Section 12
of Limited Liability Partnerships Order, 2010
Section 12
(1)
A partner of a limited liability partnership may cease to be a partner in accordance with the limited liability partnership agreement or, in the absence of such an agreement, by that partner giving 30 days notice to the other partners of his intention to resign as a partner.
(2)
Without affecting the generality of subsection (1), a partner of a limited liability partnership shall cease to be a partner upon the death or dissolution of that partner.
(3)
Where a partner of a limited liability partnership ceases to be a partner, unless it is otherwise provided in the limited liability partnership agreement, the former partner, his
Incorporating amendments until S 1/2016
(Cleancopy) NANI/Amiriah/fiqah/Karimah_as of 24th June2019
8
BLUV as at 14th January 2016
personal representative or its liquidator (as the case may be) shall be entitled to receive from the partnership an amount –
(a)
equal to the former partner’s capital contribution to the limited liability partnership and his right to share in the accumulated profits of the partnership after the deduction of losses of the partnership; and
(b)
determined as at the date he ceased to be a partner.
(4)
For the avoidance of doubt, it is hereby declared that a former partner, his personal representative or its liquidator (as the case may be) shall not interfere in the management of the limited liability partnership.
Bankruptcy of partner.