Colombian Commercial Code - Decree 410 of 1971 - Book II - Of Corporations - Title III - General Partnership - Chapter IV - Special Rules on Dissolution of the Partnership - The Art Of Art 319 322

COLOMBIAN COMMERCIAL CODE

CHAPTER IV

Special rules on dissolution of the partnership

Article 319 .- The partnership will be dissolved on the grounds provided for in Article 218y, in particular for the following:

1. Upon the death of any partner if no time is stipulated its continuation with one or more heirs or survivors with partners;

2. Disability occurring after any of the partners, unless the society agreed to continue with others, or accept that rights could not be exercised by his representative;

3. By (bankruptcy) * any of the partners, if others do not acquire their social interest or do not accept the assignment to a stranger, when required by the (bankruptcy trustee) °, within thirty days;

4. On the forced alienation of the interest of any of the partners in favor of a stranger, if the other partners do not agree within thirty days to continue the partnership with the acquirer and

5. On resignation or retirement justified any of the partners, if others do not acquire their interest in the company or accept the assignment to a third party.

* Open compulsory liquidation proceedings.

º Liquidator.

Article 320 .- The covenant to continue the partnership with the heirs of a deceased partner, can only be accomplished when such heirs have the capacity required to conduct business.

Exist between the heirs of the deceased partner one or more who meet the conditions described in this article may continue to society if awarded to such party interest heirs of the deceased, but if they are awarded, in whole or in part, to people lack the capacity to conduct business or who can not obtain the respective authorization, the company is dissolved from the date of registration of the corresponding partition.

Final paragraph. Repealed. Law 27 of 1977.

Article 321 .- When society is unable to continue with the heirs of a deceased partner and have been stipulated continued with the surviving partners must pay immediately liquidated and that partner's interest by the value agreed by the parties, and in his absence, by the that set experts appointed by them, whichever solemnize the corresponding statutory reform.

Article 322 .- In case of resignation or retirement of a partner, the provisions enshrined in that respect the Civil Code.