14. The property of the firm. Subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm, or for the purposes andRead…
15. Application of the property of the firm. Subject to contract between the partners, the property of the firm shall be held and used by the partners exclusively for the purposes of the business. Partnership Act full Bare Act Download Partnership Act PDFRead…
16. Personal profits earned by partners. Subject to contract between the partners,- (a) if a partner derives any profit for himself from any transaction of the firm, or from the use of the property or business connection of the firm or the firm name, he shall account for that profitRead…
17. Rights and duties of partners. Subject to contract between the partners- (a) after a change in the firm- where a change occurs in the constitution of a firm, the mutual rights and duties of the partners in the reconstituted firm remain the same as they were immediately before theRead…
CHAPTER IV – RELATIONS OF PARTNERS TO THIRD PARTIES 18. Partner to be agent of the firm. Subject to the provisions of this Act, a partner is the agent of the firm for the purpose of the business of the firm. Partnership Act full Bare Act Download Partnership Act PDFRead…
19. Implied authority of partner as agent of the firm. (1) Subject to the provisions of section 22, the act of a partner which is done to carry on, in the usual way, business of the kind carried on by the firm, binds the firm. The authority of a partnerRead…
20. Extension and restriction of partner’s implied authority. The partners in a firm may, by contract between the partners, extend or restrict the implied authority of any partner. Notwithstanding any such restriction, any act done by a partner on behalf of the firm which falls within his implied authority bindsRead…
21. Partner’s authority in an emergency. A partner has authority, in an emergency, to do all such acts for the purpose of protecting the firm from loss as would be done by a person of ordinary prudence, in his own case, acting under similar circumstances, and such acts bind theRead…
22. Mode of doing act to bind firm. In order to bind a firm, an act or instrument done or executed by a partner or other person on behalf of the firm shall be done or executed in the firm name, or in any other manner expressing or implying anRead…
23. Effect of admissions by a partner. An admission on representation made by a partner concerning the affairs of the firm is evidence against the firm, if it is made in the ordinary course of business. Partnership Act full Bare Act Download Partnership Act PDFRead…
24. Effect of notice to acting partner. Notice to a partner, who habitually acts in the business of the firm of any matter relating to the affairs of the firm operates as notice to the firm, except in the case of a fraud on the firm committed by or withRead…
25. Liability of a partner for acts of the firm. Every partner is liable, jointly with all the other partners and also severally, for all acts of the firm done while he is a partner. Partnership Act full Bare Act Download Partnership Act PDFRead…
26. Liability of the firm for wrongful acts of a partner. Where, by the wrongful act or omission of a partner acting in the ordinary course of the business of a firm, or with the authority of his partners, loss or injury is caused to any third party, or anyRead…
27. Liability of firm for misapplication by partners. Where- (a) a partner acting within his apparent authority receives money or property from a third party and misapplies it, or (b) a firm in the course of its business receives money or property from a third party, and the money orRead…
28. Holding out. (1) Any one who by words spoken or written or by conduct represents himself or knowingly permits himself to be represented, to be a partner in a firm, is liable as a partner in that firm to any one who has on the faith of any suchRead…
29. Rights of transferee or a partner’s interest. (1) A transfer by a partner of his interest in the firm, either absolute or by mortgage, or by the creation by him of a change on such interest, does not entitle the transferee, during the continuance of the firm, to interfereRead…
