DIY Legal Forms

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Expulsion of Partner

If any Partner should become insolvent or bankrupt, or be convicted of any criminal offence, or perform any of the acts prohibited by this Agreement, such Partner may be expelled from the Partnership on unanimous vote of the remaining Partners, and his interest in the Partnership purchased by the remaining Partners. The purchase price of such interest shall be calculated as set out in the valuation procedure described in paragraph ____ and paid to the expelled Partner in equal (--) instalments over a period of (--) years, without interest. The expelled Partner shall not, for a period of (--) years, carry on or engage in or be interested in, either directly or indirectly, any other business competing with the business of the Partnership within a radius of (--) miles from the place of business of the Partnership.