The Indian Partnership Act, 1923
madhya-pradesh · 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. 2Duration of the firm
- S. 3The section allows the Indian Contract Act, 1872 to apply to partnerships unless explicitly overridden by the Indian Partnership Act, 1923.
- S. 4Section 4 defines partnership, partners, firm, and firm name, clarifying that partnership arises from a contract to share business profits.
- S. 5The Registrar can initiate investigations as needed for proper administration and dispute resolution under the Act.
- S. 6Register of Firms: The Register of Firms shall be in English in Form VII annexed to these rules
- S. 7The section details how to amend entries in the Register of firms by drawing a red line and adding a note.
- S. 8Where such person elects not to become a partner
- S. 9Name of firm Serial No
- S. 10Section 10 requires non-English documents submitted under the Act to be translated and certified by a partner or authorized agent.
- S. 11The section mandates the Registrar to issue acknowledgments and endorse registration details on documents filed under the Act.
- S. 12Section 12 of the Indian Partnership Act, 1923 outlines partners' rights to participate in business conduct, decision-making, and access to firm records.
- S. 13Section mandates maintaining an account of fees received and issuing receipts for them in specified forms.
- S. 14Section 14 allows inspection of partnership register and related documents upon application, with certain restrictions.
- S. 15Section 15 of the Indian Partnership Act, 1923 governs the use of firm property exclusively for business purposes.
- S. 16Section 16 mandates partners to account and pay the firm for any personal profits derived from firm transactions or competing businesses.
- S. 17Preservation and elimination of registers and records -1
- S. 18Section 18 cancels the registration of firms that cease operations or dissolve without notifying the Registrar.
- S. 19Implied authority of partner as agent of the firm- (1) subject to the provisions of Sec
- S. 20Section 20 requires partnership documents to be submitted in printed or typewritten form to the Registrar, either in person or by post, and no facts can be recorded based on oral notice.
- S. 21Office hours - The office of the Registrar shall be open for business (Except on Sundays and holidays) from 11 a
- S. 22Section 22 states that a partner or representative must act 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. 24Section 24 states that notice to an acting partner about firm affairs is considered notice to the firm, except for frauds committed by that partner.
- 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 in business.
- S. 27The section holds a firm liable for losses if a partner misapplies money or property received from a third party.
- S. 28Section 28 makes individuals liable as partners if they represent themselves as such, but not liable post-death if the firm name continues.
- S. 29Section 29 of The Indian Partnership Act, 1923, limits transferee's rights to profits and assets, barring interference in business.
- S. 30Section 30 allows minors admitted to partnership benefits with all partners' consent, entitling them to firm's profits and shares, but not personal liability.
- S. 31Introduction of a partner - (1) Subject to contract between the partners and to the provisions of Sec
- S. 32Retirement of a partner -(1) A partner may retire - a) With the consent of all the other partners
- S. 33Section 33 of the Indian Partnership Act, 1923, prohibits expulsion of a partner except through contractually agreed powers, and addresses insolvency of a partner.
- S. 34—
- S. 35The section exempts a deceased partner's estate from liability for firm acts post-death if the firm continues.
- S. 36Outgoing partners can compete with the firm but must not use the firm's name or solicit former clients.
- S. 37Outgoing partner's estate can claim share of subsequent profits or interest if firm continues operations without final settlement.
- S. 38Section 38 revokes a continuing guarantee for future transactions upon any change in the firm's constitution.
- S. 39Section 39 defines the dissolution of a partnership between all partners as the "dissolution of the firm."
- S. 40Section 40 allows a firm to dissolve by mutual agreement or as per partners' contract.
- S. 41Section 41 dissolves a partnership if all partners or all but one are declared insolvent or if an event makes the business unlawful.
- S. 42Section 42 dissolves a partnership upon expiry of a fixed term, completion of specific undertakings, partner's death, or insolvency.
- S. 43Section 43 allows dissolution of a partnership at will by any partner giving written notice to all others.
- S. 44Dissolution by the Court
- S. 45Partners remain liable for acts done post-dissolution until public notice of dissolution is given.
- S. 46Section 46 allows partners to have firm's property used to pay debts after dissolution, with surplus distributed according to rights.
- S. 47Section 47 allows partners to continue binding the firm post-dissolution for winding up affairs, except for insolvent partners.
- S. 48Section 48 outlines the order for settling accounts and distributing assets after a partnership's dissolution.
- S. 49Section 49 of the Indian Partnership Act, 1923 prioritizes firm debts over separate partner debts for payment.
- S. 50Section 50 prohibits partners from earning personal profits after the partnership's dissolution.
- S. 51Section 51 allows partners who paid a premium for a fixed term to receive repayment if the partnership dissolves prematurely, except in cases of misconduct or specific agreements.
- S. 52Section 52 allows a partner rescinding a partnership contract due to fraud or misrepresentation to retain firm assets and be indemnified.
- S. 53Section 53 allows a dissolved firm's partner to prevent others from using the firm's name or property for similar business until affairs are settled.
- S. 54Section 54 allows partners to make valid agreements restricting their future similar business activities post-dissolution if the restrictions are reasonable.
- S. 55Section 55 of the Indian Partnership Act, 1923 governs the sale of goodwill after dissolution, allowing it as an asset and regulating post-sale partner conduct.
- S. 56The State Government can exempt a state or part of it from the provisions of this chapter by notification.
- S. 57The section allows the State Government to appoint Registrars for partnerships and defines their duties and areas of operation.
- S. 58Section 58 outlines the process for registering a firm, including required details and restrictions on firm names.
- S. 59Section 59 mandates the Registrar to record and file a firm's statement upon compliance with prior registration requirements.
- S. 60Section 60 allows registered firms to update their name and principal business location with the Registrar upon payment of a fee.
- S. 61Section 61 requires partners to notify the Registrar of branch openings or closures, which the Registrar records and files.
- S. 62Section 62 requires partners to notify the Registrar of changes in their names or addresses.
- S. 63Section 63 mandates the Registrar to record changes and dissolutions in a firm's constitution and file related notices.
- S. 64Section 64 allows the Registrar to correct errors in the firm's register to align with filed documents.
- S. 65Section allows a court to order amendments to the firm's register based on its decisions.
- S. 66Section allows inspection of partnership firm's register and filed documents for a prescribed fee.
- S. 67The Registrar provides certified copies of partnership register entries upon request and fee payment.
- S. 68Section 68 establishes that entries in the firm's register are conclusive proof of facts stated and certified copies can prove firm registration.
- S. 69Section 69 of The Indian Partnership Act, 1923 mandates that unregistered firms cannot sue third parties or partners for rights arising from contracts.
- S. 70—
- S. 71Section 71 empowers the State Government to make rules for fees, document inspection, and various procedural aspects related to firm registration.
- S. 72Mode of giving public notice -- A public notice under this Act is given
- S. 73(Repeals) Rep
- S. 74Section 74 preserves existing rights and liabilities under the Indian Partnership Act, 1923, and specifies fee enhancements under the 1998 amendment.