Partnership. [Ch. 31. No. 2.

 

 

or from any use by him of the partnership property, name,
or business connection.

(2) This section applies also to transactions under-
taken 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 on 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 partner-
ship, 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 partner-
ship books, but entitles the assignee only to receive the
share of 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 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. Subject to any agreement between the partners, a
partnership is dissolved—
(a) if entered into for a fixed term, by the expiration
of that term;
(5) if entered into for a single adventure or under-

taking, by the termination of that adventure or
undertaking;

735

Duty of
partner not
to compete
with firm.

Rights of
assignee of
share in
partnership.

Dissolution
by expira-
tion or
notice.