Legal Question in Banking Law in India

As per a partnership deed there are two partners and one minor has been admitted to the benefit of the partnerhsip. The deed is silent regarding the fact of the minor attaining majority and the conseuqences thereof and the share which he would have on his attaining majority. The firm had availed a cash credit facility from bank. The documents were then executed by the major partners. Now the minor has become major and he has elected to become a partner. Certain high courts have held that on the minor attaining majority, there is a change in constitution of the firm. Other high courts have held otherwise also. In the circumstances, i request you to kindly clarify the following:
My querries are the following
a) whether a fresh deed of partnership is to be executed.
b) Whether there will be a change in the constitution of partnership
c) If so whether the bank should stop operation in the existing cash credit account and a new cash credit account is to be sanctioned to the new firm.
Kinldy answer the querries at the e

Asked on 8/18/11, 12:01 pm

KarVai Legal Solutions Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in

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u shuld go for a fresh partnership deed

this time authenticated and properly signed by minor in his own capacity

u shuld also inform the bank about the necessary changes for further convenience

Answered on 8/20/11, 12:58 am

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