640699-1896-Bills-read-Defence-Contribution-Appropriation-1897-Partnership-Probates-Post-Office-Amendment-Pawnbrokers-Compensation — Page 8

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THE HONGKONG GOVERNMENT GAZETTE, 5TH DECEMBER, 1896.

Dissolution by expiration or

notice.

(Ibil, s. 32.)

2

Dissolution by bankruptcy, death, or charge. (Ibid, a. 33.)

Thanolution by illegality of parluership. (Ibid, b. 34.)

Dissolution by the Court. (Ibid, 9.35.)

Rights of persons dealing with firm against Apparent members of Arm. (Ibid, a. 3.)

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 case 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- ners, a partnership is dissolved-

(a.) If entered into for a fixed term, by the expiration

of that term; or

(b.) If entered into for a single adventure or under- taking, by the termination of that adventure or un- dertaking; or

(c.) If entered into for an undefined time, by any partner giving notice to the other or others of his intention to dissolve the partnership.

(2.) In the last-mentioned case the partnership is dis- solved as from the date mentioned in the notice as the date of dissolution, or, if no date is so mentioned, as from the date of the communication of the notice.

35.-(1.) Subject to any agreement between the part- ners, every partnership is dissolved as regards all the partners by the death or bankruptcy of any partner.

(2.) A partnership may, at the option of the other partners, be dissolved if any partner suffers his share of the partnership property to be charged under this Ordinance for his separate debt.

36. A partnership is in every case dissolved by the happening of any event which makes it unlawful for the business of the firm to be carried on or for the members of the firm to carry it on in partnership.

37. On application by a partner, the Court may decree a dissolution of the partnership in any of the following

cases :-

(1.) When a partner is found lunatic by inquisition, or is shown, to the satisfaction of the Court, to be of per- manently unsound mind, in either of which cases the application may be made as well on behalf of that partner by his committee or next friend or person having title to intervene as by any other partner; (2.) When a partner, other than the partner suing, becomes in any other way permanently incapable of performing his part of the partnership contract;

(3.) When a partuer, other than the partner suing, has been guilty of such conduct as, in the opinion of the Court, regard being had to the nature of the business, is calculated to prejudicially affect the carrying on of the business;

(4.) When a partner, other than the partner suing, wil- fully or persistently commits a breach of the part- nership agreement or otherwise so conducts himself in matters relating to the partnership business that it is not reasonably practicable for the other partner or partners to carry on the business in partnership with him;

(5.) When the business of the partnership can only be

carried on at a loss; and

(6.) Whenever in any case circumstances have arisen which, in the opinion of the Court, render it just and equitable that the partnership be dissolved.

38.-(1.) Where a person deals with a firm after a change in its constitution he is entitled to treat all apparent members of the old firm as still being members of the firm until he has notice of the change.

(2.) An advertisement in The Hongkong Government Gazette as to a firm whose principal place of business is in the Colony shall be notice as to persons who had not deal- ings with the firm before the date of the dissolution or change so advertised.