Amendment status not verified — confirm the current text below against the official source.
Continuing authority of partners for purposes of winding up - After the dissolution of a firm the authority of each partner to bind the firm, and the other mutual rights and obligations of the partners, continue not withstanding the dissolution, so far as may be necessary to wind up the affairs of the firm and to complete transactions begun but unfinished at the time of the dissolution, but not otherwise. Provided that the firm is no case bound by the acts of a partner who has been adjudicated insolvent, but this proviso does not affect the liability of any person who has after the adjudication represented himself or knowingly permitted himself to be represented as a partner of the insolvent. Short Note -Sec 47- Suit on pronote filed by two partners - One partner died Surviving partner is competent to continue the suit - Abdul Rehman vs. Rameshwar Dayal, 1004 DNJ (Raj) 59, 1994 (2) WLC 260, 1994 (1) RLW 40 : 1994 (2) RLR 209