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Section 33. [Dissolution by Death, Bankruptcy or Charge.] (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.
(2.) A partnership may, at the option of the other partners, be dissolved if any partner suffers his share of the partnership property to be charged under this act for his separate debt.
Section 34.-[Dissolution by Illegality of the Partnership.] A partnership is in every case dissolved by the happening of any event which makes it unlawful for the business of the firm to be carried on or for the members of the firm to carry it on in partnership.
Section 35.-[Dissolution by Decree of the Court.] On application by a partner the Court may decree a dissolution of the partnership in any of the following cases:
(a.) When a partner is found lunatic by inquisition, or is shown to the satisfaction of the Court to be of permanently unsound mind, in either of which cases the application may be made as well on behalf of that partner by his committee or next friend or person having title to intervene as by any other partner.
(b.) When a partner, other than the partner suing, becomes in any other way permanently incapable of performing his part of the partnership contract.
(c.) When a partner, other than the partner suing, has been guilty of such conduct as, in the opinion of the Court, regard being had to the nature of the business, is calculated prejudicially to affect the carrying on of the business.
(d.) When a partner, other than the partner suing, wilfully or persistently commits a breach of the partnership agreement, or otherwise so conducts himself in matters relating to the partnership business that is not reasonably practicable for the other partner or partners to carry on the business in partnership with him.
(e.) When the business of the partnership can only be
carried on at a loss.
(f) Whenever in any case circumstances have arisen, which, in the opinion of the Court, render it just and equitable that the partnership be dissolved.
Section 36.-[Notice or Knowledge of Dissolution Essential as to Third Persons.] (1.) Where a person deals with a firm after a change in its constitution he is entitled to treat all apparent members of the old firm as still being members of the firm until he has notice of the change.
(2.) Persons who have had business relations with a firm by which a credit is raised upon the faith of the partnership must have actual knowledge or special notice equivalent to knowledge of the termination of the partnership.
(3.) An advertisement in a newspaper of the place (or of each place, if more than one) in which at the time of dissolution the partnership business was carried on shall be notice as to persons who had not dealings with the firm before the date of the dissolution or change so advertised.
(4.) If the fact of dissolution is notorious in the community in which a person, who had not dealings with the firm before the dissolution, is engaged in business, he cannot charge a retired partner, although the dissolution was not advertised in a newspaper and although he was in fact ignorant of the dissolution.
(5.) The estate of a partner who dies, or who becomes bankrupt, or of a partner who, not having been known to the person dealing with the firm to be a partner, retires from the firm, is not liable for partnership debts contracted after the date of the death, bankruptcy or retirement respectively.
Section 37.-[Right of Partners to Notify Dissolution.] 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, if any, which cannot be done without his or their concurrence.
Section 38. [Continuing Authority of Partners for Purpose of Winding up.] After the dissolution of a partner
ship 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.
Section 39.-[Rights of Partners as to Application of Partnership Property.] 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.
Section 40.-[Apportionment of Premium where Partnership Prematurely Dissolved.] Where one partner has paid. a premium to another on entering into a partnership for a fixed term, and the partnership is dissolved before 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
(a.) The dissolution is, in the judgment of the Court, wholly or chiefly due to the misconduct of the partner who paid the premium, or
(6.) The partnership has been dissolved by an agreement containing no provision for a return of any part of the premium.
Section 41.-[Rights where Partnership Dissolved for Fraud or Misrepresentation.] 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
(a.) To a lien on, or right of retention of, the surplus of the partnership assets, after satisfying the partnership liabilities, for any sum of money paid by him for the purchase of a share in the partnership and for any capital contributed by him, and is
(b.) to stand in the place of the creditors of the firm for any payments made by him in respect of the partnership liabilities, and
(c.) to be indemnified by the person guilty of the fraud or making the representation against all the debts and liabilities of the firm.
Section 42.-[Right of Outgoing Partner to Share Profits after Dissolution.] (1.) Where any member of a firm has died or otherwise ceased to be a partner, and the surviving or continuing partners carry on the business of the firm with its capital or assets without any final settlement of accounts as between the firm and the outgoing partner or his estate, then, in the absence of any agreement to the contrary, the outgoing partner of his estate is entitled at the option of himself or his representatives to such share of the profits made since the dissolution as the Court may find to be attributable to the use of his share of the partnership assets, or to interest at the legal rate per annum on the amount of his share of the partnership
(2.) Provided that where by the partnership contract an option is given to surviving or continuing partners to purchase the interest of a deceased or outgoing partner, and that option is duly exercised, the estate of the deceased partner, or the outgoing partner or his estate, as the case may be, is not entitled to any further or other share of profits; but if any partner assuming to act in exercise of the option does not in all
material respects comply with the terms thereof, he is liable to account under the foregoing provisions of this section.
Section 43. [Retiring or Deceased Partner's Share to Be a Debt.] Subject to any agreement between the partners, the amount due from the continuing firm to an outgoing partner or the representatives of a deceased partner in respect of the outgoing or deceased partner's share is a debt accruing at the date of the dissolution or death.
Section 44.-[Rule for Distribution of Assets or Final Settlement of Accounts.] In settling accounts between the partners after a dissolution of partnership, the following rules shall, subject to any agreement, be observed:
(a.) Losses, including losses and deficiencies of capital, shall be paid first out of profits, next out of capital, and lastly, if necessary, by the partners individually in the proportion in which they were entitled to share profits:
(b.) The assets of the firm including the sums, if any, contributed by the partners to make up losses or deficiencies of capital, shall be applied in the following manner and order:
(1.) In paying the debts and liabilities of the firm to persons who are not partners therein:
(2.) In paying to each partner ratably what is due from the firm to him for advances as distinguished from capital:
(3.) In paying to each partner ratably what is due from the firm to him in respect of capital:
(4.) The ultimate residue, if any, shall be divided among the partners in the proportion in which profits are divisible.
Section 45.-A limited partnership may be formed by two or more persons for the transaction of any lawful business except the business of insurance.