Explain the following of Section 34—Fiduciary Relationship of Partners. (1) Partners shall stand in a fiduciary relationship towards the firm and their co-partners. (2) Without prejudice to the generality of subsection (1) of this section, (a) every partner shall be bound to render to every other partner full information of all things affecting the firm; (b) every partner shall account to the firm for any benefit derived by him without the consent of the other partners from any transaction concerning the firm or from any use by him of the firm's property, name or business connection; (c) if a partner, without the consent of the other partners, directly or indirectly carries on any business of the same nature as, and competing with, that of the firm, he shall account for, and pay over to the firm, all profits made by him in that business.
Explain the following of Section 34—Fiduciary Relationship of Partners.
(1) Partners shall stand in a fiduciary relationship towards the firm and their co-partners.
(2) Without prejudice to the generality of subsection (1) of this section,
(a) every partner shall be bound to render to every other partner full information of all
things affecting the firm;
(b) every partner shall account to the firm for any benefit derived by him without the
consent of the other partners from any transaction concerning the firm or from any use by
him of the firm's property, name or business connection;
(c) if a partner, without the consent of the other partners, directly or indirectly carries on
any business of the same nature as, and competing with, that of the firm, he shall account
for, and pay over to the firm, all profits made by him in that business.
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