(1) If a partner violates their duty under section 112, the partnership may claim damages; alternatively, it may demand of the partner to accept that the business the partner conducted for the partner’s own account is considered as having been conducted for the partnership's account, and that that partner surrender the remuneration received from business conducted for the account of third parties or assign the partner’s claim to such remuneration to the partnership.
(2) The other partners decide on whether to assert such claims.
(3) The claims will become statute-barred three months from the date on which the other partners gained knowledge of the conclusion of the transaction or of the partner’s participation in another partnership, or would have gained knowledge thereof had they not shown gross negligence; irrespective of such knowledge or of a grossly negligent lack of knowledge, the period of limitation is five years from the date on which such claims arise.
(4) The right of the partners to demand dissolution of the partnership is not affected by these provisions.