PARTNERSHIP.
No. 1 of 1897.
803
liable by
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 as to future transactions by any change in the constitution of the firm to which, or of the firm in respect of the transactions of which, the guarantee was given.
Page 6
804
No. 1 of 1897.
PARTNERSHIP.
No. 1 of 1897.
803
liable by
14.-1). Every one who, by words spoken or written or Persons by conduct, represents himself, or who knowingly suffers holding himself to be represented, as a partner in a particular firm out”. 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.
J
(2) Provided that where, after a partner's death, the part- nership 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.
and represen-
15. An admission or representation made by any partner Admissions concerning the partnership affairs, and in the ordinary course tations of of its business, is evidence against the firm.
partner.
to be notice
16. Notice to any partner who habitually acts in the part- Notice to nership business of any matter relating to partnership affairs acting partner operates as notice to the firm, except in the case of a fraud to firm. on the firm committed by or with the consent of that partner.
incoming
17.-(1) A person who is admitted as a partner into an Liabilities of existing firm does not thereby become liable to the creditors and outgoing of the firm for anything done before he became a partner. partners.
(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 as to future transactions by any change in the constitution of the firm to which, or of the firm in respect of the transactions of which, the guarantee was given.
Revocation
of continuing guarantee by change in
firmi.
j
!Page 6
804
No. 1 of 1897.
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