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The Vermont Statutes Online
Title
11
:
Corporations, Partnerships and Associations
Chapter
022
:
PARTNERSHIPS
Subchapter
006
:
PARTNER'S DISSOCIATION
§
3253. Effect of partner's dissociation
(a) If a
partner's dissociation results in a dissolution and winding up of the
partnership business, subchapter 8 of this chapter applies; otherwise,
subchapter 7 of this chapter applies.
(b) Upon a
partner's dissociation:
(1) the
partner's right to participate in the management and conduct of the partnership
business terminates, except as otherwise provided in section 3273 of this
title;
(2) the
partner's duty of loyalty under subdivision 3234(b)(3) of this title
terminates; and
(3) the
partner's duty of loyalty under subdivisions 3234(b)(1) and (2) of this title
and duty of care under subsection 3234(c) of this title continue only with
regard to matters arising and events occurring before the partner's dissociation,
unless the partner participates in winding up the partnership's business
pursuant to section 3273 of this title. (Added 1997, No. 149 (Adj. Sess.), § 1,
eff. Jan. 1, 1999.)