PARTNERSHIP ACT 1963 - SECT 34 Accountability of partners for private profits
PARTNERSHIP ACT 1963 - SECT 34
Accountability of partners for private profits(1) A partner in a firm is bound to account to the firm—
(a) for any benefit derived by the partner, without the consent of the other partners in the firm, from a transaction concerning the firm; or
(b) for any use by the partner of the partnership property, the firm name or the business connection of the firm.
(2) This section applies also to transactions undertaken, after a partnership has been dissolved by the death of a partner in a firm and before the affairs of the firm have been completely wound up, either by a surviving partner in the firm or by the legal personal representatives of the deceased partner.
(3) This section does not apply in relation to an incorporated limited partnership.