State Act
Section 1278. Dissolution of society due to retirement of some of the shareholders
Article 1278 – Dissolution of society due to retirement of some of the shareholders - The dissolution of the society, on account of renunciation of any of the shareholders, is permitted only in case of society of unlimited duration, save what is provided in the subsequent article. § 1 - Such renunciation shall be effective only when it is made in good faith, at proper time and with notice to the shareholders. § 2 - The renunciation is in bad faith, where the shareholder who renounces intends to take advantage exclusively of the benefits which the shareholders were proposing to take in common. § 3 - The renunciation shall not be held as timely, where the affairs of the society are not in proper condition or where the society may be prejudiced, by dissolution, at that time.