Northern Territory Consolidated Acts Northern Territory Consolidated Acts21. Cessation of partnership
(1) Where an agent who has entered into a bond in order to carry on business under a partnership ceases to carry on business in partnership with another person, he shall, before commencing to carry on business in his own right, enter into a bond in the prescribed form in the sum of $1,000.
(2) If an agent fails to enter into a bond in the prescribed form in the sum of $1,000 within one month of ceasing to carry on business in partnership with another person, the licence for which he is required to enter into a bond shall lapse.