(1) A person who is newly introduced as a partner into a firm shall not be liable for any act of the firm done before he/she became a partner.
(2) A retired partner(who excludes him/herself from the partnership) may be discharged from any liability to any third party for the acts of the firm done before his/her retirement (exclusion) by an agreement concluded
between him/her and such third party and by the consent of remaining partners of the firm.
(3) If a third party knows that any partner is going for retirement from the partnership, the retired partner shall not be liable to any third party for the acts done by other partners in the name of the firm after
his/her retirement.