30.
Minors admitted to the benefits of partnership.-
(1) A person who is a minor according to the
law to which he is subject may not be a partner
in a firm, but, with the consent of all the
partners for the time being, he may be admitted
to the benefits of partnership.
(2) Such minor has a right
to such share of the property and of the profits
of the firm as may be agreed upon, and he may
have access to and inspect and copy any of the
accounts of the firm.
(3) Such minor's share is
liable for the acts of the firm but the minor
is not personally liable for any such act.
(4) Such minor may not sue
the partners for an account or payment of his
share of the property or profits of the firm,
save when severing his connection with the firm,
and in such case the amount of his share shall
be determined by a valuation made as far as
possible in accordance with the rules contained
in section 48;
Provided that all the partners
acting together or any partner entitled to dissolve
the firm upon notice to other partners may elect
in such suit to dissolve the firm, and thereupon
the Court shall proceed with the suit as one
for dissolution and for settling accounts between
the partners and the amount of the share of
the minor shall be determined along with the
shares of the partners.
(5) At any time within six
months of his attaining majority, or of his
obtaining knowledge that he had been admitted
to the benefits of partnership, whichever date
is later, such person may give public notice
that he has elected to become or that he has
elected not to become a partner in the firm,
and such notice shall determine his position
as regards the firm;
Provided that, if he fails
to give such notice, he shall become a partner
in the firm on the expiry of the said six months.
(6) Where any person has been
admitted as a minor to the benefits of partnership
in a firm, the burden of proving the fact that
such person had no knowledge of such admission
until a particular date after the expiry of
six months of his attaining majority shall lie
on the person asserting that fact.
(7) Where such person becomes
a partner –
(a) his rights and liabilities
as a minor continue upto the date on which he
becomes a partner, but he also becomes personally
liable to third parties for all acts of the
firm done since he was admitted to the benefits
of partnership, and
(b) his share in the property
and profits of the firm shall be the share to
which he was entitled as a minor.
(8) Where such person elects
not be to become a partner, -
(a) his rights and liabilities
shall continue to be those of a minor under
the section upto the date on which he gives
public notice;
(b) his share shall not be
liable for any acts for the firm done after
the date of the notice; and
(c) he shall be entitled to
sue the partners for his share of the property
and profits in accordance with sub-section (4).
(9) Nothing in sub-sections
(7) and (8) shall affect the provisions of section
28.
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