Section 42 Indian Partnership Act 1932

Section 42 Indian Partnership Act

Section 42 of the Indian Partnership Act 1932 is about Dissolution on the happening of certain contingencies. It is under CHAPTER VI (Dissolution of A Firm) of the Act.

Dissolution on the happening of certain contingencies.

Subject to contract between the partners a firm is dissolved–

(a) if constituted for a fixed term, by the expiry of that term;

(b) if constituted to carry out one or more adventures or undertakings, by the completion thereof;

(c) by the death of a partner; and

(d) by the adjudication of a partner as an insolvent.