Partnership Ordinance

44.
Rights of outgoing partner in certain cases to share profits made after dissolution
Where any member of a firm has died or otherwise ceased to be a partner, and the surviving
            or continuing partners carry on the business of the firm with its capital or assets
            without any final settlement of accounts as between the firm and the outgoing partner or
            his estate, then, in the absence of any agreement to the contrary, the outgoing partner
            or his estate is entitled, at the option of himself or his representatives, to such
            share of the profits made since the dissolution as the court may find to be attributable
            to the use of his share of the partnership assets, or to interest at the rate of
            8
            per cent per annum on the amount of his share of the partnership
assets:
(Amended
E.R. 2 of
            2019
)
Provided that where, by the partnership contract, an option is given to surviving or continuing partners to purchase the interest of a deceased or outgoing partner, and that option is duly exercised, the estate of the deceased partner or the outgoing partner or his estate, as the case may be, is not entitled to any further or other share of profits; but if any partner assuming to act in exercise of the option does not in all material respects comply with the terms thereof, he is liable to account under the preceding provisions of this section.