Page:United States Statutes at Large Volume 47 Part 1.djvu/1297

 72d C ONGRESS. SESS. II. CH. 123 . FEBRUARY 27, 1933 . Cros s REF EREN CES Good faith, duty to observe, see section 1095. Liability of partners for each other's acts, see section 1110. Partners are trustees for each other, see section 1094. M u 1 UAL OBLIGATIONS OF PART NERS SEC. 1105. PROFITS OF INDIVIDUAL PARTNER .-All profits made by a general partner, in the course of any business usually carried on by the partnership, belong to the firm. Caoss REFERENCE Mutual obligations of partners, see sections 1094 et seq. SEC. 1106 . IN WHAT B USINESS P ARTNER MAY NOT ENGAGE .-A gen- eral partner who agrees to give his personal attention to the business of the partnership may not engage in any business which gives him an interest adverse to that of the partnership or which prevents him from giving to such business all the attention which would be advantageous to it. Caoss REFERENCE Accounting by partner, see section 1108. SEC. 110'7. IN WHA T HE MAY ENGAGE=-A partner may engage in any sep arate b usines s excep t as ot herwis e provi ded by section s 110 and 1106 . SEC. 1t08. MUST ACCOTTNT To F1P,M FOR Pitoprrs .-A general partner transacting business contrary to the provisions of th is subchapter may be r equired by any c opartner to acen unt to th e partne rship for the profits of snub business. J TA81LITy OF PaETNERS SEC. 11411 LIA rI n'r of i' 'r xRS ~lo THIBI3 PE RSON S"- Eve gen- eral partner is liable to third persons f&r all the obligations of the partnership, joi ntly with his co partners . CRos s RE FERE NCES As to joint and several obligations generally, see sections 427 et seq . Effect of release of one of several joint debtors, see section 488 . Liability of general partners in special partnership, see section 1139. Liability of special partners, see section 1140. Special partner liable as general partner when, see section 114L SEC. 1110 . LIABILITY FOR EACH OTH EP 'S AC TS AS AGENTS.-The lia- bility of general partners for each other's acts is defined by chapter 51 of this code on agency. Caoss REFERENCES Acts a partner is not authorized to do, see section 1103 . Authority of individual partner, see sections 1102 and 1103 . Effect of acts of partner done in bad faith, see section 1104 . Agency, see sections 1035 to 1081 . SEC. 1111. LIABILITY OF ONE HELD OUT AS PARTNER .-Anyone per- mitting himself to be represented as a partner, general or special, is liable, as such, to third persons to whom such 1 epresentation is ' c rnmumcated, and who , on the faith thereof. Y i e credit to the r•artner=l .ip. SEC. 1112. No ONE LIABLE AS PARTNER UNLESS HELD OUT AS SUCH .- ho one is liable as a partner who is not su ch in fact, except as provided in section 1111 . Ante, p.1271. Ante, p. 1271. Mutual obligations. Profits of individual partner. Ante, p.1271. In wh at business partner may not engage. In what he may engage. Mu st account to firm for profits. Liability olpartners. To ˆbird moons. Ante, p.1252. Ante, p. 1199. Post, p. 3277. Post, p. 1277. Post, p. 1277. Liability as agents. 1273 An te .p. 1272. Ant e, p. 1272. Ant e, p.1272. Ante, p. 1264 • Liability of one held out as partner. No liability unless so held out.