                                 CODE OF VIRGINIA

EFFECT OF PARTNER&#8217;S DISSOCIATION (§ 50-73.111)

A. If a partner&#8217;s dissociation results in a dissolution and winding up of
the partnership business, Article 8 applies; otherwise, Article 7 applies.

B. Upon a partner&#8217;s dissociation:

   1. The partner&#8217;s right to participate in the management and conduct of
   the partnership business terminates, except as otherwise provided in &#xA7;
   50-73.119;

   2. The partner&#8217;s duty of loyalty under subdivision B 3 of &#xA7;
   50-73.102 terminates; and

   3. The partner&#8217;s duty of loyalty under subdivisions B 1 and B 2 of
   &#xA7; 50-73.102 and duty of care under subsection C of &#xA7; 50-73.102
   continue only with regard to matters arising and events occurring before the
   partner&#8217;s dissociation, unless the partner participates in winding up
   the partnership&#8217;s business pursuant to &#xA7; 50-73.119.

HISTORY: 1996, c. 292.