Partnership for term continued over
32 Partnership for term continued over
Where a partnership entered into for a fixed term is continued after the term has expired without an 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.
For subsection (1), a continuance, after the expiration of the fixed term for which the partners entered into partnership, of the business of a firm by the partners in the firm, or by those of the partners in the firm who habitually acted in the business during the term, without a settlement or liquidation of the affairs of the firm is deemed to be a continuance of the partnership.
This section does not apply in relation to an incorporated limited partnership.
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