PARTNERSHIP ACT 1895 - SECT 40
PARTNERSHIP ACT 1895 - SECT 40
40 . Partners must account for all benefits derived
(1) Every partner must
account to the firm for any benefit derived by him, without the consent of the
other partners, from any transaction concerning the partnership, or from any
use by him of the partnership, property, name, or business connection.
(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.