Page:United States Statutes at Large Volume 47 Part 1.djvu/1299

 72d C ONGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933 . SEC. 1118. NOT ICE BY CHANGE OF NAME .--A change of the partner- ship name, which plainly indicates the withdrawal of a partner, is sufficient notic e of the fact of such withdrawal to all persons to whom it is communicated; but a change in the name, which does not contain such an indication, is not notice of the withdrawal of any partner. LIQUIDATION SEC. 1119. POWERS OF PARTNERS AF r1R DISSOLUTION .-After the Powers of partners after dissolution. dissolution of a partnership, the powers and authority of the partners are such only as are prescribed by this subchapter. CROSS REFERENCE Dis sol uti on of part ner shi p, see sec tio ns 111 3 et seq. SEC. 1120. WHO MAY ACT IN LIQUIDATION .-Any member of a ligw aid ati ory set in general partnership may act in liq uid ation of its affairs, except as provided by section 1121. SEC. 1121. WHO MAY NOT ACT IN LIQUIDATION .--If the liquidation of a partnership is committed, by' consent of all the partners, to one or more of them, the others have no right to act therein; but their acts are valid in favor of persons parting with value, in good faith, upon cr edit thereof. SE C. 1122. PowEas of PARTNERS IN LIQUIDATION .-A pa rt ner authorized to act in liquidation may collect, compromise, or release any d ebts due to the partn ership, pay or compromise any claims against it, an d dispose of the partnership pro perty. SE C. 1123. WHAT PARTNER MAY Do IN Liquidation .A part ner What a Partner may authorized to act in liquidation may indorse, in the name of the firm, promiss ory note s or oth er oblig ations h eld by t he partn ership f or the purpose of collecting the same, but he can not create an new obligation in its name or revive a debt against the firm, y an acknowledgment, when an action thereon is barred under the provisions, of the Code of Civil Procedure. CHA PT ER 55 .-SP ECIA L PA RTNE RSHI P FO RMATI ON SEC. 1124 .-FoRMATIoN OF SPECIAL PARTNERSHIP .-A special part- nership may be formed by two or more persons, in the manner and with the effect prescribed in this chapter, for the transaction of any business except banking or insurance by an insurer. CRO SS REstRExcT No partnership until compliance with law, see section 1129 . SEC. 1125 . Or WH AT TO CONSIST.-A special partnership may consist of one or more persons called general partners, and one or more persons called special partners. SEC. 1126. CERTn?rED STATEMENT .-Persons desirous of forming a special partnership must severally sign a certificate, stating : 1. The name under which the partnership is to be conducted; 2. The general nature of the business intended to be transacted; 3. The names of all the partners, and their residences, specifying which are general and which are special partners 4. The amou nt of capit al wh ich ea ch sp ecial partner has con- tributed to the common stock; 5 . The periods at which such partnership will begin and end. By change of name. Liquidation. Ante, p. 1274. Who may not act . Powers. SPECIAL PART- NERSHIP. Formation. Of what to consist . Certified stateme nt. 1275