Section 1
Subs. by Act 31 of 2021, s. 10, for sub-section (2) (w.e.f. 1-4-2022).
1. Subs. by Act 31 of 2021, s. 10, for sub-section (2) (w.e.f. 1-4-2022).
(4) The cessation of a partner from the limited liability partnership does not by itself discharge the partner from any obligation to the limited liability partnership or to the other partners or to any other person which he incurred while being a partner.
(5) Where a partner of a limited liability partnership ceases to be a partner, unless otherwise provided in the limited liability partnership agreement, the former partner or a person entitled to his share in consequence of the death or insolvency of the former partner, shall be entitled to receive from the limited liability partnership—
(a) an amount equal to the capital contribution of the former partner actually made to the limited liability partnership; and
(b) his right to share in the accumulated profits of the limited liability partnership, after the deduction of accumulated losses of the limited liability partnership, determined as at the date the former partner ceased to be a partner.
(6) A former partner or a person entitled to his share in consequence of the death or insolvency of the former partner shall not have any right to interfere in the management of the limited liability partnership.
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