33
In forceAccountability of partners for private profits
Part 2Partnerships generally
Division 3Relationship between partners
33 Accountability of partners for private profits
(1)
A partner must account to the firm for a benefit derived by the partner, without the consent of the other partners, from:
(a)
a transaction concerning the partnership; or
(b)
a use by the partner of the partnership property, name or business connection.
(2)
This section applies to transactions undertaken after a partnership is dissolved by the death of a partner and before the affairs of the partnership are completely wound up either by a surviving partner or by the representatives of the deceased partner.
(3)
This section does not apply to an incorporated limited partnership.
This Act’s bill:Second reading speech
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