Section 1064/1.- Any managing partner of a registered partnership who wishes to resign from his post shall tender his resignation letter to any other managing partner. The resignation shall take effect from the date on which resignation letter is received by the said other managing partner.

In case where the registered partnership has only one managing partner, the managing partner who wishes to resign from his post shall notify any other partner of his intention in writing, together with the letter of resignation, so that a meeting could be held in order to consider and support a new managing partner. The resignation shall take effect from the date the resignation reaches the said partner.

 

Section 1064/2.- When a managing partner is changed, the registered partnership shall effect the registration thereof within fourteen days from the date of such a change.

 

Section 1065.- A partner can take advantage against third persons of any right acquired by the registered partnership, even though his name did not appear in the transaction.

 

Section 1066.- No partner of a registered partnership may, either on his own account or on account of another person, carry on without the consent of all the other partners any business of the same nature as and competing with that of the partnership or without such consent be member with unlimited liability in another partnership carrying on a business of the same nature as and competing with that of the registered partnership.

Such prohibition does not apply if it was already known to the partners at the time of registration of the partnership that one of them was engaged in a business or in other partnership having the same object, and if his withdrawal was not stipulated in the contract of partnership.

 

Section 1067.- If a partner acts contrary to the provisions of the foregoing Section, the registered partnership is entitled to claim from him all the profits which he had made or compensation for the injury which the registered partnership has suffered thereby.

Such claim cannot be entered later than one year after the date of contravention.

The provisions of this Section are without prejudice to the rights of the remaining partners to demand the dissolution of the partnership.

 

Section 1068.- The liability of a partner in a registered partnership in respect to obligations incurred by the partnership before he ceased to be a member of such partnership, is limited to a period of two years after he ceased to be a member.

 

Section 1069.- In addition to the cases provided by Section 1055, a registered partnership is dissolved if it becomes bankrupt.

 

Section 1070.- The creditor of an obligation due by a registered partnership is entitled, as soon as the partnership is in default, to demand performance of the obligation from any of the partners.