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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.
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 of the accounts of
the firm.
Such minor’s share is liable for the acts of
the firm, but the minor is not personally liable for any such
act.
Such minor may not sue the partners for an
account or payment of his share of the property or profits of
the firm
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 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.
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 person asserting that fact.
Where such person becomes a partner-
his rights and liabilities as a minor continue
upto 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 the partnership,
and
his share in the property and profits of
the firm shall be the share to which he was entitled as a
minor.
Where such person elects not to become a partner-
his rights and liabilities shall continue
to be those of a minor upto the date on which he gives public
notice,
his share shall not be liable for any acts
of the firm done after the date of the notice, and
he shall be entitled to sue the partners
for his share of the property and profits.
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