Document ID: chunk:federal_register_of_legislation:C2008A00159:clause:1_140zd
Version: federal_register_of_legislation:C2008A00159
Segment Type: clause
Provision Reference: sch 1 cl 140ZD
Character Range: 34907–35509

140ZD  Partnership ceases to exist

 (1) If a partnership ceases to exist, the persons who were partners immediately before the cessation must continue to satisfy any applicable sponsorship obligation.

 (2) Section 140ZB applies as if:
 (a) references to a partnership were to a partnership that ceases to exist; and
 (b) references to partners of the partnership were to the persons who were partners immediately before the cessation.

 (3) For the purpose of this section, a partnership ceases to exist if the dissolution of the partnership does not result in the creation of another partnership.