Vansh Dargan 05 June 2021
Dr J C Vashista (Advocate) 05 June 2021
What sort of restriction i.e., subject matter, is under consideration for slapping on one of the "all partners" ?
The term "all partners" include such partner.
It will be better to consult a local prudent lawyer for appreciation of facts/ documents and professional advise/ necessary proceeding
Sankaranarayanan (Advocate) 05 June 2021
all partners means including the partner who pointing the issue. state the facts of the issues
G.L.N. Prasad (Retired employee.) 05 June 2021
According to my knowledge, implied authority means though the duties and rights are not defined or specified in deed, each and every partner has a right to inspect the books of accounts, demand for a share of his profits, involve himself in business, question the ultravire actions of the other partners, opt for retirement, share losses as stated in deed and represent himself as a partner etc.
T. Kalaiselvan, Advocate (Advocate) 06 June 2021
Extension and restriction of partner’s implied authority.—The partners in a firm may, by contract between the partners, extend or restrict the implied authority of any partner. Notwithstanding any such restriction, any act done by a partner on behalf of the firm which falls within his implied authority binds the firm, unless the person with whom he is dealing knows of the restriction or does not know or believe that partner to be a partner.
However the implied authority of a partner may be extended or restricted by contract between the parties. The partner can undertake the above-mentioned matters where:
In an emergency a partner has the authority to do all such acts for the purpose of protecting the firm from loss as would be done by a person of ordinary prudence acting under the similar circumstances s in his own case and such acts bind the firm.