11.
Determination of rights and duties of partners
by contract between the partners.- (1)
Subject to the provisions of this Act, the mutual
rights and duties of the partners of a firm
may be determined by contract between the partners,
and such contract may be express or may be implied
by a course of dealing. Such contract may be
varied by consent of all the partners, and such
consent may be express or may be implied by
a course of dealing.
(2) AGREEMENTS IN RESTRAINT
OF TRADE: Notwithstanding anything contained
in section 27 of the Indian Contract Act, 1872,
such contracts may provide that a partner shall
not carry on any business other than that of
the firm while he is a partner.
|
