When there is no agreement in the partnership, Section 24 of the Partnership Act 1890 is applied. State the provision.

Section 24 of the Partnership Act 1890 states that where there is no agreement between the partners as to how the partnership is to be conducted, the following rules shall apply:

- All partners have the right to take part in the management of the partnership business.
- Any difference arising as to ordinary matters connected with the partnership business may be decided by a majority of the partners.
- No change may be made in the nature of the partnership business without the consent of all the partners.
- Every partner may have access to and inspect and copy any of the books of the firm.
- Every partner may take part in the management of the partnership business.
- No partner is entitled to remuneration for acting in the partnership business.
- Any difference arising as to ordinary matters connected with the partnership business may be decided by a majority of the partners.
- No change may be made in the nature of the partnership business without the consent of all the partners.

In the absence of an agreement to the contrary, Section 24 of the Partnership Act 1890 provides that:

- Profits and losses shall be shared equally by all partners.
- Interest on capital contributed shall not be paid.
- Interest on loans made by partners shall be paid at the rate of 5% per annum.
- No partner shall be entitled to remuneration for acting in the partnership business.
- All partners shall have equal rights in the management and conduct of the partnership business.