Sec 1 to 3 Chapter I (Preliminary) The Indian Partnership Act, 1932

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 [ ^3***].]

(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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(1. 1. Subs. by the A. O. 1950, for sub-section (2).

(2. Subs. by Act 3 of 1951, s. 3 and the Schedule, for “except Part B States”.

(3. The words “except the State of Jammu and Kashmir” omitted by Act 34 of 2019, s. 95 and the Fifth Schedule (w.e.f. 31-10- 2019).

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.

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3. Application of provisions of Act 9 of 1872.—

Theunrepealed provisions of the Indian Contract Act, 1872 (9 of 1872), save in so far as they are inconsistent with the express provisions of this Act, shall continue to apply to firms.

STATE AMENDMENT

Goa, Daman and Diu

In exercise of the powers conferred by sub-section (2) of Section 3 of the Goa, Daman and Diu (Laws) No. 2 Regulation, 1963, the Lieutenant Governor hereby appoints the 15th March 1964, as the date on which the provisions of the Acts mentioned in the Schedule below shall come into force in the Union Territory of Goa, Daman and Diu.

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SCHEDULE

1. The Indian Partnership Act, 1932.

By order and in the name of the Lieutenant Governor of Goa, Daman and Diu.

[Published in the Official Gazette Series I No. 11 dated 12-3-1964] (w.e.f. 22nd January 1964).

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