Section 50 Indian Partnership Act 1932

Section 50 Indian Partnership Act

Section 50 of the Indian Partnership Act 1932 is about Personal profits earned after dissolution. It is under CHAPTER VI (Dissolution of A Firm) of the Act.

Personal profits earned after dissolution.

Subject to contract between the partners, the provisions of clause (a) of section 16 shall apply to transactions by any surviving partner or by the representatives of a deceased partner, undertaken after the firm is dissolved on account of the death of a partner and before its affairs have been completely wound up:

Provided that where any partner or his representative has bought the goodwill of the firm, nothing in this section shall affect his right to use the firm name.