IPTA 12 — The conduct of the business

Indian Partnership Act, 1932

Statutory text

Subject to contract between the partners—

(a) every partner has a right to take part in the conduct of the business;

(b) every partner is bound to attend diligently to his duties in the conduct of the business;

(c) any difference arising as to ordinary matters connected with the business may be decided by a majority of the partners, and every partner shall have the right to express his opinion before the matter is decided, but no change may be made in the nature of the business without the consent of all the partners; and (d) every partner has a right to have access to and to inspect and copy any of the books of the firm. STATE AMENDMENT Amendment of section 12 of Act IX of 1932.—In section 12 of the principal Act,—

(a) in clause (c), the word “and” appearing at the end shall be deleted ;

(b) in clause (d), for the words “books of the firm.” The words “books of the firm; and” shall be substituted ;

(c) after clause (d), the following clause shall be added, namely :— “ (e) in the event of the death of a partner, his heirs or legal representatives or their duly authorised agents shall have a right of access to and to inspect and copy any of the books of the firm.”.

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