16.
Personal profits earned by partners.-
Subject to the contract between the partners,
-
(a) if a partner derives any
profits for himself from any transaction of
the firm, or from the use of the property or
business connection of the firm or the firm-name,
he shall account for that profit and pay it
to the firm;
(b) if a partner carries on
any business of the same nature as and competing
with that of the firm, he shall account for
and pay to the firm all profits made by him
in that business.
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