30. Minors admitted to the benefits of partnership.—
(1) A person who is a minor according to the
law to which he is subject may not be a partner in a firm, but, with the consent of all the partners for the
time being, he may be admitted to the benefits of partnership.
(2) Such minor has a right to such share of the property and of the profits of the firm as may be
agreed upon, and he may have access to and inspect and copy any of the accounts of the firm.
(3) Such minor’s share is liable for the acts of the firm, but the minor is not personally liable for any
such act.
(4) Such minor may not sue the partners for an account or payment of his share of the property or
profits of the firm, save when severing his connection with the firm, and in such case the amount of his
share shall be determined by a valuation made as far as possible in accordance with the rules contained in
section 48:
Provided that all the partners acting together or any partner entitled to dissolve the firm upon notice to
other partners may elect in such suit to dissolve the firm, and thereupon the Court shall proceed with the
suit as one for dissolution and for settling accounts between the partners, and the amount of the share of
the minor shall be determined along with the shares of the partners.
(5) At any time within six months of his attaining majority, or of his obtaining knowledge that he had
been admitted to the benefits of partnership, whichever date is later, such person may give public notice
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that he has elected to become or that he has elected not to become a partner in the firm, and such notice
shall determine his position as regards the firm:
Provided that , if he fails to give such notice, he shall become a partner in the firm on the expiry of the
said six months.
(6) Where any person has been admitted as a minor to the benefits of partnership in a firm, the burden
of proving the fact that such person had no knowledge of such admission until a particular date after the
expiry of six months of his attaining majority shall lie on the persons asserting that fact.
(7) Where such person becomes a partner,—
(a) his rights and liabilities as a minor continue up to the date on which he becomes a partner, but
he also becomes personally liable to third parties for all acts of the firm done since he was admitted to
the benefits of partnership, and
(b) his share in the property and profits of the firm shall be the share to which he was entitled as a
minor.
(8)Where such person elects not to become a partner, —
(a) his rights and liabilities shall continue to be those of a minor under this section up to the date
on which he gives public notice,
(b) his share shall not be liable for any acts of the firm done after the date of the notice,
and
(c) he shall be entitled to sue the partners for his share of the property and profits in accordance
with sub-section
(4).
(9)Nothing in sub-sections
(7) and
(8)shall affect the provisions of section 28.
CHAPTER V
INCOMING AND OUTGOING PARTNERS
