Amendment status not verified — confirm the current text below against the official source.
Article 1277 – Survival of society in respect of some of the shareholders - The society shall, however, continue, despite the death of any one of the shareholders, if it is agreed that, in such case, the society shall continue, through his heirs, or with the existing shareholders. 281 § Sole paragraph - In the later case, the heirs of the deceased shall have right only to the part which the deceased had at the time of the death, according to the state of the society, and shall only participate in the rights and obligations which are subsequent and which are necessary dependence of the rights acquired by the deceased. Article 1278 – Dissolution of society due to retirement of some of the shareholders - The dissolution of the society, on account of renunciation of any of the shareholders, is permitted only in case of society of unlimited duration, save what is provided in the subsequent article. § 1 - Such renunciation shall be effective only when it is made in good faith, at proper time and with notice to the shareholders. § 2 - The renunciation is in bad faith, where the shareholder who renounces intends to take advantage exclusively of the benefits which the shareholders were proposing to take in common. § 3 - The renunciation shall not be held as timely, where the affairs of the society are not in proper condition or where the society may be prejudiced, by dissolution, at that time. Article 1279 – Retirement of shareholder in society for fixed duration - A society, for a specified period, cannot be dissolved by reason of renunciation by any of the shareholders except for a legitimate cause. § Sole paragraph - Legitimate cause is that which arises from incapacity of any of the shareholders for the business of the society, or failure to carry out his duties or any other similar cause, from which there may be irreparable loss to the society. Article 1280 – Rules applicable to partition of society assets - General provisions which regulate partition between the co-heirs shall be applicable to the partition amongst the shareholders. SECTION V FAMILY SOCIETY Article 1281 – Family Society - Society amongst family members is that which is formed between brothers or between parents and major sons. Such Society is either express or tacit. 282 Article 1282 – Mode of formation of family society - Family Society is express when it is as a result of contract in writing and tacit is that which results from the fact of their having lived together for more than one year, jointly in respect of the meals and habitation, of the income and expenditure, of losses and profits. Article 1283 – Prevalence of contractual terms - In the absence of agreement in writing, the contract is governed by following provisions. Article 1284 – Purpose of family society - The Society amongst family members includes the use, the income of properties of the shareholders and product of their labour and industry and the assets that the shareholders possess in indivision. Article 1285 – Duties of family society - Following are the burdens on the Society:-