Page:United States Statutes at Large Volume 76A.djvu/292

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-196§ 2994. Effect of partner's acts in bad faith A partner is not bound by any act of a copartner, in bad faith toward him, though within the scope of the partner's powers, except in favor of persons who have in good faith parted with value in reliance upon that act. Subchapter III—Mutual Obligations of Partners § 3011. Profits of individual partner All profits made by a general partner, in the course of any business usually carried on by the partnership, belong to the firm. § 3012. Engagement in other business (a) Except as provided in subsection (b) of this section, and section 3011 of this title, a partner may engage in any separate business. (b) A general partner who agrees to give his personal attention to the business of the partnership may not engage in any business which gives him an interest adverse to that of the partnership or which prevents him from giving to the business of the partnership all the attention which would be advantageous to it. § 3013. Accounting for profits from unauthorized business A general partner transacting business contrary to the provisions of this subchapter may be required by any copartner to account to the partnership for the profits of such business. Subchapter IV—Liability of Partners § 3031. Liability of partners to third persons A general partner is liable to third persons for all the obligations of the partnership, jointly with his copartners. § 3032. Liability for each other's acts as agents The liability of general partners for each other's acts is defined by chapter 75 of this title on agency. § 3033. Liability of one held out as partner Anyone permitting himself to be represented as a partner, general or special, is liable, as such, to third persons to whoni the representation is communicated, and who, on the faith thereof, give credit to the partnership. § 3034. Persons not liable as partners Except as provided by section 3033 of this title, a person is not liable as a partner who is not a partner in fact. Subchapter V—Termination of Partnership § 3051. Duration of partnership If no term is prescribed by agreement for its duration, a general )artnership continues until dissolved by a partner or by operation of aw. § 3052. Total dissolution of partnership A general partnership is dissolved as to all the partners by: (1) lapse of the time prescribed by agreement for its duration; (2) the expressed will of any partner, if there is no such agreement; (3) the death of a partner; (4) the transfer to a person, not a partner, of the interest of any partner in the partnership property;