PARTNERSHIP ACT 1895 - SECT 49
PARTNERSHIP ACT 1895 - SECT 49
49 . Authority for purposes of winding up
(1) After the
dissolution of a partnership, 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.
(2) Despite subsection
(1), the firm is in no case bound by the acts of a partner who has become
bankrupt.
(3) Subsection (2)
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 49 amended: No. 19 of 2010 s. 51.]