PARTNERSHIP.
No. 1 of 1897.
489
(4) a partner is not entitled, before the ascertainment of profits, to interest on the capital subscribed by him;
(5) every partner may take part in the management of the partnership business;
(6) no partner shall be entitled to remuneration for acting in the partnership business;
(7) no person may be introduced as a partner without the consent of all existing partners;
(8) any difference arising as to ordinary matters connected with the partnership business may be decided by a majority of the partners, but no change may be made in the nature of the partnership business without the consent of all existing partners; and
(9) the partnership books are to be kept at the place of business of the partnership (or the principal place, if there are more places than one), and every partner may, when he thinks fit, have access to and inspect and copy any of them.
25. No majority of the partners can expel any partner, Expulsion of partner. unless a power to do so has been conferred by express agreement between the partners.
26. (1) Where no fixed term has been agreed upon for the duration of the partnership, any partner may determine the partnership at any time on giving notice of his intention to do so to all the other partners.
(2) Where the partnership has originally been constituted by deed, a notice in writing, signed by the partner giving it, shall be sufficient for this purpose.
27. (1) Where a partnership entered into for a fixed term is continued after the term has expired, and without any express agreement, the rights and duties of the partners remain the same as they were at the expiration of the term, so far as consistent with the incidents of a partnership at will.
(2) A continuance of the business by the partners or such of them as habitually acted therein during the term, without any settlement or liquidation of the partnership affairs, is presumed to be a continuance of the partnership.
Where partnership for term is continued over, continuance on old terms presumed.
PARTNERSHIP.
No. 1 of 1897.
489
(4) a partner is not entitled, before the ascertainment of profits, to interest on the capital subscribed by him;
(5), every partner may take part in the management of the partnership business;
(6) no partner shall be entitled to remuneration for acting in the partnership business;
(7) no person may be introduced as a partner without the consent of all existing partners;
(8) any difference arising as to ordinary matters connected with the partnership business may be decided by a majority of the partners, but no change may be made in the nature of the partnership business without the consent of all existing partners; and
(9) the partnership books are to be kept at the place of business of the partnership (or the principal place, if there are more places than one), and every partner may, when he thinks fit, have access to and inspect and copy any of them.
25. No majority of the partners can expel any partner, Expulsion
of partner. unless a power to do so has been conferred by express agreement between the partners.
26. (1) Where no fixed term has been agreed upon for the Retirement duration of the partnership, any partner may determine the from
partnership partnership at any time on giving notice of his intention to do at will. so to all the other partners.
(2) Where the partnership has originally been constituted by deed, a notice in writing, signed by the partner giving it, shall be sufficient for this purpose.
27.-(1) Where a partnership entered into for a fixed term is continued after the term has expired, and without any express agreement, the rights and duties of the partners remain the same as they were at the expiration of the term, so far as consistent with the incidents of a partnership at will.
new
(2) A continuance of the business by the partners or such of them as habitually acted therein during the term, without any settlement or liquidation of the partnership affairs, is presumed to be a continuance of the partnership.
Where partnership for term is continued
over, con- tinuance on old terms presumed.
No comments yet.
Private notes are available after approval.