The Partnership Act, 1932.Doc

8/20/2019 The Partnership Act, 1932.Doc

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THE PARTNERSHIP ACT, 1932(IX OF 1932)

CONTENTS

CHAPTER IPRELIMINARY

1.Short title, ete!t "!# $o%%e!$e%e!t2.&e'i!itio!3.Ali$"tio! o' Pro*iio! o' A$t, IX o' 1+2

CHAPTER IITHE NAT-RE OF PARTNERSHIP

4.&e'i!itio! o' .P"rt!erhi/, .P"rt!er/ Fir% "!# .'ir% !"%e/5.P"rt!erhi !ot $re"te# 0 t"t6.Mo#e o' #eter%i!i! eite!$e o' "rt!erhi

4A A$t !ot to "l $ert"i! rel"tio!hi7.P"rt!erhi5"t56ill 8.P"rti$l"r P"rt!erhi

CHAPTER IIIRELATIONS OF PARTNERS TO ONE ANOTHER

9.7e!er"l #tie o' P"rt!er10.&t to i!#e%!i' 'or lo $"e# 0 Fr"#11.&eter%i!"tio! o' riht "!# #tie o' P"rt!er 0 $o!tr"$t 0et6ee! the P"rt!er12.The $o!#$t o' the 0i!e13.Mt"l riht "!# li"0ilitie14.The roert o' the 'ir%

15.Ali$"tio! o' the roert o' the 'ir%16.Pero!"l ro'it e"r!e# 0 P"rt!er

Riht "!# #tie o' P"rt!er "'ter " $h"!e i! the 'ir%, "'ter the eir o' the ter% o'the 'ir%, "!# 6here "##itio!"l !#ert"8i! "re $"rrie# ot

CHAPTER IRELATIONS OF PARTNERS TO THIR& PARTIES

18.P"rt!er to 0e "e!t o' the 'ir%19.I%lie# "thorit o' P"rt!er " "e!t o' the 'ir%20.Ete!io! "!# retri$tio! o' P"rt!er: i%lie# "thorit21.P"rt!er "thorit i! "! e%ere!$22.Mo#e o' #oi! "$t to 0i!# 'ir%

23.E''e$t o' "#%iio! 0 " "rt!er24.E''e$t o' !oti$e to "$ti! "rt!er25.Li"0ilit o' " "rt!er 'or "$t o' the 'ir%26.Li"0ilit o' the 'ir% 'or 6ro!'l "$t o' " "rt!er27.Li"0ilit o' " 'ir% 'or %i"li$"tio! 0 "rt!er28.Hol#i! ot29.Riht o' tr"!'eree o' " "rt!er: i!teret30.Mi!or "#%itte# to the 0e!e'it o' "rt!erhi

CHAPTER INCOMIN7 AN& O-T7OIN7 PARTNERS

31.I!tro#$tio! o' " "rt!er

32.Retire%e!t o' " "rt!er33.Elio! o' " "rt!er34.I!ol*e!$ o' " "rt!er35.Li"0ilit o' et"te o' #e$e"e# "rt!er36.Riht o' otoi! "rt!er to $"rr o! $o%eti! 0i!e37.Riht o' otoi! "rt!er i! $ert"i! $"e to h"re 0e;e!t ro'it38.Re*o$"tio! o' $o!ti!e "r"!tee 0 $h"!e i! 'ir%

CHAPTER I&ISSOL-TION OF A FIRM

39.&ioltio! o' " 'ir%40.&ioltio! 0 "ree%e!t

41.Co%lor #ioltio!



42.&ioltio! o! the h"e!i! o' $ert"i! $o!ti!e!$ie43.&ioltio! 0 !oti$e o' "rt!erhi5"t56ill44.&ioltio! 0 the Cort45.Li"0ilit 'or "$t o' "rt!er #o!e "'ter #ioltio!46.Riht o' "rt!er to h"*e 0i!e 6o!# "'ter #ioltio!

47.Co!ti!i! "thorit o' "rt!er 'or roe o' 6i!#i! 48.Mo#e o' ettle%e!t o' "$$o!t 0et6ee! "rt!er49.P"%e!t o' 'ir%: #e0t "!# o' e"r"te #e0t50.Pero!"l ro'it e"r!e# "'ter #ioltio!51.Retr! o' re%i% o! re%"tre #ioltio!53.Riht 6here "rt!erhi $o!tr"$t i re$i!#e# 'or 'r"# or %ireree!t"tio!

<3= Riht to retr"i! 'ro% e o' 'ir% !"%e or 'ir% roert 54.Aree%e!t i! retr"i!t o' tr"#e55.S"le o' oo#6ill "'ter #ioltio!

Riht o' 0er "!# eller o' oo#6illAree%e!t i! retr"i!t o' tr"#e

CHAPTER IIRE7ISTRATION OF FIRMS56.Po6er to ee%t 'ro% "li$"tio! o' thi Ch"ter57.Aoi!t%e!t o' Reitr"r58.Ali$"tio! 'or reitr"tio!59.Reitr"tio!60.Re$or#i! o' "lter"tio! i! 'ir% !"%e "!# ri!$i"l l"$e o' 0i!e61.Noti! o' $loi! "!# oe!i! o' 0r"!$he62.Noti! o' $h"!e i! !"%e "!# "##ree o' "rt!er63.Re$or#i! o' $h"!e i! "!# #ioltio! o' " 'ir% re$or#i! o' 6ith#r"6"l o' " %i!or64.Re$ti'i$"tio! o' %it"8e65.A%e!#%e!t o' Reiter 0 or#er o' Cort66.I!e$tio! o' Reiter "!# 'ile# #o$%e!t67.7r"!t o' $oie68.Rle o' e*i#e!$e69.E''e$t o' !o!5reitr"tio!70.Pe!"lt 'or 'r!ihi! '"le "rti$l"r71.Po6er to %"8e rle

CHAPTER IIIS-PPLEMENTAL

72.Mo#e o' i*i! 0li$ !oti$e73.Ree"l74.S"*i!



TEXT

THE PARTNERSHIP ACT, 1932(IX OF 1932)

[8th April 1932] A!A$t

to define and amend the law relating to partnership

>here" it is expedient to define and amend the law relating to partnership;

It is here! ena"ted as follows#$

CHAPTER I

PRELIMINARY

1= Short title, ete!t "!# $o%%e!$e%e!t=? %1& 'his ("t ma! e "alled the )artnership ("t*1932.

+%2& It extends to the whole of )a,istan.-

%3& It shall "ome into for"e on the 1st da! of "toer* 1932* ex"ept se"tion 69* whi"hshall "ome into for"e on the 1st da! of "toer* 1933.

2= &e'i!itio!=? In this ("t* /nless there is an!thing rep/gnant in the s/e"t or "ontext*$

%a& an a"t of a firm means an! a"t or omission ! all the partners or ! an! partner oragent of the firm whi"h gies rise to a right enfor"eale ! or against the firm*

%& /siness in"l/des eer! trade* o""/pation and profession;

%"& pres"ried means pres"ried ! r/les made /nder this ("t;

%d& third part! /sed in relation to a firm or to a partner therein means an! person whois not a partner in the firm; and

%e& expressions /sed /t not defined in this ("t and defined in the ontra"t ("t %I of

1872& shall hae the meanings assigned to them in that ("t.

3= Ali$"tio! o' ro*iio! o' A$t IX o' 1+2=? 'he /n repealed proisions of theontra"t ("t* 1872* saes in so far as the! are in"onsistent with the express proisions of this("ts* shall "ontin/e to appl! to firms.

CHAPTER II

THE NAT-RE OF PARTNERSHIP

@= &e'i!itio! o' "rt!erhi, "rt!er, 'ir% "!# 'ir% !"%e=? )artnership is therelation etween persons who hae agreed to share the profits of a /siness "arried on ! all oran! of them a"ting for all.

)ersons who hae entered into partnership with one another are "alled indiid/all!partners and "olle"tiel! a firm and the name /nder whi"h their /siness is "arried on is "alledthe firm name.

<= P"rt!erhi !ot $re"te# 0 t"t=? 'he relation of partnership arises from "ontra"t andnot from stat/s;

(nd in parti"/lar the memers of a ind/ /ndiided famil! "arr!ing on a famil! /siness ass/"h* or a /rmese /ddhist h/sand and wife "arr!ing on /siness as s/"h are not partners in

s/"h /siness.



4= Mo#e o' #eter%i!i! eite!$e o' "rt!erhi=? In determining whether a gro/p ofpersons is or is not a firm* or whether a person is or is not a partner in a firm* regard shall e hadto the real relation etween the parties as shown ! all releant fa"ts ta,en together.

El"!"tio! 1=5 'he sharing of profits or of gross ret/rns arising from propert! ! persons

holding a oint or "ommon interest in that propert! does not of itself ma,e s/"h persons partners.

El"!"tio! 2=5 'he re"eipt ! a person of a share of the profits of a /siness or of apa!ment "ontingent /pon the earning of profits or ar!ing with the profits earned ! a /siness*does not of itself ma,e him a partner with the persons "arr!ing on the /siness;

(nd in parti"/lar* the re"eipt of s/"h share of pa!ment $

%a& ! a lender of mone! to persons engaged or ao/t to engage in an! /siness*

%& ! a serant or agent as rem/neration*

%"& ! the widow or "hild of a de"eased partner as ann/it!* or

%d& ! a preio/s owner or part owner of the /siness* as "onsideration for the sale ofthe goodwill or share thereof* does not of itself ma,e the re"eier a partner with thepersons "arr!ing on the /siness.

4A= A$t !ot "l to $ert"i! rel"tio!hi=? othing "ontained in this a"t shall appl! to arelationship "reated ! an! agreement etween an,ing "ompan! and a person or gro/p ofpersons proiding for sharing of profits and losses arising from or relating to the proision ! thean,ing "ompan! of finan"e to s/"h person or gro/p of persons.

El"!"tio!=5 for the p/rpose of this se"tion* an,ing ompan! and finan"e shall haethe same meanings as in the an,ing tri/nals ordinan"e* 1981.

= P"rt!erhi "t 6ill=? :here no proision is made ! "ontra"t etween the partners forthe d/ration of their partnership* or for the determination of their partnership the partnership ispartnership at will.

+= P"rti$l"r "rt!erhi=? ( person ma! e"ome a partner with another person inparti"/lar adent/res or /nderta,ings.

CHAPTER III

RELATIONS OF PARTNERS TO ONE ANOTHER

9= 7e!er"l #tie o' "rt!er=? )artners are o/nd to "arr! on the /siness of the firm tothe greatest "ommon adantage* to e /st and faithf/l to ea"h other* and to render tr/e a""o/ntsand f/ll information of all things affe"ting the firm to an! partner or his legal representatie.

1B= &t to i!#e%!i' 'or lo $"e# 0 'r"#=? er! partner shall indemnif! the firm foran! loss "a/sed to it ! his fra/d in the "ond/"t of the /siness of the firm.

11= &eter%i!"tio! o' riht "!# #tie o' "rt!er 0 $o!tr"$t 0et6ee! the "rt!er=?%1& </e"t to the proisions of this ("t* the m/t/al rights and d/ties of the partners of a firm ma!e determined ! "ontra"t etween the partners* and s/"h "ontra"t ma! e expressed or ma! e

implied ! a "o/rse of dealing.

</"h "ontra"t ma! e aried ! "onsent of all the partners* and s/"h "onsent ma! eexpress or ma! e implied ! a "o/rse of dealing.

%2& Aree%e!t i! retr"i!t o' tr"#e= otwithstanding an!thing "ontained in se"tion27 of the ontra"t ("t* 1872 s/"h "ontra"ts ma! proide that a partner shall not "arr! on an!/siness other than that of the firm while he is a partner.

12= The $o!#$t o' the 0i!e=? </e"t to "ontra"t etween the partners $

%a& eer! partner has a right to ta,e part in the "ond/"t of the /siness;



%& eer! partner is o/nd to attend diligentl! to his d/ties in the "ond/"t of the/siness;

%"& an! differen"e arising as to ordinar! matters "onne"ted with the /siness ma! ede"ided ! a maorit! of the partners* and eer! partner shall hae the right to

express his opinion efore the matter is de"ided* /t no "hange ma! e made in thenat/re of the /siness witho/t the "onsent of all the partners; and

%d& eer! partner has a right to hae a""ess and to inspe"t and "op! an! of the oo,sof the firm.

13= Mt"l riht "!# li"0ilitie=? </e"t to "ontra"t etween the partners $

%a& a partner is not entitled to re"eie rem/neration for ta,ing part in the "ond/"t of the/siness;

%& the partners are entitled to share e=/all! in the profits earned* and shall "ontri/te

e=/all! to the losses s/stained ! the firm;

%"& where a partner is entitled to interest on the "apital s/s"ried ! him* s/"h interestshall e pa!ale onl! o/t of profits;

%d& a partner ma,ing* for the p/rposes of the /siness* an! pa!ment or adan"e e!ondthe amo/nt of "apital he has agreed to s/s"rie* is entitled to interest thereon atthe rate of six per "ent per ann/m;

%e& the firm shall indemnif! a partner in respe"t of pa!ments made and liailitiesin"/rred ! him $

%i& in the ordinar! and proper "ond/"t of the /siness* and

%ii& in doing s/"h a"t* in an emergen"!* for the p/rpose of prote"ting the firmfrom loss* as wo/ld e done ! a person of ordinar! pr/den"e* in his own"ase* /nder similar "ir"/mstan"es; and

%f& a partner shall indemnif! the firm for an! loss "a/sed to it ! his wilf/l negle"t in the"ond/"t of the /siness of the firm.

1@= The roert o' the 'ir%=? </e"t to "ontra"t etween the partners* the propert! of thefirm in"l/des all propert! and rights and interests in propert! originall! ro/ght into the sto", of the

firm* or a"=/ired ! p/r"hase or otherwise* !* or for the firm or for the p/rposes and in the"o/rse of the /siness of the firm* and in"l/des also the goodwill of the /siness.

>nless the "ontrar! intention appears* propert!* rights and interests in propert! a"=/ired with mone! elonging to the firm are deemed to hae een a"=/ired for the firm.

1<= Ali$"tio! o' the roert o' the 'ir%=? </e"t to "ontra"t etween the partners thepropert! of the firm shall e held and /sed ! the partners ex"l/siel! for the p/rposes of the/siness.

14= Pero!"l ro'it e"r!e# 0 "rt!er= ? </e"t to "ontra"t etween the partners$

%a& if a partner deries an! profit for himself from an! transa"tion of the firm* or from the/se of the propert! or /siness "onne"tion of the firm or the firm name he shalla""o/nt for that profit and pa! it to the firm;

%& if a partner "arries on an! /siness of the same nat/re as and "ompeting with thatof the firm* he shall a""o/nt for and pa! to the firm all profits made ! him in that/siness.

1= Riht "!# #tie o' "rt!er "'ter " $h"!e i! the 'ir%, "'ter the eir o' the ter%o' the 'ir% "!# 6here "##itio!"l !#ert"8i! "re $"rrie# ot= ? </e"t to "ontra"t etweenthe partners$

%a& where a "hange o""/rs in the "onstit/tions of a firm* the m/t/al rights and d/ties of



the partners in the re"onstit/ted firm remain the same as the! were immediatel!efore the "hange as far as ma! e;

%& where a firm "onstit/ted for a fixed term "ontin/es to "arr! on /siness after theexpir! of that term* the m/t/al rights and d/ties of the partners remain the same as

the! were efore the expir!* so far as the! ma! e "onsistent with the in"idents ofpartnership$at$will; and

%"& where a firm "onstit/ted to "arr! o/t one or more adent/res or /nderta,ings "arrieso/t other adent/res or /nderta,ings* the m/t/al rights and d/ties of the partners inrespe"t of the other adent/res or /nderta,ings are the same as those in respe"t ofthe original adent/res or /nderta,ings.

CHAPTER I

RELATIONS OF PARTNERS TO THIR& PARTIES

1+= P"rt!er to 0e "e!t o' the 'ir%=? </e"t to the proisions of this ("t a partner is theagent of the firm for the p/rposes of the /siness of the firm.

19= I%lie# "thorit o' "rt!er " "e!t o' the 'ir%=? %1& </e"t to the proisions ofse"tion 22*? the a"t of a partner whi"h is done to "arr! on* in the /s/al wa!* /siness of the ,ind"arried on ! the firm* inds the firm.

'he a/thorit! of a partner to ind the firm "onferred ! this se"tion is "alled his implieda/thorit!.

%2& In the asen"e of an! /sage or "/stom of trade to the "ontrar!* the implied a/thorit!of a partner does not empower him to $

%a& s/mit a disp/te relating to the /siness of the firm to aritration.

%& pen a an,ing a""o/nt on ehalf of the firm in his own name*

%"& ompromise or relin=/ish an! "laim or portion of a "laim ! the firm*

%d& :ithdraw a s/it or pro"eeding filed on ehalf of the firm*

%e& (dmit an! liailit! in a s/it or pro"eeding against the firm*

%f& ("=/ire immoale propert! on ehalf of the firm*

%g& 'ransfer immoale propert! elonging to the firm* or

%h& nter into partnership on ehalf of the firm.

2B= Ete!io! "!# retri$tio! o' "rt!er i%lie# "thorit=? 'he partners in a firm ma!*! "ontra"t etween the partners* extend or restri"t the implied a/thorit! of an! partner.otwithstanding an! s/"h restri"tion* an! a"t done ! a partner on ehalf of the firm whi"h falls

within his implied a/thorit! inds the firm* /nless the person with whom he is* dealing ,nows ofthe restri"tion or does not ,now or eliee that partner to e a partner.

21= P"rt!er "thorit i! "! e%ere!$=? ( partner has a/thorit!* in an emergen"!* to doall s/"h a"ts for the p/rpose of prote"ting the firm from loss as wo/ld e done ! a person ofordinar! pr/den"e* in his own "ase* a"ting /nder similar "ir"/mstan"es* and s/"h a"ts ind thefirm.

22= Mo#e o' #oi! "$t to 0i!# 'ir%=? In order to ind a firm* an a"t or instr/ment done orexe"/ted ! a partner or other person on ehalf of the firm shall e done or exe"/ted in the firmname* or in an! other manner expressing or impl!ing an intention to ind the firm.

23= E''e$t o' "#%iio! 0 " "rt!er=? (n admission or representation made ! a partner"on"erning the affairs of the firm is eiden"e against the firm* if it is made in the ordinar! "o/rse of

/siness.



2@= E''e$t o' !oti$e to "$ti! "rt!er=? oti"e to a partner who hait/all! a"ts in the/siness of the firm or an! matter relating to the affairs of the firm operates as noti"e to the firm*ex"ept in the "ase of a fra/d on the firm "ommitted ! or with the "onsent of that partner.

2<= Li"0ilit o' " "rt!er 'or "$t o' the 'ir%=? er! partner is liale* ointl! with all the

other partners and also seerall!* for all a"ts of the firm done while he is a partner.

24= Li"0ilit o' the 'ir% 'or 6ro!'l "$t o' " "rt!er=? :here ! the wrongf/l a"t oromission of a partner a"ting in the ordinar! "o/rse of the /siness of a firm or with the a/thorit! ofhis partners* loss or in/r! is "a/sed to an! third part!* or an! penalt! is in"/rred* the firm is lialetherefore to the same extent as the partner.

2= Li"0ilit o' 'ir% 'or %i"li$"tio! 0 "rt!er=? :here

%a& ( partner a"ting within his apparent a/thorit! re"eies mone! or propert! from athird part! and misapplies it* or

%& ( firm in the "o/rse of its /siness re"eies mone! or propert! from a third part!*and the mone! or propert! is misapplied ! an! of the partners while it is in the"/stod! of the firm* the firm is liale to ma,e good the loss.

2+= Hol#i! ot=? %1& (n! one who ! words spo,en or written or ! "ond/"t representshimself* or ,nowingl! permits himself to e represented* to e a partner in a firm* is liale as apartner in that firm to an! one who has on the faith of an! s/"h representation gien "redit to thefirm* whether the person representing himself or represented to e a partner does or does not,now that the representation has rea"hed the person so giing "redit.

%2& :here after a partner@s death the /siness is "ontin/ed in the old firm name* the

"ontin/ed /se of that name or of the de"eased partner@s name as a part thereof shall not of itselfma,e his legal representatie or his estate liale for an! a"t of the firm done after his death.

29= Riht o' tr"!'eree o' " "rt!er i!teret=? %1& ( transfer ! a partner of his interest inthe firm* either asol/te or ! mortgage* or ! the "reation ! him of a "harge on s/"h interest*does not entitle the transferee* d/ring the "ontin/an"e of the firm* to interfere in the "ond/"t of the/siness* or to re=/ire a""o/nts* or to inspe"t the oo,s of the firm* /t entitles the transfereeonl! to re"eie the share of profits of the transferring partner* and the transferee shall a""ept thea""o/nt of profits agreed to ! the partners.

%2& If the firm is dissoled or if the transferring partner "eases to e a partner* thetransferee is entitled as against the remaining partners to re"eie the share of the assets of the

firm to whi"h the transferring partner is entitled* and* for the p/rpose of as"ertaining that share* toan a""o/nt as from the date of the dissol/tion.

3B= Mi!or "#%itte# to the 0e!e'it o' "rt!erhi=? %1& a person who is a minor a""ordingto the law to whi"h he is s/e"t ma! not e a partner in a firm /t with the "onsent of all thepartners for the time eing* he ma! e admitted to the enefits of partnership.

%2& </"h minor has a right to s/"h share of the propert! and of the profits of the firm asma! e agreed /pon* and he ma! hae a""ess to inspe"t and "op! an! of the a""o/nts of thefirm.

%3& </"h minor@s share is liale for the a"ts of the firm* /t the minor is not personall!liale for an! s/"h a"t.

%4& </"h minor ma! not s/e the partners for an a""o/nt or pa!ment of his share of thepropert! or profits of the firm* sae when seering his "onne"tion with the firm* and in s/"h "asethe amo/nt of his share shall e determined ! a al/ation made as far as possile in a""ordan"e

with the r/les "ontained in se"tion 48#

)roided that all the partners a"ting together or an! partner entitled to dissole the firm/pon noti"e to other partners ma! ele"t in s/"h s/it to dissole the firm and there/pon the "o/rtshall pro"eed with the s/it as one for dissol/tion and for settling a""o/nts etween the partners*and the amo/nt of the share of the minor shall e determined along with the shares of thepartners.



%5& (t an! time within six months of his attaining maorit!* or of his otaining ,nowledgethat he had een admitted to the enefits of partnership* whi"heer date is later* s/"h person ma!gie p/li" noti"e that he has ele"ted to e"ome or that he has ele"ted not to e"ome a partner inthe firm* and s/"h noti"e shall determine his position as regards the firm#

)roided that* if he fails to gie s/"h noti"e* he shall e"ome a partner in the firm* on theexpir! of the said six months.

%6& where an! person has een admitted as a minor to the enefits of partnership in afirm* the /rden of proing the fa"t that s/"h person had no ,nowledge of s/"h admission /ntil aparti"/lar date after the expir! of six months of his attaining maorit! shall lie on the personsasserting that fa"t.

%7& where s/"h person e"omes a partner* $

%a& his rights and liailities as a minor "ontin/e /p to the date on whi"h he e"omes apartner* /t he also e"omes personall! liale to third parties for all a"ts of the firm

done sin"e he was admitted to the enefits of partnership* and

%& his share in the propert! and profits of the firm shall e the share to whi"h he wasentitled as a minor.

%8& :here s/"h person ele"ts not to e"ome a partner*$

%a& his rights and liailities as a miner "ontin/e /p to the date on whi"h he e"omes apartner /t he also e"omes personall! liale to third parties for all a"ts of the firmdone sin"e he was admitted to the enefits of )artnership* and

%& his share shall not e liale for an! a"ts of the firm done after the date of the noti"e*and

%"& he shall e entitled to s/e the partners for his share of the propert! and profits ina""ordan"e with s/se"tion %4&.

%9& othing in s/se"tions %7& and %8& shall affe"t the proisions of se"tion 28.

CHAPTER

INCOMIN7 AN& O-T7OIN7 PARTNERS

31= I!tro#$tio! o' " "rt!er=? %1& </e"t to "ontra"t etween the partners and to theproisions of se"tion 30* no person shall e introd/"ed as a partner into a firm witho/t the "onsentof all the existing partners.

%2& </e"t to the proisions of se"tion 30* a person who is introd/"ed as a partner intoa firm does not there! e"ome liale for an! a"t of the firm done efore he e"ame a partner.

32= Retire%e!t o' " "rt!er=? %1& ( partner ma! retire $

%a& with the "onsent of all the other partners*

%& in a""ordan"e with an express agreement ! the partners* or

%"& where the partnership is at will* ! giing noti"e in writing to all the other partners ofhis intention to retire.

%2& ( retiring partner ma! e dis"harged from an! liailit! to an! third part! for a"ts ofthe firm done efore his retirement ! an agreement made ! him with s/"h third part! andpartners of the re"onstit/ted firm* and s/"h agreement ma! e implied ! a "o/rse of dealingetween s/"h third part! and the re"onstit/ted firm after he had ,nowledge of the retirement.

%3& otwithstanding the retirement of a partner from a firm* he and the partners "ontin/eto e liale as partners to third parties of an! a"t done ! an! of them whi"h wo/ld hae een an

a"t of the firm if done efore the retirement* /ntil p/li" noti"e is gien of the retirement#



)roided that a retired partner is not liale to an! third part! who deals with the firm witho/t,nowing that he was a partner.

%4& oti"es /nder s/se"tions %3& ma! e gien ! the retired partner or ! an! partnerof the re"onstit/ted firm.

33= E$lio! o' " "rt!er=? %1& ( partner ma! not e expelled from a firm ! an! maorit! ofthe partners* saes in the exer"ise in good faith of powers "onferred ! "ontra"t etween thepartners.

%2& 'he proisions of s/se"tions %2&* %3& and %4& of se"tion 32 shall appl! to an expelledpartner as if he were a retired partner.

3@= I!ol*e!$ o' " "rt!er=? %1& :here a partner in a firm is ad/di"ated an insolent he"eases to e a partner on the date on whi"h the order of ad/di"ation is made* whether or not thefirm is there! dissoled.

%2& :here /nder a "ontra"t etween the partners the firm is not dissoled ! thead/di"ation of a partner as an insolent the estate of a partner so ad/di"ated is not liale for an!a"t of the firm and the firm is not liale for an! a"t of the insolent* done after the date on whi"hthe order of ad/di"ation is made.

3<= Li"0ilit o' et"te o' #e$e"e# "rt!er=? :here /nder a "ontra"t etween the partnersthe firm is not dissoled ! the death of a partner* the estate of a de"eased partner is not liale foran! a"t of the firm done after his death.

34= Riht o' otoi! "rt!er to $"rr o! $o%eti! 0i!e=? %1& (n o/tgoing partnerma! "arr! on a /siness "ompeting with that of the firm and he ma! adertise s/"h /siness* /t*

s/e"t to "ontra"t to the "ontrar!* he ma! not $

%a& /se the firm name*

%& represent himself as "arr!ing on the /siness of the firm* or

%"& soli"it the "/stom of persons who were dealing with the firm efore the "eased to ea partner.

%2& Aree%e!t i! retr"i!t o' tr"#e $ a partner ma! ma,e an agreement with hispartners that on "easing to e a partner he will not "arr! on an! /siness similar to that of the firm

within a spe"ified period or within spe"ified lo"al limits; and* notwithstanding an!thing "ontained in

se"tion 27* of the ontra"t ("t 1872* s/"h agreement shall e alid if the restri"tions imposed arereasonale.

3= Riht o' otoi! "rt!er i! $ert"i! $"e to h"re 0e;e!t ro'it=? :here an!memer of a firm has died or otherwise "eased to e a partner* and the s/riing or "ontin/ingpartners "arr! on the /siness of the firm with the propert! of the firm witho/t an! final settlementof a""o/nts as etween them and the o/tgoing partner of his estate* then* in the asen"e of a"ontra"t to the "ontrar!* the o/tgoing partner or his estate is entitled at the option of himself or hisrepresentaties to s/"h share of the profits made sin"e he "eased to e a partner as ma! eattri/tale to the /se of his share of the propert! of the firm or to interest at the rate of six per"ent per ann/m on the amo/nt of his share in the propert! of the firm#

)roided that where ! "ontra"t etween the partners an option is gien to s/riing or"ontin/ing partners to p/r"hase the interest of a de"eased or o/tgoing partner* and that option isd/l! exer"ised* the estate of the de"eased partner* or the o/tgoing partner or his estate* as the"ase ma! e* is not entitled to an! f/rther or other share of profits; /t if an! partner ass/ming toa"t in exer"ise of the option does not in all material respe"ts "ompl! with the terms thereof* he isliale to a""o/nt /nder the foregoing proisions of this se"tion.

3+= Re*o$"tio! o' $o!ti!i! "r"!tee 0 $h"!e i! 'ir%=? ( "ontin/ing g/arantee giento a firm* or to a third part! in respe"t of the transa"tion of a firm* is in the asen"e of agreementto the "ontrar!* reo,ed as to f/t/re transa"tions from the date of an! "hange in the "onstit/tion ofthe firm.





%f& 'hat the /siness of the firm "annot e "arried on sae at a loss; or

%g& n an! other gro/nd whi"h renders it /st and e=/itale that the firm sho/ld edissoled.

@<= Li"0ilit 'or "$t o' "rt!er #o!e "'ter #ioltio!=? %1& otwithstanding thedissol/tion of a firm* the partners "ontin/e to e liale as s/"h to third parties for an! a"t done !an! of them whi"h wo/ld hae een an a"t of the firm if done efore the dissol/tion* /ntil p/li"noti"e is gien of the dissol/tion#

)roided that the estate of a partner who dies* or who if ad/di"ated an insolent* or of apartner who* not haing een ,nown to the person dealing with the firm to e a partner* retiresfrom the firm* is not liale /nder this se"tion for a"ts done after the date on whi"h he "eases to ea partner.

%2& oti"es /nder s/se"tion %1& ma! e gien ! an! partner.

@4= Riht o' "rt!er to h"*e 0i!e 6o!# "'ter #ioltio!=? n the dissol/tion ofa firm eer! partner or his representatie is entitled* as against all the other partners or theirrepresentaties* to hae the propert! of the firm applied in pa!ment of the dets and liailities ofthe firm* and to hae the s/rpl/s distri/ted among the partners or their representaties a""ordingto their rights.

@= Co!ti!i! "thorit o' "rt!er 'or roe o' 6i!#i! =? (fter the dissol/tion ofa firm the a/thorit! of ea"h partner to ind the firm* and the other m/t/al rights and oligations ofthe partners* "ontin/e notwithstanding the dissol/tion* so far as ma! e ne"essar! to wind /p theaffairs of the firm and to "omplete transa"tions eg/n /nfinished at the time of the dissol/tion* /tnot otherwise#

)roided that the firm is in no "ase o/nd ! the a"ts of a partner who has eenad/di"ated insolent; /t this proiso does not affe"t the liailit! of an! person who has after thead/di"ation represented himself or ,nowingl! permitted himself to e represented as a partner ofthe insolent.

@+= Mo#e o' ettle%e!t o' "$$o!t 0et6ee! "rt!er=? In settling the a""o/nts of a firmafter dissol/tion* the following r/les shall* s/e"t to agreement ! the partners* e osered#$

%a& Bosses* in"l/ding defi"ien"ies of "apital* shall e paid first o/t of profits* next o/t of"apital* and* lastl!* if ne"essar!* ! the partners indiid/all! in the proportions in

whi"h the! were entitled to share profits.

%& 'he assets of the firm* in"l/ding an! s/ms "ontri/ted ! the partners to ma,e /pdefi"ien"ies of "apital* shall e applied in the following manner and order$

%i& in pa!ing the dets of the firm to third parties;

%ii& in pa!ing to ea"h partner ratal! what is d/e to him from the firm foradan"es as disting/ished from "apital;

%iii& in pa!ing to ea"h partner ratal! what is d/e to him on a""o/nt of "apital; and

%i& the resid/e* if an!* shall e diided among the partners in the proportions in whi"h the! were entitled to share profits.

@9= P"%e!t o' 'ir% #e0t "!# o' e"r"te #e0t=? :here there are oint dets d/e fromthe firm* and also separate dets d/e from an! partner* the propert! of the firm shall e applied inthe first instan"e in pa!ment of the dets of the firm* and* if there is an! s/rpl/s* then the share ofea"h partner shall e applied in pa!ment of his separate dets or paid to him. 'he separatepropert! of an! partner shall e applied first in the pa!ment of his separate dets* and the s/rpl/s%if an!& in the pa!ment of the dets of the firm.

<B= Pero!"l ro'it e"r!e# "'ter #ioltio!=? </e"t to "ontra"t etween the partnersthe proisions of "la/se %a& of se"tion 16? shall appl! to transa"tions ! an! s/riing partner or

! the representaties of a de"eased partner* /nderta,en after the firm is dissoled on a""o/nt of



the death of a partner and efore its affairs hae een "ompletel! wo/nd /p#

)roided that where an! partner or his representatie has ro/ght the goodwill of the firm*nothing in this se"tion shall affe"t his right to /se the firm name.

<1= Retr! o' re%i% o! re%"tre #ioltio!=? :here a partner has paid a premi/mon entering into partnership for a fixed term* and the firm is dissoled efore the expiration of thatterm otherwise than ! the death of a partner* he shall e entitled to repa!ment of the premi/m orof s/"h part thereof as ma! e reasonale* regard eing had to the terms /pon whi"h he e"amea partner and to the length of time d/ring whi"h he was a partner* /nless $

%a& the dissol/tion is mainl! d/e to his own mis$"ond/"t* or

%& the dissol/tion is in p/rs/an"e of an agreement "ontaining no proision for theret/rn of the premi/m or an! part of it.

<2= Riht 6here "rt!erhi $o!tr"$t i re$i!#e# 'or 'r"# or %ireree!t"tio!=?

:here a "ontra"t "reating partnership is res"inded on the gro/nd of the fra/d ormisrepresentation of an! of the parties thereto* the part! entitled to res"ind is* witho/t pre/di"e toan! other right* entitled$

%a& to a lien on* or a right of retention of* the s/rpl/s or the assets of the firm remainingafter the dets of the firm hae een paid* for an! s/m paid ! him for the p/r"haseof a share in the firm and for an! "apital "ontri/ted ! him;

%& to ran, as a "reditor of the firm in respe"t of an! pa!ment made ! him towards thedets of the firm; and

%"& to e indemnified ! the partner or partners g/ilt! of the fra/d or misrepresentationagainst all the dets of the firm.

<3= Riht to retr"i! 'ro% e o' 'ir% !"%e or 'ir% roert=? (fter a firm is dissoled*eer! partner or his representatie ma!* in the asen"e of a "ontra"t etween the partners to the"ontrar!* restrain an! other partner or his representatie from "arr!ing on a similar /siness in thefirm name or from /sing an! of the propert! of the firm for his own enefit* /ntil the affairs of thefirm hae een "ompletel! wo/nd /p#

)roided that where an! partner or his representatie has ro/ght the goodwill of the firm*nothing in this se"tion shall affe"t his right to /se the firm name.

<@= Aree%e!t i! retr"i!t o' tr"#e=? )artners ma!* /pon or in anti"ipation of thedissol/tion of the firm* ma,e an agreement that some or all of them will not "arr! on a /sinesssimilar to that of the firm within a spe"ified period or within spe"ified lo"al limits# andnotwithstanding an!thing "ontained in se"tion 27 of the ontra"t ("t* 1872* s/"h agreement shalle alid if the restri"tions imposed are reasonale.

<<= S"le o' oo#6ill "'ter #ioltio!=? %1& in settling the a""o/nts of a firm after dissol/tion*the goodwill shall* s/e"t to "ontra"t etween the partners* e in"l/ded in the assets* and it ma!e sold either separatel! or along with other propert! of the firm.

%2& Riht o' 0er "!# eller o' oo#6ill $ :here the goodwill of a firm is sold after

dissol/tion* a partner ma! "arr! on a /siness "ompeting with that of the /!er and he ma!adertise s/"h /siness* /t* s/e"t to agreement etween him and the /!er he ma! not $

%a& /se the firm name*

%& represent himself as "arr!ing on the /siness of the firm or

%"& soli"it the "/stom of persons who were dealing with the firm efore its dissol/tion.

%3& Aree%e!t i! retr"i!t o' tr"#e $ (n! partner ma!* /pon the sale of the goodwillof a firm ma,e an agreement with the /!er that s/"h partner will not "arr! on an! /sinesssimilar to that of the firm within a spe"ified period or within spe"ified lo"al limits* and*

notwithstanding an!thing "ontained in se"tion 27 of the ontra"t ("t* 1872* s/"h agreement shall



e alid if the restri"tions imposed are reasonale.

CHAPTER II

RE7ISTRATION OF FIRMS

<4= Po6er to ee%t 'ro% "li$"tio! o' thi Ch"ter=? 'he +)roin"ial Coernment of an!)roin"e ma!* ! notifi"ation in the +offi"ial CaDette-* dire"t that the proisions of this haptershall not appl! to +that )roin"e- or to an! part thereof spe"ified in the notifi"ation.

<= Aoi!t%e!t o' Reitr"r=? %1& 'he +)roin"ial Coernment- ma! appoint Eegistrars ofAirms for the p/rposes of this ("t* and ma! define the areas within whi"h the! shall exer"ise theirpowers and perform their d/ties.

%2& er! Eegistrar shall e deemed to e a p/li" serant within the meaning ofse"tion 21 of the )a,istan )enal "ode.

<+= Ali$"tio! 'or Reitr"tio!=? %1& 'he registration of a firm ma! e effe"ted at an! time! sending ! post or deliering to the Eegistrar of area in whi"h an! pla"e of /siness of the firmis sit/ated or proposed to e sit/ated* a statement in the pres"ried form and a""ompanied ! thepres"ried fee* stating $

%a& the firm name*

%& the pla"e or prin"ipal pla"e of /siness of the firm*

%"& the names of an! other pla"es where the firm "arries on /siness*

%d& the date when ea"h partner oined the firm*

%e& the names in f/ll and permanent addresses of the partners* and*

%f& d/ration of the firm.

'he statement shall e signed ! all the partners* or ! their agents spe"iall! a/thoriDed inthis ehalf.

%2& a"h person signing the statement shall also erif! it in the manner pres"ried.

%3& ( firm name shall not "ontain an! of the following words* namel!#$

Coernment Finnah* G/aid$e$(Dam* or words expressing or impl!ing the san"tion* approal orpatronage of the Aederal Coernment or an! )roin"ial Coernment or of the G/aid$e$(Dam*ex"ept when the )roin"ial Coernment signifies its "onsent to the /se of s/"h words as part ofthe firm name ! order in writing.

%3(& ( firm name shall not "ontain the name of the >nited ations or its areiationsthro/gh the /se of its initial letters or of an! s/sidiar! od! set /p ! that od! /nless it hasotained the preio/s a/thoriDation of the <e"retar! Ceneral of the >nited ations in writing.

%3& ( firm name shall not "ontain the name of the :orld ealth rganiDation or itsareiations thro/gh the /se of its initial letters /nless it has otained the preio/s a/thoriDation

of the Hire"tor$Ceneral in writing.

%3& ( firm name shall not "ontain an! word whi"h ma! e de"lared ! the )roin"ialCoernment* ! notifi"ation in the offi"ial CaDette to e /ndesirale#

)roided that a firm whi"h has as part of its name an! word de"lared ! the )roin"ialCoernment to e /ndesirale shall* within one month of s/"h de"laration* alter its name andsend a statement to this effe"t to the Eegistrar.

<9= Reitr"tio!=? when the Eegistrar is satisfied that the proisions of se"tion 58 hae eend/l! "omplied with* he shall re"ord an entr! of the statement in a register "alled Eegister of Airms

and shall file the statement.



4B= Re$or#i! o' "lter"tio! i! 'ir% !"%e "!# ri!$i"l l"$e o' 0i!e=? %1& :hen analteration is made in the firm name or in the lo"ation of the prin"ipal pla"e of /siness ofregistered firm a statement ma! e sent to the Eegistrar a""ompanied ! the pres"ried fee*spe"if!ing the alteration and signed and erified in the manner re=/ired /nder se"tion 58.

%2& :hen the Eegistrar is satisfied that the proisions of s/se"tion %1& hae een d/l!"omplied with he shall amend the entr! relating to the firm in the Eegister of Airms in a""ordan"e with the statement* and shall file it along with the statement relating to the firm filed /nder se"tion59.

41= Noti! o' $loi! "!# oe!i! o' 0r"!$he=? :hen a registered firm dis"ontin/es/siness at an! pla"e or egins to "arr! on /siness at an! pla"e* s/"h pla"e not eing itsprin"ipal pla"e of /siness* an! partner or agent of the firm ma! send intimation thereof to theEegistrar* who shall ma,e a note of s/"h intimation in the entr! relating to the firm in the Eegisterof Airms* and shall file the intimation along with the statement relating to the firm filed /nderse"tion 59.

42= Noti! o' $h"!e i! !"%e "!# "##ree o' "rt!er=? :hen an! partner in aregistered firm alters his name or permanent address* an intimation of the alteration ma! e sent! an! partner or agent of the firm to the Eegistrar* who shall deal with it in the manner proidedin se"tion 61.

43= Re$or#i! o' $h"!e i! "!# #ioltio! o' " 'ir%=? %1& :hen a "hange o""/rs in the"onstit/tion of a registered firm an! in"oming* "ontin/ing or o/tgoing partner* and when aregistered firm is dissoled an! person who was a partner immediatel! efore the dissol/tion* orthe agent of an! s/"h partner or person spe"iall! a/thoriDed in this ehalf* ma! gie noti"e to theEegistrar of s/"h "hange or dissol/tion* spe"if!ing the date thereof; and the Eegistrar shall* ma,ea re"ord of the noti"e in the entr! relating to the firm in the Eegister of Airms* and shall file the

noti"e along with the statement relating to the firm filed /nder se"tion 59.

%2& Re$or#i! o' 6ith#r"6"l o' " %i!or $ :hen a minor who has een admitted to theenefits of partnership in a firm attains maorit! and ele"ts to e"ome or not to e"ome a partner*and the firm is then a registered firm* he* or his agent spe"iall! a/thoriDed in this ehalf* ma! gienoti"e to the Eegistrar that he has or has not e"ome a partner* and the Eegistrar shall deal withthe noti"e in the manner proided in s/se"tion %1&.

4@= Re$ti'i$"tio! o' %it"8e=? %1& 'he Eegistrar shall hae power at all times to re"tif! an!mista,e in order to ring the entr! in the Eegister of Airms relating to an! firm into "onformit! withthe do"/ments relating to that firm filed /nder this "hapter.

%2& n appli"ation made ! all the parties who hae signed an! do"/ment relating tothe firm filed /nder this "hapter* the Eegistrar ma! re"tif! an! mista,e in s/"h do"/ment or in there"ord or note thereof made in the Eegister of Airms.

4<= A%e!#%e!t o' Reiter 0 or#er o' Cort=? ( "o/rt de"iding an! matter relating to aregistered firm ma! dire"t that the Eegistrar shall ma,e an! amendment in the entr! in theEegister of Airms relating to s/"h firm whi"h is "onse=/ential /pon its de"ision* and the Eegistrarshall amend the entr! a""ordingl!.

44= I!e$tio! o' Reiter "!# 'ile# #o$%e!t=? %1& 'he Eegister of Airms shall e opento inspe"tion ! an! person on pa!ment of s/"h fee as ma! e pres"ried.

%2& (ll statements* noti"es and intimations filed /nder this hapter shall e open toinspe"tion* s/e"t to s/"h "onditions and on pa!ment of s/"h fee as ma! e pres"ried.

4= 7r"!t o' $oie=? 'he Eegistrar shall on appli"ation f/rnish to an! person on pa!ment ofs/"h fee as ma! e pres"ried* a "op!* "ertified /nder his hand* of an! entr! or portion thereof inthe Eegister of Airms.

4+= Rle o' e*i#e!$e=? %1& (n! statement* intimation or noti"e re"orded or noted in theEegister of Airms shall* as against an! person ! whom or on whose ehalf s/"h statement*intimation or noti"e was signed* e "on"l/sie proof of an! fa"t therein stated.

%2& ( "ertified "op! of an entr! relating to a firm in the Eegister of Airms ma! e



prod/"ed in proof of the fa"t of the registration of s/"h firm* and of the "ontents of an! statement*intimation or noti"e re"orded or noted therein.

49= E''e$t o' !o!5reitr"tio!=? %1& o s/it to enfor"e a right arising from a "ontra"t or"onferred ! this ("t shall e instit/ted in an! o/rt ! or on ehalf of an! person s/ing as a

partner in a firm against the firm or an! person alleged to e or to hae een a partner in the firm/nless the firm is registered and the person s/ing is or has een shown in the Eegister of Airmsas a partner in the firm.

%2& o s/it to enfor"e a right arising from a "ontra"t shall e instit/ted in an! o/rt ! oron ehalf of a firm against an! third part! /nless the firm is registered and the persons s/ing areor hae een shown in the Eegister of Airms as partners in the firm.

%3& 'he proisions of s/se"tions %1& and %2& shall appl! also to a "laim of set$off orother pro"eeding to enfor"e a right arising from a "ontra"t* /t shall not affe"t $

%a& the enfor"ement of an! right to /se for the dissol/tion of a firm or for a""o/nts of a

dissoled firm* or an! right or power to realise the propert! of a dissoled firm* or

%& the powers of an offi"ial assignee* re"eier or "o/rt /nder the 1+Insolen"! %ara"hiHiision 2 J J("t*- or the )roin"ial Insolen"! ("t* 1920 to realiDe the propert! of aninsolent partner.

%4& 'his se"tion shall not appl! $

%a& to firms or to partners in firms whi"h hae no pla"e of /siness in +)a,istan- or whose pla"es for /siness in +)a,istan- are sit/ated in areas to whi"h ! notifi"ation/nder +se"tion 56- this hapter does not appl! or

%& to an! s/it or "laim of set$off not ex"eeding one h/ndred r/pees in al/e whi"h* ?JJJis not of a ,ind spe"ified in the <e"ond <"hed/le to the )roin"ial <mall a/seo/rts ("t* 1887 or to an! pro"eeding in exe"/tion or other pro"eeding in"idental toor arising from an! s/"h s/it or "laim.

B= Pe!"lt 'or 'r!ihi! '"le "rti$l"r=? (n! person who signs an! statement*amending statement* noti"e or intimation /nder this hapter "ontaining an! parti"/lar whi"h he,nows to e false or does not eliee to e tr/e* or "ontaining parti"/lars whi"h he ,nows to ein"omplete or does not eliee to e "omplete* shall e p/nishale with imprisonment whi"h ma!extend to three months* or with fine* or with oth.

1= Po6er to %"8e rle=? %1& +)roin"ial Coernment- ma! ma,e r/les pres"riing the fees whi"h shall a""ompan! do"/ments sent to the Eegistrar of Airms* or whi"h shall e pa!ale forthe inspe"tion of do"/ments in the "/stod! of the Eegistrar of Airms* or whi"h shall e pa!ale forthe inspe"tion of do"/ments in the "/stod! of the Eegistrar of Airms or for "opies from theEegister of Airms#

)roided that s/"h fees shall not ex"eed the maxim/m fees spe"ified in <"hed/le.

)roided f/rther that the fees pa!ale for an! seri"e desired on the same wa! on whi"han appli"ation for the same is made ma! e do/le the aforesaid maxim/m fees.

%2& 'he +)roin"ial Coernment- ma! +also- ma,e r/les $

%a& pres"riing the form of statement s/mitted /nder se"tion 58* and of the erifi"ationthereof;

%& re=/iring statements* intimations and noti"es /nder se"tions 60*61*62 and 63 to ein pres"ried form* and pres"riing the form* thereof;

%"& pres"riing the form of the Eegister of Airms and the mode in whi"h entries relatingto firms are to e made therein* and the mode in whi"h s/"h entries are to eamended or notes made therein;

%d& reg/lating the pro"ed/re of the Eegistrar when disp/tes arise;



%e& reg/lating the filing of do"/ments re"eied ! the Eegistrar;

%f& pres"riing "onditions for the inspe"tion of original do"/ments;

%g& reg/lating the grant of "opies;

%h& reg/lating the elimination of registers and do"/ments;

%i& proiding for the maintenan"e and form of an index to the Eegister of Airms; and

%& generall!* to "arr! o/t the p/rposes of this hapter.

%3& (ll r/les made /nder this se"tion shall e s/e"t to the "ondition of preio/sp/li"ation.

CHAPTER III

S-PPLEMENTAL

2= Mo#e o' i*i! 0li$ !oti$e=? ( p/li" noti"e /nder this ("t is gien $

%a& where it relates to the retirement or exp/lsion of a partner from a registered firm* orto the dissol/tion of a registered firm* or to the ele"tion to e"ome or not to e"omea partner in a registered firm ! a person attaining maorit! who was admitted as aminor to the enefits of partnership* ! noti"e to the Eegistrar of Airms /nder se"tion63* and ! p/li"ation in the lo"al +offi"ial CaDette- and in at least one erna"/larnewspaper "ir"/lating in the distri"t where the firm to whi"h it relates has its pla"e orprin"ipal pla"e of /siness* and

%& in an! other "ase* ! p/li"ation in the lo"al +offi"ial CaDette- and in at least oneerna"/lar newspaper "ir"/lating in the distri"t where the firm to whi"h it relates hasits pla"e or prin"ipal pla"e of /siness.

3= DRee"l= =? Eep. ! the Eepealing ("t* 1938 %I of 1938&* <.2 and <"hed/le.

@= S"*i!=? othing in this ("t or an! repeal effe"ted there! shall affe"t or e deemed toaffe"t$

%a& an! right* title* interest* oligation or liailit! alread! a"=/ired* a""r/ed or in"/rredefore the "ommen"ement of this ("t* or

%& an! legal pro"eeding or remed! in respe"t of an! s/"h right* title* interest* oligationor liailit!* or an!thing done or s/ffered efore the "ommen"ement of this ("t* or

%"& an!thing done or s/ffered efore the "ommen"ement of this ("t* or

%d& an! ena"tment relating to partnership not expressl! repealed ! this ("t* or

%e& an! r/le of insolen"! relating to partnership* or

%f& an! r/le of law not in"onsistent with this ("t.

Documents

The Partnership Act, 1932.Doc