Indian Partnership Act, 1932 Chapter I - Bare Act |
| State | Central Government |
| Year | 1932 |
| Section Title | Preliminary |
(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].]
It shall come into force on the 1st day of October, 1932, except section 69, which shall come into force on the 1st day of October, 1933.
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1. Substituted by the A.O. 1950 for the former sub-section.
2 . Substituted. by Act 3 of 1951, section 3 and Schedule, for "except Part B States".
In this Act, unless there is anything repugnant in the subject or context,X
(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 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.
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.