Accountability of partners for private profits
34 Accountability of partners for private profits
A partner in a firm is bound to account to the firm—
for any benefit derived by the partner, without the consent of the other partners in the firm, from a transaction concerning the firm; or
for any use by the partner of the partnership property, the firm name or the business connection of the firm.
This section applies also to transactions undertaken, after a partnership has been dissolved by the death of a partner in a firm and before the affairs of the firm have been completely wound up, either by a surviving partner in the firm or by the legal personal representatives of the deceased partner.
This section does not apply in relation to an incorporated limited partnership.
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