The Indian Partnership Act

Short title, extent and commencement

Definitions

Application of provisions of Act 9 of 1872

Definition of “partnership”, “partner”, “firm” and “firm name”

Partnership not created by status

Mode of determining existence of partnership

Partnership at will

Particular partnership

General duties of partners

Duty to indemnify for loss caused by fraud

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

The conduct of the business

Mutual rights and liabilities

The property of the firm

Application of the property of the firm

Personal profits earned by partners

Rights and duties of partners— after a change in the firm, after the expiry of the term of the firm, and where additional undertakings are carried ou

Partner to be agent of the firm

Implied authority of partner as agent of the firm

Extension and restriction of partner’s implied authority

Partner’s authority in an emergency

Mode of doing act to bind firm

Effect of admissions by a partner.

Effect of notice to acting partner

Liability of a partner for acts of the firm

Liability of the firm for wrongful acts of a partner

Liability of firm for misapplication by partners

Holding out

Rights of transferee of a partner ’s interest

Minors admitted to the benefits of partnership

Introduction of a partner

Retirement of a partner

Expulsion of a partner

Insolvency of a partner

Liability of estate of deceased partner

Rights of outgoing partner to carry on competing business

Right of outgoing partner in certain cases to share subsequent profits

Revocation of continuing guarantee by change in firm

Dissolution of a firm

Dissolution by agreement

Compulsory dissolution

Dissolution on the happening of certain contingencies

Dissolution by notice of partnership at will

Dissolution by the Court

Liability for acts of partners done after dissolution

Right of partners to have business wound up after dissolution

Continuing authority of partners for purposes of winding up

Mode of settlement of accounts between partners

Payment of firm debts and of separate debts

Personal profits earned after dissolution

Return of premium on premature dissolution

Rights where partnership contract is rescinded for fraud or misrepresentation

Right to restrain from use of firm name or firm property

Agreements in restraint of trade

Sale of goodwill after dissolution

Power to exempt from application of this Chapter

Appointment of Registrars

Application for registration

Registration

Recording of alterations in firm name and principal place of business

Noting of closing and opening of branches

Noting of changes in names and addresses of partners

Recording of changes in and dissolution of a firm

Rectification of mistakes

Amendment of Register by order of Court

Inspection of Register and filed documents

Grant of copies

Rules of evidence

Effect of non-registration

Penalty for furnishing false particulars

Power to make rules

Mode of giving public notice

[Repealed.]

Savings

All sections

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 or property is misapplied by any of the partners while it is in the custody of the firm,

the firm is liable to make good the loss.

LAWGIST

# 27 Liability of firm for misapplication by partners