Is the statement of law correct: "Implied authority of a partner in a partnership firm exists to selling of all properties of the partnership firm for the purpose of carrying on the business of the partnership firm"?
A. Yes, since a partner is an agent of all other partners, his action to sell any property of the firm for the purposes of running of the business of a firm, is valid and results in transfer of ownership of the property which is transferred
B. No, a partner has no implied authority to transfer any immovable property of the firm under the implied authority doctrine principle as contained in Section 19 (2)(g) of the Indian Partnership Act
C. Yes, under implied authority principle a partner can transfer an immovable property if the disposal of the immovable property of the partnership firm is only by that partner who has put the sole effort to acquire the immovable property of the partnership firm which is transferred/disposed of
D. Though a partner has no implied authority to transfer an immovable property of the partnership firm for the purpose of doing of the business, but such implied authority is granted to a managing partner under Section 22 of the Partnership Act
Answer: Option B
Section 25 of the Indian Partnership Act, 1932, provides for
A. Liability of the firm for the acts of a partner
B. Liability of a partner for the acts of the firm
C. Liability of the firm for the wrongful acts of a partner
D. Rights of a partner
Where a partner is entitled to interest on the capital subscribed, such interest is payable
A. Out of profits only
B. Out of capital if no profits
C. Out of capital if losses
D. Either (A) or (B) or (C)
Section 44(g) of the Indian Partnership Act, 1932, is to be regarded as
A. Independent of section 44(a) to 44(f) of the Act
B. Ejusdem generis with sections 44(a) to 44(f) of the Act
C. Either (A) or (B)
D. Only (A) and not (B)
A. Suit in respect of any transaction which forms an item of the partnership account
B. Suit for money lent by him to a firm of which he is a member
C. Suit for contributions in respect of moneys borrowed by him under an express agreement with them for the purposes of partnership
D. All the above
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