286
Duty of
partner not to compete
with firm.
Rights of assignee of share in
No. 1.7 THE ORDINANCES OF HONGKONG: [A.D. 1880-
(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 representatives of the deceased partner.
32. If a partner, without the consent of the other partners, carries out any business of the same nature as and competing with that of the firm, he must account for and pay over to the firm all profits made by him in that business.
33.-(1.) An assignment by any partner of his share in the partnership, either absolute or by way of mortgage or redeemable charge, does not, as against the other partners, entitle the assignee, during the continuance of the partnership, 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 the 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 the 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 partners, a partnership is dissolved,-
by expiration or notice.
Dissolution
(a.) if entered into for a fixed term, by the expiration of that term; or,
(b.) if entered into for a single adventure or undertaking, by the termination of that adventure or undertaking; 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 dissolved 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 partners, every partnership is dissolved as regards all the partners by the death or bankruptcy of any partner.
or charge.
286
Duty of
partner not to compete
with firm.
Rights of assignee of share in
No. 1.7 THE ORDINANCES OF HONGKONG: [A.D. 180-
(2.) This section applies also to transactions undertaken after a part nership has been dissolved by the death of a partner, and before affairs thereof have been completely wound up, either by any survivin partner or by the representatives of the deceased partner.
32. If a partner, without the consent of the other partners, carries ou any business of the same nature as and competing with that of the firm he must account for and pay over to the firm all profits made by him he that business.
33.-(1.) An assignment by any partner of his share in the ship, either absolute or by way of mortgage or redeemable charge, does partner partnership. not, as against the other partners, entitle the assignee, during the co
tinuance of the partnership, to interfere in the management or adminis tration of the partnership business or affairs, or to require any accounts of the partnership transactions, or to inspect the partnership books, bu entitles the assignee only to receive the share of the profits to which assigning partner would otherwise be entitled, and the assignee mus accept the account of profits agreed to by the partners.
Dissolution
(2.) In the case of a dissolution of the partnership, whether as respects all the partners or as respects the assigning partner, the assignee is entit tled 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 partners, a partner by expiration ship is dissolved,-
or notice.
Dissolution
by bank
(a.) if entered into for a fixed term, by the expiration of that
term; or,
(b.) if entered into for a single adventure or undertaking, by the
termination of that adventure or undertaking; or,
(c.) if entered into for an undefined time, by any partner giving notice to the other or others of his intention to dissolve tho partnership.
(2.) In the last-mentioned case the partnership is dissolved 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 partners, every ruptcy, death, partnership is dissolved as regards all the partners by the death or
bankruptcy of any partner.
or charge.
No comments yet.
Private notes are available after approval.