A minor, who has been admitted to the benefits of the partnership, under Section 30(5) of the Indian Partnership Act on attaining majority has to exercise an option, to stay or to leave the firm, within :

Haryana Judicial Service (Civil Judge) Prelims 2010 Previous Year Question Papers with MCQ Answers

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59.

A minor, who has been admitted to the benefits of the partnership, under Section 30(5) of the Indian Partnership Act on attaining majority has to exercise an option, to stay or to leave the firm, within :

A: one month of attaining majority

B: six months of attaining majority

C: 90 days of attaining majority

D: none of the above.

The answer is: B

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Explanation

The correct option is B: six months of attaining majority.

According to Section 30(5) of the Indian Partnership Act, a minor who has been admitted to the benefits of the partnership has to decide whether to become a partner or not 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. If he fails to give a public notice of his choice, he shall become a partner in the firm by default.

This provision is meant to protect the rights and liabilities of the minor as well as the other partners in the firm.