Indian Partnership Act, 1932
29. Rights of transferee or a partners interest
- A transfer by a partner of his interest in the firm, either absolute or by
mortgage, or by the creation by him of a charge on such interest, does not
entitle the transferee, during the continuance of the firm, to interfere in the conduct of
the business, or to require accounts, or to inspect the books of the firm, but entitles the
transferee only to receive the share of profits of the transferring partner, and the transferee shall accept the
account of profits agreed to by the partners.
- If the firm is dissolved or if the transferring partner ceases to be a
partner, the transferee is entitled as against the remaining partners to receive the
share of the assets of the firm to which the transferring partner is entitled, and, for the purpose
of ascertaining that share, to an account as from the date of the dissolution.
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