Companies Law

1. Absent a specific agreement relating to the value of interests or a specific valuation method therefor in the company’s articles of incorporation, a partner’s interests shall be valuated pursuant to a report prepared by one or more accredited valuers upon his withdrawal or removal from the company, the initiation of any liquidation proceedings against him under the Bankruptcy Law, or upon his death and the decision of his heirs not to join the company. Said report shall indicate the fair value of each partner’s interests in the company’s assets at the time of the event. The partner or his heirs shall not have an interest in any future rights, unless such rights arise from transactions made prior to such event. 2. A partner’s interests in case of assignment shall be valuated according to the value agreed upon with the assignee, unless the company’s articles of incorporation provide otherwise. Chapter 5: Termination of a General Partnership