According to the provisions of _____________ unless it is otherwise provided in the partnership deed a new partner can be admitted only when the existing partners unanimously agree for it.

Negotiable Instruments Act, 1881

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Indian Contract Act, 1872

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Sale of Goods Act, 1930

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Partnership Act, 1932

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Solution

The correct option is D Partnership Act, 1932
When the firm needs additional capital or managerial help, a new partner may be admitted. According to the provisions of Partnership Act, 1932 unless it is otherwise provided in the partnership deed, a new partner can be admitted only when the existing partners unanimously agree for it. For example, Hari and Haqque are partners sharing profits in the ratio of 3:2. On April 1, 2007 they admitted Soham as a new partner with 1/6th share in profits of the firm. With this change there are three partners of the firm and it stands reconstituted.

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