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Section 48 of Partnerships Act 16 of 2012: Fraud, misrepresentation or non-disclosure

    

(1) Sections 50 and 51 shall apply, if the ground on which the Court makes an order under section 50 is that of fraud, misrepresentation or non-disclosure by a partner.
(2) Each applicant for the order is entitled to be indemnified by the partner at fault in respect of any loss suffered by the applicant which is attributable to the fraud, misrepresentation or non-disclosure,
(3) If an order is made under section 51, each partner not at fault is entitled, when the partnership assets are distributed, to be paid all amounts which the partnership owes to the partner before any amount is paid to the partner at fault.
(4) Subject to section 51, a partner who ceases to be a partner under an order made under that section retains any rights he would otherwise have had to realise his share in the partnership.

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Disclaimer: This document is not to be taken as legal advise.

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