34Accountability of partners for private profits

34 Accountability of partners for private profits (1) A partner in a firm is bound to account to the firm— (a) for any benefit derived by the partner, without the consent of the other partners in the firm, from a transaction concerning the firm; or

(b) for any use by the partner of the partnership property, the firm name or the business connection of the firm. (2) 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. (3) This section does not apply in relation to an incorporated limited