Sunday, August 30, 2009

Public notice

Public notice:

A public notice has to be given:

1.on the retirement or expulsion of a partner from a registered firm.

2.on the dissolution of a registration firm.

3.on the election to become or not to become a partner in a registered firm by a minor on his attaining majority.

The public notice relating to the above matters is given:

1.by notice to the register of firms.

2.by publication in the official gazette.

3.by publication in at least one vernacular newspaper circulating in the district where the principles of place in business.

Consequences ofpublic notice is not given:

1.on election of a minor partner to become or not become a partner:

If a minor admitted to the benefits of partnership falls to give a public notice with in 6 months of his attaining majority or of his obtaining knowledge that he had a liable of the firm.

2.on retirement of a partner:

If a retiring partner does not give a public notice of his retirement from the firm he and the other partners shall continue to be liable as partners to be liable as partners to third parties for any act done by any of them retirement.

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