CESSATION OF EXISTING PARTNERSHIP Sample Clauses

CESSATION OF EXISTING PARTNERSHIP. 15.1. A Designated Partner or a Partner will cease to be a partner in the LLP in the event of (a) his death (in case the Designated Partner or the Partner is a natural person); or (b) permanent physical or mental disability of such Designated Partner or Partner which prevents such Designated Partner or Partner from continuing as a Designated Partner or Partner (in case the Designated Partner or the Partner is a natural person); (c) or upon such Designated Partner or Partner being declared to be of unsound mind by a court of competent jurisdiction (in case the Partner is a natural person); or (d) such Designated Partner or Partner having applied to a court of competent jurisdiction to be adjudged as an insolvent or having being declared insolvent by a court of competent jurisdiction. Upon the occurrence of any of the aforesaid events, the Interest of such Designated Partner or Partner will cease with effect from the date of the occurrence of such event, and the Interest of suchDesignated Partner or Partner as on the date of the occurrence of such event will be transferred to his nominee (as set out in Clause 3.1 above), in case of occurrence of the events set out in Clause 12.1(a), (b) and (c) above. In case of occurrence of the event set out in Clause 12.1(d) above, the Interest of such Designated Partner or Partner as on the date of the occurrence of such event will be transferred in accordance with the orders of the court of competent jurisdiction. It is clarified that the nominee of such Partner will not be entitled to participate in the management or conduct of the activities of the LLP.
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Related to CESSATION OF EXISTING PARTNERSHIP

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