Victorian Consolidated Legislation

Partnership Act 1958 - SECT 31

Continuance of partnership on old terms

31. Continuance of partnership on old terms



(1) Where a partnership entered into for a fixed term is continued after the
term has expired and without any express new agreement the rights and duties
of the partners remain the same as they were at the expiration of the term so
far as is 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.