INDIAN PARTNERSHIP ACT, 1932

Sun Feb 27 2022 | Business and Corporate | Comments (0)

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Year : 1932

CHAPTER I: PRELIMINARY

1. Short title, extent and commencement
(1) This Act may be called the Indian Partnership Act, 1932.

1[(2) It extends to the whole of India 2[except the State of Jammu and Kashmir].]

(3) It shall come into force on the lst day of October, 1932, except section 69, which shall come into force on the lst day of October, 1933.

2. Definitions
In this Act, unless there is anything repugnant in the subject or context,-

(a) an act of a firm means any act or omission by all the partners, or by any partner or agent of the firm which gives rise to a right enforceable by or against the firm;

(b) business includes every trade, occupation and profession;

(c) prescribed means prescribed by rules made under this Act;

(d) third party used in relation to a firm or to a partner therein means any person who is not a partner in the firm; and

(e) expressions used but not defined in this Act and defined in the Indian Contract Act, 1872 (9 of 1872), shall have the meanings assigned to them in that Act.

3. Application of provisions of Act 9 of 1872
The unrepealed provisions of the Indian Contract Act, 1872, save in so far as they are inconsistent with the express provisions of this Act, shall continue to apply to firms.

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