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THE
INDIAN PARTNERSHIP ACT,1932
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| An Act to define and amend the
law relating to partnership |
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| Whereas it is expedient to
define and amend the law relating to partnership; it is hereby
enacted as follows: |
CHAPTER I
PRELIMINARY
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1. | Short title extent and commencement
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(1) | This Act may be called the Indian Partnership Act 1932.
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(2) | It extends to the whole of
India except the State of Jammu and Kashmir.
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(3) | 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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| In this Act unless there is anything repugnant in the subject or context -
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(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;
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(b) | "business" includes every trade occupation and profession;
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(c) | "prescribed" means prescribed by rules made under this Act;
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(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
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(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.
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3. | Application of provisions of Act 9 of 1872
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| 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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