MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Judiciary

By: Senator(s) Huggins

AN ACT TO CREATE NEW SECTION 79-10-4, MISSISSIPPI CODE OF 1972, TO CLARIFY THE EFFECTIVENESS OF THE UNIFORM PARTNERSHIP ACT; TO AMEND SECTION 79-12-7, MISSISSIPPI CODE OF 1972, TO CLARIFY THE EFFECTIVENESS OF THE UNIFORM PARTNERSHIP ACT; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. The following shall be codified as Section 79-10-4, Mississippi Code of 1972:

79-10-4. Professional corporations are not subject to the provisions of the Uniform Partnership Act.

SECTION 2. Section 79-12-7, Mississippi Code of 1972, is amended as follows:

79-12-7. (1) The rule that statutes in derogation of the common law are to be strictly construed shall have no application to this chapter.

(2) The law of estoppel shall apply under this chapter.

(3) The law of agency shall apply under this chapter.

(4) This chapter shall be so interpreted and construed as to effect its general purpose to make uniform the law of those states which enact it.

(5) This chapter shall not be construed so as to impair the obligations of any contract existing when the chapter goes into effect, nor to affect any action or proceedings begun or right accrued before this chapter takes effect except as provided in section 79-12-15(4).

(6) This chapter shall not apply to business or professional corporations.

SECTION 3. This act shall take effect and be in force from and after July 1, 2000.