CHAPTER IV – OF THE DIFFERENT MANNERS IN WHICH PARTNERSHIPS END
Art. 46. A partnership ends:
1st, By the expiration of the time for which said partnership was entered into;
2d, By the extinction of the thing or the consummation of the negociation;
3d, By the death of one of the partners or by his interdiction;
4th, By his bankruptcy;
5th, By the desire of being no longer in partnership.
Art. 47. When the partnership has been entered into for a limited time, it ends of course at the expiration of that time.
Art. 48. The prorogation which may be agreed on between the parties shall be made and proved in the same manner as the contract of partnership itself.
Art. 49. If a partnership has been entered into, the stock of which is to be formed with the proceeds of a sale to be made in common of several things belonging to each partner, and if it happens that the thing belonging to one of them is destroyed the partnership shall be extinguished.
Art. 50. Every partnership ends of right by the death of one of the partners, unless an agreement has been made to the contrary.
Art. 51. Death dissolves partnership even between surviving partners, unless there be a contrary stipulation.
Art. 52. When it has been stipulated that in case of the death of one of the partners, the partnership should continue between the surviving partners, the heir of the deceased has a right to a share in the partnership according only to its situation at this period. He shall not participate in the rights of the partnership for the future, but in as much as they are a necessary consequence of what has been done previous to the death of the partner to whom he succeeds.
Art. 53. The interdiction of one of the partners, or his bankruptcy has, as to the dissolution of the partnership, the same effect as the death of one of the partners.
Art. 54. If the partnership has been contracted without any limitation of time, one of the partners may dissolve the partnership by notifying to his partners that he does not intend to remain any longer in the partnership, provided nevertheless the renunciation to the partnership be made bona fide and it does not take place unseasonably.
Art. 55. The renunciation is not bona fide, when the partner renounces to appropriate to himself the profits which the partners had intended to derive from contracting said partnership.
Art. 56. The renunciation is made unseasonably, if it be made at the time when things are no longer entire and when the interest of the partnership requires that its dissolution be postponed: The common interest of the partnership is considered and not the interest of the partner who opposes the renunciation.
Art. 57. Although the partnership may have been entered into for a limited time, one of the partners may, provided he has a just cause for the same, dissolve the partnership before the time, even although inconveniencies might result for the partners and although it might have been stipulated that the partners could not desist from the partnership, before the stipulated time.
Art. 58. There is just cause for a partner to dissolve the partnership before the appointed time, when one or more of the partners fail in their obligations; when an habitual infirmity prevents him from devoting himself to the affairs of the partnership which require his presence, or his personal attendance.
The legitimity of said and other like causes depends on circumstances, and in case of controversy, ought to be left to the prudence of arbitrators and judges.
Art. 59. The renunciation of one partner to the partnership, does not operate the dissolution of the partnership but in as much as it has been notified to all the partners.
Art. 60. The rules concerning the partition of inheritances, the manner of making such partition, and the obligations which result from the same between heirs, apply to partners.
Art. 61. The provisions of this title apply to commercial partnerships, in as much only as they do not contain any thing contrary to the laws and usages of commerce.