Cessation of partnership interest.24. (1) A person may cease to be a partner of a limited liability partnership in accordance with an agreement with the other partners or, in the absence of agreement with the other partners as to cessation of being a partner, by giving a notice in writing of not less than thirty days to the other partners of his intention to resign as partner.
(2) A person shall cease to be a partner of a limited liability partnership-
(a)
-
on his death or dissolution of the limited liability partnership; or
(b)
-
if he is declared to be of unsound mind by a competent court; or
(c)
-
if he has applied to be adjudged as an insolvent or declared as an insolvent.
(3) Where a person has ceased to be a partner of a limited liability partnership (hereinafter referred to as -former partner-), the former partner is to be regarded (in relation to any person dealing with the limited liability partnership) as still being a partner of the limited liability partnership unless-
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