Section 47
ActIn forceProvision 47 of 47
Section 47
(1)
The rules of equity and of common law applicable in partnership shall continue in force, except so far as they are inconsistent with the express provisions of this Act.
(2)
Nothing in this Act shall be read to permit any association of more than twenty persons to be formed or to carry on any business in partnership contrary to section 14 (3) (b) of the Companies Act, 1965.
quarter on the outgoing quarter on the estate as the case may be, is not entitled to any interest or other share of profits; but if any quarter assuming to act in exercise of the option does not in all material requests comply with the terms thereof, he is liable to account under the proceeding provisions of this section.