199. Profits after purchase of share of outgoing partner.

Where, by the partnership agreement, an option is given to surviving or continuing partners to purchase the interest of a deceased or outgoing partner1, and that option is duly exercised and its terms complied with in all material respects, the estate of the deceased partner, or the outgoing partner or his estate, as the case may be, is not entitled to any further or other share of profits2.

The valuation of the share of a deceased partner should take place as at the date of realisation, and not at the date of death3; but, where a surviving partner exercises an