Effect of Non-Registration: Jaiib/DBF Paper 3 (Module D),Unit-15

Effect of Non-Registration: Jaiib/DBF Paper 3 (Module D), Unit-15

Dear bankers,

As we all know that is Effect of Non-Registration for JAIIB Exam. JAIIB exam conducted twice in a year. So, here we are Effect of Non-Registration (Unit-15), Commercial Laws with Reference to Banking Operations (Module D), Legal & Regulatory Aspects of Banking -Paper 3.

♦Effect of Non-Registration

A company is compulsorily required to be incorporated and registered with the Registrar of Companies under the Companies Act, 1956 (Now ICA 2013). However, a partnership firm is not required to be compulsorily registered with the Registrar of Partnership Firms.

Registration

  • The partner’s may or may not enter into a partnership deed and may decide to have an oral partnership if they have a strong understanding amongst themselves.
  • Even if a partnership deed is entered into by the partners they may not opt for registration of the partnership firm.

 The provisions of the Section 69 are briefly stated hereunder:

  • A partner of an unregistered firm cannot enforce by way of a suit, any right available to him under the Partnership Act or a right conferred by a contract amongst the partners against the partnership firm or any partner thereof.
  • Similarly an unregistered firm cannot enforce by way of a suit, any right arising by a contract against any third party.
  • Due to the provision which is stated in the Section 69, a majority of the partnership firms decide to register the firm to avoid future hassles and complexities on solving issues amongst the partners as well as with third parties.

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