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Indian Partnership Act, 1932

Index

Click on the below given links to read the Sections.

Preliminary


Chapter I Preliminary

 

1. Short title, extent and commencement.

2. Definitions.

3. Application of provisions of Act 9 of 1872


Chapter II The Nature Of Partnership

 

4. Definition of "partnership", "partner", "firm" and "firm name"

5. Partnership not created by status

6.  Mode of determining existence of partnership

7. Partnership at will

8. Particular partnership

 

Chapter III Relations Of Partners To One Another

 

9.   General duties of partners

10. Duty to indemnify for loss caused by fraud

11. Determination of rights and duties of partners by contract between the partners

12.The conduct of the business

13. Mutual rights and liabilities

14. The property of the firm

15. Application of the property of the firm

16. Personal profits earned by partners

17. Rights and duties of partners

 


Chapter IV Relations Of Partners To Third Parties

 

18. Partner to be agent of the firm.

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

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

21. Partner's authority in an emergency.

22. Mode of doing act to bind firm.

23. Effect of admissions by a partner.

24. Effect of notice to acting partner.

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

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

27. Liability of firm for misapplication by partners.

28. Holding out.

29. Rights of transferee or a partner's interest.

30. Minors admitted to the benefits of partnership.



Chapter V Incoming And Outgoing Partners.


31. Introduction of a partner.

32. Retirement of a partner.

33. Expulsion of a partner.

34. Insolvency of a partner.

35. Liability of estate of deceased partner.

36. Right of outgoing partner to carry on competing business.

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

38. Revocation of continuing guarantee by change in firm.


Chapter VI Dissolution Of a Firm


39. Dissolution of a firm.

40. Dissolution by agreement.

41. Compulsory dissolution.

42. Dissolution on the happening of certain contingencies.

43. Dissolution by notice of partnership at will.

44. Dissolution by the court.

45. Liability for acts of partners done after dissolution.

46. Rights of partners to have business wound up after dissolution.

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

48. Mode of settlement of accounts between partners. 

49. Payment of firm debts and of separate debts. 

50. Personal profits earned after dissolution.

51. Return of premium on premature dissolution.

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

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

54. Agreements in restraint of trade.

55. Sale of goodwill after dissolution.



Chapter VII Registration Of Firms


56. Power to exempt from application of this Chapter.

57. Appointment of Registrars.

58. Application for registration.

59. Registration.

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

61. Noting of closing and opening of branches.

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

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

64. Rectification of mistakes.

65. Amendment of Register by order of court.

66. Inspection of Register and filed documents. 

67. Grant of copies. 

68. Rules of evidence. 

69. Effect of non-registration.

70. Penalty for furnishing false particulars.

71. Power to make rules.

72. Mode of giving public notice.

73. Repeal. 

74. Saving.



Chapter VIII Miscellaneous


Schedule-I.

Schedule-II



Duty to indemnify for loss caused by fraud

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