A person admitted to the benefits of partnership as a minor elects, on attaining majority, to become a partner. Under section 30(7)(b) of the Indian Partnership Act, 1932, what share in the property…
Question and options
A person admitted to the benefits of partnership as a minor elects, on attaining majority, to become a partner. Under section 30(7)(b) of the Indian Partnership Act, 1932, what share in the property and profits of the firm does he take?
A share fixed afresh by agreement, as his rights as a minor end
The share he was entitled to as a minor
An equal share with each of the other partners
A share in proportion to the capital he has contributed
Answer and explanation
Section 30(7)(b) of the Indian Partnership Act, 1932 provides that his share in the property and profits of the firm is the share to which he was entitled as a minor. The equal-sharing rule in section 13(b) does not displace it, and the Act gives the court no role in fixing a new share.
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