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[Cites 0, Cited by 1] [Section 24] [Entire Act]

Union of India - Subsection

Section 24(5) in The Limited Liability Partnership Act, 2008

(5)Where a partner of a limited liability partnership ceases to be a partner, unless otherwise provided in the limited liability partnership agreement, the former partner or a person entitled to his share in consequence of the death or insolvency of the former partner, shall be entitled to receive from the limited liability partnership-
(a)an amount equal to the capital contribution of the former partner actually made to the limited liability partnership; and
(b)his right to share in the accumulated profits of the limited liability partnership, after the deduction of accumulated losses of the limited liability partnership, determined as at the date the former partner ceased to be a partner.