MIGRATION ACT 1958 - SECT 140ZD Partnership ceases to exist
MIGRATION ACT 1958 - SECT 140ZD
Partnership ceases to exist(1) If a partnership ceases to exist, the persons who were partners immediately before the cessation must continue to satisfy any applicable sponsorship obligation.
(2) Section 140ZB applies as if:
(a) references to a partnership were to a partnership that ceases to exist; and
(b) references to partners of the partnership were to the persons who were partners immediately before the cessation.
(3) For the purpose of this section, a partnership ceases to
exist if the dissolution of the partnership does not result in the creation of
another partnership.