Partnership Act, 1932

Section 67

Application of Act to firms already registered

⚡ Quick Answer Reference: Section 67 Partnership Act, 1932

Provision: Section 67 of Partnership Act, 1932
Act: Partnership Act, 1932
Classification: commercial
Jurisdiction: India
Summary: This section states that the Partnership Act, 1932, will apply to all firms that were registered under the Indian Partnership Act, 1932, before the commencement of this Act, as if the new Act had started on the date of their registration.

Statutory Content

What does Section 67 of Partnership Act, 1932 say?

This Act shall apply to every firm which was registered under the Indian Partnership Act, 1932, immediately before the commencement of this Act, as if this Act had commenced on the date of the registration of such firm.

Indian StandardSection 67, Partnership Act, 1932

Bluebook (21st ed.)Partnership Act, 1932, § 67 (India)

Court Pleading StandardSection 67 of the Partnership Act, 1932

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Source: Gazette of India (Official Publication)Verify egazette.gov.in ↗

✓ VERIFIED FOR LEGAL ACCURACYReviewed & certified by Advocate Priya Menon (Bar Council ID: MAH/4521/2018).

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Section Meaning & Purpose

What does Section 67 of Partnership Act, 1932 mean?

Plain English Explanation

This section states that the Partnership Act, 1932, will apply to all firms that were registered under the Indian Partnership Act, 1932, before the commencement of this Act, as if the new Act had started on the date of their registration.

Practical Interpretation

In practical terms, this means that firms registered before the new Act came into effect will be treated as if they were registered under the new Act from the date of their original registration.

Core Legal Purpose

The core purpose of this section is to ensure a smooth transition for firms already registered under the Indian Partnership Act, 1932, by applying the new Act's provisions to them from the date of their registration.

Key Legal Elements

•The firm must have been registered under the Indian Partnership Act, 1932, before the commencement of this Act.
•The firm's registration date will be treated as the date of registration under the new Act.
•Key legal test or threshold standard.
•Key exception or limitation under this section.

Practical Example

Practical Example of Section 67 Partnership Act, 1932

Suppose Rajesh and Priya registered their partnership firm, 'Rajesh and Priya Partnership', under the Indian Partnership Act, 1932, on 1 January 2020. If the Partnership Act, 1932, comes into effect on 1 April 2022, this section will apply to their firm as if the new Act had started on 1 January 2020. This means that the new Act's provisions will be applicable to their firm from 1 January 2020, and they will not need to re-register their firm.

Common Questions (FAQ)

Frequently Asked Questions about Section 67 Partnership Act, 1932

Q: What is the punishment or consequence under Section 67 of Partnership Act, 1932?

This section is a procedural provision and does not prescribe a penal punishment.

Q: Does this section apply to private individuals or public entities?

This section applies to firms registered under the Indian Partnership Act, 1932, which can include both private individuals and public entities.

Q: Is an offence under this section bailable or cognizable?

This section is a procedural provision and does not prescribe a penal punishment, so it is neither bailable nor cognizable.

Common Questions about Section 67 Partnership Act, 1932

What is Section 67 of Partnership Act, 1932?

Section 67 of the Partnership Act, 1932 (Partnership Act, 1932) defines and regulates "Application of Act to firms already registered". In plain terms: This section states that the Partnership Act, 1932, will apply to all firms that were registered under the Indian Partnership Act, 1932, before the commencement of this Act, as if the new Act had started on the date of their registration.

What are the elements of Section 67 of Partnership Act, 1932?

The essential elements of Section 67 of Partnership Act, 1932 are: The firm must have been registered under the Indian Partnership Act, 1932, before the commencement of this Act.; The firm's registration date will be treated as the date of registration under the new Act.; Key legal test or threshold standard..

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