13—
- S. 14Section 14 of the Indian Partnership Act 1932 outlines the firm's property, its application for business purposes, and partners' obligations to account for personal profits derived from firm resources.
- S. 15—
- S. 16—
- S. 17Section 17 outlines the rights and duties of partners in a partnership towards third parties.
- S. 18Section 18 cancels the registration of firms deemed defunct if no business is carried on, dissolved, or partners fail to respond to inquiries.
- S. 19Section 19 of the Indian Partnership Act 1932 details fees for document inspections and certified copies, submission guidelines, and office hours for the Registrar.
- S. 22Section 22 states that a partner or third party must act on behalf of the firm in the firm's name to bind it.
- S. 23A partner's admission about the firm's affairs in business is evidence against the firm.
- S. 24Notice to an acting partner about firm affairs is treated as notice to the firm, except for frauds committed with that partner's consent.
- S. 25Section 25 states that each partner is jointly and individually liable for the firm's actions during their partnership.
- S. 26The firm is liable for losses or penalties caused by a partner's wrongful act or omission during business operations.
- S. 27The section holds a firm liable for losses caused by partners misapplying money or property received from third parties.
- S. 28Section 28 of the Indian Partnership Act 1932 outlines liabilities for false partnership representations and rights of transferees of partners' interests.
- S. 31Introduction of a partner - (1) Subject to contract between the partners and to the provisions of Sec
- S. 32Retirement of a partner
- S. 33Section 33 of the Indian Partnership Act 1932 governs expulsion and insolvency of partners, allowing expulsion only through contract-specified powers and protecting insolvent partners' estates.
- S. 35The estate of a deceased partner is not liable for the firm's acts post his death if the partnership continues under the contract.
- S. 36Outgoing partners can compete with the firm but must not use the firm's name or solicit former clients, and reasonable non-compete agreements are valid.
- S. 37Outgoing partner or their estate can claim share of subsequent profits or interest if firm continues without final settlement.
- S. 38Revocation of continuing guarantee by change in firm: A continuing
- S. 39Section 39 defines the dissolution of a partnership firm among all partners.
- S. 40Section 40 allows a partnership firm to dissolve by mutual consent or as per partners' contract.
- S. 41Section 41 mandates the dissolution of a firm if all partners or all but one are declared insolvent or if carrying on business becomes unlawful.
- S. 42Section 42 of the Indian Partnership Act 1932 dissolves a partnership upon completion of a fixed term, specific undertakings, or a partner's death or insolvency.
- S. 48Section 48 outlines the order for settling a firm's accounts after dissolution, prioritizing losses and debts payment before distributing remaining assets among partners.
- S. 49Section 49 prioritizes payment of firm debts over separate partner debts, and section 50 governs personal profits post-dissolution.
- S. 51Section 51 outlines conditions under which a partner who paid a premium for a fixed term can receive a return if the partnership dissolves prematurely.
- S. 52Section 52 allows a partner rescinding a partnership contract due to fraud or misrepresentation to retain surplus assets and be indemnified against firm debts.
- S. 53Section 53 of the Indian Partnership Act 1932 allows partners to prevent others from using the firm name or property post-dissolution and to make reasonable trade restraint agreements.
- S. 54—
- S. 55—
- S. 56—
- S. 57—
- S. 58—
- S. 59Section 59 of the Indian Partnership Act 1932 mandates registration and recording of firm details, alterations, and branch openings in the Register of Firms.
- S. 60Recording of alterations in firm name and principal place of business
- S. 61—
- S. 62—
- S. 63—
- S. 64Section 64 allows the Registrar to correct errors in the Register of firms and permits inspection and copying of firm records.
- S. 65—
- S. 66—
- S. 67—
- S. 68—
- S. 69—
- S. 70—
- S. 71Section 71 empowers the State Government to make rules for fees, document forms, and procedures for the Registrar of firms.
- S. 72—
- S. 73—
- S. 74Saving 16 ****** ***** THE INDIAN PARTNERSHIP ACT, 1932
- S. 388Dissolution by the Court