288.
No. 1.1
Right of partner to notify dissolution.
Continuing authority of partners for purposes of winding-up.
Rights of partners as to application of partnership property.
Apportionment of premium where partnership prematurely dissolved.
Rights where partnership.
A
THE ORDINANCES OF HONGKONG: [A.D. 1881], debts contracted after the date of the death, bankruptcy, or retirement respectively.
39. On the dissolution of a partnership or retirement of a partner, any partner may publicly notify the same, and may require the other partner or partners to concur for that purpose in all necessary or proper acts, which cannot be done without his or their concurrence.
40. After the dissolution of a partnership, the authority of each partner to bind the firm, and the other rights and obligations of the partners continue, notwithstanding the dissolution, so far as may be necessary to wind up the affairs of the partnership, and to complete transactions begun but unfinished at the time of the dissolution, but not otherwise. Provided that the firm is in no case bound by the acts of a partner who has become bankrupt; but this proviso does not affect the liability of any person who has, after the bankruptcy, represented himself or knowingly suffered himself to be represented as a partner of the bankrupt.
41. On the dissolution of a partnership, every partner is entitled, as against the other partners in the firm and all persons claiming through them in respect of their interests as partners, to have the property of the partnership applied in payment of the debts and liabilities of the firm, and to have the surplus assets after such payment applied in payment of what may be due to the partners respectively, after deducting what may be due from them as partners to the firm; and for that purpose any partner or his representatives may, on the termination of the partnership, apply to the Court to wind up the business and affairs of the firm.
42. Where one partner has paid a premium to another on entering into a partnership for a fixed term, and the partnership is dissolved before the expiration of that term otherwise than by the death of a partner, the Court may order the repayment of the premium, or of such part thereof as it thinks just, having regard to the terms of the partnership contract and to the length of time during which the partnership has continued; unless-
(1.) the dissolution is, in the judgment of the Court, wholly or chiefly due to the misconduct of the partner who paid the premium; or
(2.) the partnership has been dissolved by an agreement containing no provision for a return of any part of the premium.
43. Where a partnership contract is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is, without prejudice to any other right, entitled-
(1.) to a lien on, or right of retention of, the surplus of the partnership assets...
Page 10
Page 11
288.
No. 1.1
Right of
partner to
notify
dissolution.
Continuing
authority of partners for purposes of winding-up.
Rights of partners as to application of partnership property.
Apportion- ment of pre- mium where
partnership
prematurely dissolved.
Rights where partnership.
A
THE ORDINANCES OF HONGKONG: [A.D. 180, debts contracted after the date of the death, bankruptcy, or retireme respectively.
39. On the dissolution of a partnership or retirement of a partner, partner may publicly notify the same, and may require the other part or partners to concur for that purpose in all necessary or proper act any, which cannot be done without his or their concurrence.
40. After the dissolution of a partnership, the authority of each paren: to bind the firm, and the other rights and obligations of the partmen continue, notwithstanding the dissolution, so far as may be necessary! wind up the affairs of the partnership, and to complete transactions begun but unfinished at the time of the dissolution, but not otherwise Provided that the firm is in no case bound by the acts of a partne who has become bankrupt; but this proviso does not affect the liabilit of any person who has, after the bankruptcy, represented himself knowingly suffered himself to be represented as a partner of the bankrupt.
41. On the dissolution of a partnership, every partner is entitled, against the other partners in the firm and all persons claiming thro them in respect of their interests as partners, to have the property the partnership applied in payment of the debts and liabilities of the firm, and to have the surplus assets after such payment applied in payment of what may be due to the partners respectively, after deducting what may be due from them as partners to the firm; and for that purpose any partner or his representatives may, on the termination of the partnership, apply to the Court to wind up the business and affans of the firm.
42. Where one partner has paid a premium to another on entering into a partnership for a fixed term, and the partnership is dissolved before the expiration of that term otherwise than by the death of partner, the Court may order the repayment of the premium, or of such part thereof as it thinks just, having regard to the terms of the partner. ship contract and to the length of time during which the partnership has continued unless-
(1.) the dissolution is, in the judgment of the Court, wholly or chief due to the misconduct of the partner who paid the premium; or (2.) the partnership has been dissolved by an agreement containing
no provision for a return of any part of the premium.
43. Where a partnership contract is rescinded on the ground of the dissolved for fraud or misrepresentation of one of the parties thereto, the
entitled to rescind is, without prejudice to any other right, entitled
(1.) to a lien on, or right of retention of, the surplus of the partnership
fraud or
misrepre
sentation.
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