On the death of a partner, when can the partnership business continue?
I. When there are more than 2 partners in the firm
II. When there are 2 or more than 2 partners in the firm
III. When the legal representative is interested in taking forward the business
IV. When the partnership deed is silent on the dissolution clause on death of a partner
When a partner dies, subject to any contract to the contrary, partnership is dissolved. Section 42 of the Indian Partnership Act, 1932 (“Act”) provides for dissolution of partnership on occurrence of certain contingencies which includes ‘death of the partner’ as one of those contingencies. However, in cases where the terms of the partnership deed are silent on continuation of partnership’s business, a contract to continue the partnership after the death of a partner may be implied from the conduct of the parties. This means that where it is evident that such an intention was present, the nominee or legal representative of the deceased partner can take the place of deceased partner and business of the firm can be continued with the presumption that the partnership was never dissolved on the death of that partner. The above legal position is based on two assumptions- (a) there are more than two partners in the firm, and (b) the legal representatives are interested in taking forward the business of the firm.
The Central Government shall remove a member from Board in certain cases. Which of the following is not a valid ground?
The arbitral tribunal shall issue an order for the termination of the arbitral proceedings where
A contract of sale of immovable property becomes final when:
Under the Airports Authority of India Act it shall be the duty of the Authority to provide air traffic service and air transport service at any_________...
Which one of the following sections of the Indian Penal Code relates to punishment for voluntarily causing hurt on provocation?
Whether court has power to refer a dispute for arbitration when it is ongoing before it?
A guarantee which extends to a series of transactions, is called a________________
Consider the following statements:
Statements I: In criminal proceedings, the fact that the person accused is of a good character, is relevant.
The President shall be ________
As per the IRDA Act, 1999_______________ is the time period which is there as a bar on the future employment of members?