13.
Mutual right and liabilities.- Subject
to contract between the partners –
(a) a partner is not entitled
to receive remuneration for taking part in the
conduct of the business;
(b) the partners are entitled
to share equally in the profits earned, and
shall contribute equally to the losses sustained
by the firm;
(c) where a partner is entitled
to interest on the capital subscribed by him,
such interest shall be payable only out of profits;
(d) a partner making, for
the purposes of the business, any payment or
advance beyond the amount of capital he has
agreed to subscribe, is entitled to interest
thereon at the rate of six per cent. per annum;
(e) the firm shall indemnify
a partner in respect of payments made and liabilities
incurred by him
(i) in the ordinary and proper
conduct of the business; and
(ii) in doing such act, in
an emergency, for the purpose of protecting
the firm from loss, as would be done by a person
of ordinary prudence, in his own case, under
similar circumstances; and
(f) a partner shall indemnify
the firm for any loss caused to it by his willful
neglect in the conduct of the business of the
firm.
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