834
No. 1 of 1897.
Persons liable by "holding out."
Admissions and representations of partner.
Notice to acting partner to be notice to firm.
Liabilities of incoming partners.
Revocation of continuing guarantee by change in firm.
PARTNERSHIP.
(2) nothing in this section shall prevent trust money from being followed and recovered from the firm, if still in its possession or under its control.
14. (1) Every one who, by words spoken or written or by conduct, represents himself, or who knowingly suffers himself to be represented, as a partner in a particular firm is liable as a partner to any one who has, on the faith of any such representation, given credit to the firm, whether the representation has or has not been made or communicated to the person so giving credit by or with the knowledge of the apparent partner making the representation or suffering it to be made.
(2) Provided that where, after a partner's death, the partnership business is continued in the old firm-name, the continued use of that name or of the deceased partner's name as part thereof shall not of itself make his executors or administrators, estate or effects, liable for any partnership debts contracted after his death.
15. An admission or representation made by any partner concerning the partnership affairs, and in the ordinary course of its business, is evidence against the firm.
16. Notice to any partner who habitually acts in the partnership business of any matter relating to partnership affairs operates as notice to the firm, except in the case of a fraud on the firm committed by or with the consent of that partner.
17. (1) A person who is admitted as a partner into an existing firm does not thereby become liable to the creditors of the firm for anything done before he became a partner.
(2) A partner who retires from a firm does not thereby cease to be liable for partnership debts or obligations incurred before his retirement.
(3) A retiring partner may be discharged from any existing liabilities by an agreement to that effect between himself and the members of the firm as newly constituted and the creditors, and this agreement may be either express or inferred as a fact from the course of dealing between the creditors and the firm as newly constituted.
18. A continuing guarantee given either to a firm or to a third person in respect of the transactions of a firm is, in the absence of agreement to the contrary, revoked by any change in the constitution of the firm.
* As amended by No. 8 of 1912.
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Page 6
834
No. 1 of 1897.
Persons
liable by "holding out."
Admissions
and represen. tations of partner.
*
Notice to
to be notice
PARTNERSHIP.
(2) nothing in this section shall prevent trust money from being followed and recovered from the firm, if still in its possession or under its control.
14. (1) Every one who, by words spoken or written or by conduct, represents himself, or who knowingly suffers himself to be represented, as a partner in a particular firm is liable as a partner to any one who has, on the faith of any such representation, given credit to the firm, whether the representation has or has not been made or communicated to the person so giving credit by or with the knowledge of the apparent partner making the representation or suffering it to be made.
(2) Provided that where, after a partner's death, the partnership business is continued in the old firm-name, the continued use of that name or of the deceased partner's name as part thereof shall not of itself make his executors or administrators, estate or effects, liable for any partnership debts contracted after his death.
15. An admission or representation made by any partner concern- ing the partnership affairs, and in the ordinary course of its business, is evidence against the firm.
16. Notice to any partner who habitually acts in the partnership acting partner business of any matter relating to partnership affairs operates as notice to the firm, except in the case of a fraud on the firm committed by or with the consent of that partner.
to firm.
*
Liabilities of incoming
partners.
*
Revocation
17.-(1) A person who is admitted as a partner into an existing firm does not thereby become liable to the creditors of the firm for anything done before he became a partner.
(2) A partner who retires from a firm does not thereby cease to be liable for partnership debts or obligations incurred before his retirement.
(3) A retiring partner may be discharged from any existing liabilities by an agreement to that effect between himself and the members of the firm as newly constituted and the creditors, and this agreement may be either express or inferred as a fact from the course of dealing between the creditors and the firm as newly constituted.
18. A continuing guarantee given either to a firm or to a third guarantee by person in respect of the transactions of a firm is, in the absence of
of continuing
change in
firm.
**
* As amended by No. 8 of 1912.
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