Cap. 386 Art. 21Reduction in contribution of a partner and dissolution of a partnership before period fixed for its duration.

(1) Any reduction in the contribution of a partner, other than a contribution consisting in personal services, any dissolution of the partnership on the grounds mentioned in article 35(b) or (f), any reduction of the term of duration, if any, of the partnership shall not come into effect until three (3) months from the date of publication of the statement in accordance with article 401(1)(e) relating to the instrument effecting such reduction or dissolution.

(2) Any creditor of the partnership whose debt existed prior to the publication referred to in sub-article (1) may object thereto by sworn application, within the period of three months as aforesaid and, if he shows good cause why it should not take effect, the court shall either uphold the objection or allow the reduction of the contribution or the dissolution of the partnership or a reduction of the term of duration, if any, or the assignment of the interest of the partner, as the case may be, on sufficient security being given by the partnership.