PARTNERSHIP ACT 1892 - SECT 29 Accountability of partners for private profits

PARTNERSHIP ACT 1892 - SECT 29

29 Accountability of partners for private profits

(1) Every partner must account to the firm for any benefit derived by the partner without the consent of the other partners from any transaction concerning the partnership, or for any use by the partner of the partnership property, name, or business connexion.

(2) This section applies also to transactions undertaken after a partnership has been dissolved by the death of a partner, and before the affairs thereof have been completely wound up, either by any surviving partner or by the representatives of the deceased partner.

(3) This section does not apply to or in respect of an incorporated limited partnership.