Section 42 Indian Partnership Act
Section 42 of the Indian Partnership Act 1932 is about Dissolution on the happening of certain contingencies. It is under CHAPTER VI (Dissolution of A Firm) of the Act.
Dissolution on the happening of certain contingencies.
Subject to contract between the partners a firm is dissolved–
(a) if constituted for a fixed term, by the expiry of that term;
(b) if constituted to carry out one or more adventures or undertakings, by the completion thereof;
(c) by the death of a partner; and
(d) by the adjudication of a partner as an insolvent.
