32.
Retirement of a partner.- (1) A partner
may retire - (a) with the consent of all the
otter partners,
(b) in accordance with an
express agreement by the partners, or
(c) where the partnership
is at will, by giving notice in writing to all
the other partners of his intention to retire.
(2) A retiring partner may
be discharged from any liability to any third
party for acts of the firm done before his retirement
by an agreement made by him with such third
party and the partners of the reconstituted
firm, and such agreement may be implied by a
course of dealing between such third party and
the reconstituted firm after he had knowledge
of the retirement.
(3) Notwithstanding the retirement
of a partner from a firm, he and the partners
continue to be liable as partners to third parties
for any act done by any of them which would
have been an act of the firm if done before
the retirement, until public notice is given
of the retirement Provided that a retired partner
is not liable to any third party who deals with
the firm without knowing that he was a party.
(4) Notices under sub-section
(3) may be given by the retired partner or by
any partner of the reconstituted firm.
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