THE HONGKONG GOVERNMENT GAZETTE, 22ND MAY, 1897.
(8.) Any difference arising as to ordinary matters con- nected with the partnership business may be decided by a majority of the partners, but no change may be made in the nature of the partnership business with- out the consent of all existing partners; and (9.) The partnership books are to be kept at the place of business of the partnership (or the principal place, if there is more than one), and every partner may, when he thinks fit, have access to and inspect and copy any of thein,
27. No majority of the partners can expel any partner Expulsion of unless a power to do so bas been conferred by express partner. agreement between the partners.
28.--(1.) Where no fixed term has been agreed upon Retirement for the duration of the partnership, any partner may deter- from partner- mine the partnership at any time on giving notice of his ship at will. intention to do so to all the other partners.
(2.) Where the partnership has originally been constituted by deed, a notice in writing, signed by the partner giving it, shall be sufficient for this purpose.
29.—(1.) Where a partnership entered into for a fixed Where part- term is continued after the term has expired, and without nership for any express new agreement, the rights and duties of the term is
continued partners remain the same as they were at the expiration of the term, so far as is consistent with the incidents of a ance on old partnership at will.
over, continu-
terms
(2.) A continuance of the business by the partners or such presumed. of them as habitually acted therein during the term, without any settlement or liquidation of the partnership affairs, is
presumed to be a continuance of the partnership.
30. Partners are bound to render true accounts and full Duty of information of all things affecting the partnership to any partners to partner or his legal representatives.
render accounts, etc.
31.-(1.) Every partner must account to the firm for Account- any benefit derived by him, without the consent of the other ability of
partners for partners, from any transaction concerning the partnership, private or from any use by him of the partnership property, name, or profits, business connexión,
(2.) This section applies also to transactions undertaken after a partnership has been dissolved by the death of a partner, and before the affairs thereof have been completely wound up, either by any surviving partner or by the repre- sentatives of the deceased partner,
32. If a partner, without the consent of the other partners, Duty of carries on any business of the same nature as and competing partner not with that of the firm, he must account for and pay over to to compete the firm all profits made by him in that business.
with firm.
share in
33.-(1.) An assignment by any partner of his share in Rights of the partnership, either absolute or by way of mortgage or assignee of redeemable charge, does not, as against the other partners, entitle the assignee, during the continuance of the partner- partnership. ship, to interfere in the management or administration of the partnership business or affairs, or to require any accounts of the partnership transactions, or to inspect the partnership books, but entitles the assignee only to receive the share of profits to which the assigning partner would otherwise be entitled, and the assignee must accept the account of profits agreed to by the partners.
(2.) In ease of a dissolution of the partnership, whether as respects all the partners or as respects the assigning partner, the assignee is entitled to receive the share of the partnership assets to which the assigning partner is entitled as between himself and the other partners, and, for the purpose of ascertaining that share, to an account as from the date of the dissolution.
Dissolution of Partnership and its Consequences.
34.--(1.) Subject to any agreement between the part- Dissolution ners, a partnership is dissolved-
by expiration or notice.
t.) If entered into for a fixed term, by the expiration
of that terin; or
16.) I entered into for a single adventure or under- taking, by the termination of that adventure or un- dertaking; or
(e.) If entered into for an undefined time, by any partner giving notice to the other or others of his intention to dissolve the partnership.
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