Page:United States Statutes at Large Volume 76A.djvu/291

–195– -195SUBCHAPTER III—MUTUAL 0BLI6ATI0XS OF FABTNESS

Sec.

3011. Profits of IndiTldual partner. 3012. Engagement in other business. 3013. Accounting for profits from unauthorized business. SUBCHAPTER IV—LIABILITY OF PAETNERS

3031. 3032. 3033. 3034.

Liability of partners to third persons. Liability for each other's acts as agents. Liability of one held out as partner. Persons not liable as partners. SUBCHAPTER V

8061. 3052. 3053. 3054. 3055. 3056.

TERMINATION OF PARTNERSHIP

Duration of partnership. Total dissolution of partnership. Partial dissolution. Partner entitled to dissolution. Notice of termination. Notice by change of name. SUBCHAPTER VI

LIQUIDATION

3081. Powers of partners after dissolution. 3082. Partners who may and may not act in liquidation. 3083. Powers of partners in liquidation; restriction regarding obligations.

Subchapter I—General Provisions § 2971. Definition of general partnership A partnership that is not formed in accordance with the law concerning special partnerships, and a special partnership, as far only as the general partners are concerned, is a general partnership. Subchapter II—Powers and Authority of Partners § 2991. Power of majority of partners Unless otherwise expressly stipulated, the decision of the majority of the members of a general partnership binds it in the conduct of its business. § 2992. Authority of individual partner A general partner is agent for the partnership in the transaction of its business, and may do whatever is necessary to carry on the business in the ordinary manner, and for this purpose may bind his copartners by an agreement in writing. § 2993. Acts prohibited to individual partners A partner, as such, may not: (1) make an assignment of the partnership property or any portion thereof to a creditor, or to a third person in trust for the benefit of a creditor, or of all creditors; (2) dispose of the good will of the business; (3) dispose of the whole of the partnership property at once, luiless it consists entirely of merchandise; (4) do any act which would make it impossible to carry on the ordinary business of the partnership; (5) confess a judgment; (6) submit a partnership claim to arbitration; or (7) do any other act not within the scope of section 2992 of this title— unless his copartners have wholly abandoned the business to him or are incapable of acting.

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