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\rsid16661602\rsid16672894\rsid16676209}{\*\generator Microsoft Word 11.0.5604;}{\info{\title PARTNERSHIP ACT 1908}{\author sam_f}{\operator freriks_k}{\creatim\yr2009\mo3\dy25\hr13\min24}{\revtim\yr2009\mo4\dy16\hr10\min45}{\version7}{\edmins61}
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\s15\qc \li0\ri0\widctlpar\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid79814 \f35\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\f0\insrsid79814\charrsid5052162 NIUE LAWS 
\par LEGISLATION AS AT DECEMBER 2006}{\f0\insrsid79814\charrsid5052162 
\par }\pard\plain \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid79814 \f35\fs24\lang2057\langfe1033\cgrid\langnp2057\langfenp1033 {\b\f0\insrsid79814\charrsid5052162 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid7699849\charrsid2229693 PARTNERSHIP ACT 1908}{\b\f0\insrsid7699849 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid2229693\charrsid2229693 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 1908/138 (NZ) \endash  4 August 1908}{\f0\insrsid7699849 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 1 Short title
\par 2 Interpretation
\par 3 Saving for rules of equity and common law}{\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid7699849\charrsid2229693 PART 1
\par THE GENERAL LAW RELATING TO PARTNERS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693\charrsid2229693 
\par }{\i\f0\insrsid7699849\charrsid2229693 Nature of Partnership}{\i\f0\insrsid7699849 
\par }{\i\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 4 Definition of partnership
\par 5 Rules for determining existence of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partnership
\par 6 Rights of person lending or selling in}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 consideration of share of profits in case of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 bankruptcy
\par 7 Meaning of }{\f0\insrsid2229693 "}{\f0\insrsid7699849\charrsid2229693 firm}{\f0\insrsid2229693 "}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\i\f0\insrsid7699849\charrsid2229693 Relations of Partners to Persons Dealing With}{\i\f0\insrsid2229693  }{\i\f0\insrsid7699849\charrsid2229693 Them}{\i\f0\insrsid7699849 
\par }{\i\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 8 Power of partner to bind the firm
\par 9 Partners bound by Acts on behalf of firm
\par 10 Partner using credit of firm for privatepurposes
\par 11 Effect of notice that firm will not be bound}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 by acts of partner
\par 12 Liability of partners
\par 13 Liability of the firm for wrongs
\par 14 Misapplication of money received for firm
\par 15 Joint and several liability
\par 16 Improper employment of trust property for}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partnership purposes
\par 17 Persons liable by }{\f0\insrsid2229693 "}{\f0\insrsid7699849\charrsid2229693 holding out}{\f0\insrsid2229693 "}{\f0\insrsid7699849\charrsid2229693 
\par 18 Admissions and representations of partners
\par 19 Notice to acting partner to be notice to firm
\par 20 Liabilities of incoming and outgoing}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partners
\par 21 Revocation of continuing guaranty by}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 change in firm
\par }{\i\f0\insrsid2229693 
\par }{\i\f0\insrsid7699849\charrsid2229693 Relations of Partners to One Another}{\i\f0\insrsid7699849 
\par }{\i\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 22 Variation by consent of terms of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partnership
\par 23 Partnership property
\par 24 Property bought with partnership money
\par 25 Conversion into personal estate of land}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 held as partnership property
\par 26 Procedure against partnership property for}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partner\rquote s separate debt
\par 27 Rules as to interests and duties of partners
\par 28 Expulsion of partner
\par 29 Retirement from partnership at will
\par 30 Conditions of partnership where term}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 continued over
\par 31 Duty to render accounts
\par 32 Partners to account for private profits
\par 33 Partner not to compete with firm
\par 34 Rights of assignee of share in partnership}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\i\f0\insrsid7699849\charrsid2229693 Dissolution of Partnership and its Consequences}{\i\f0\insrsid7699849 
\par }{\i\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 35 Dissolution by expiration or notice
\par 36 Dissolution by death, bankruptcy, or charge
\par 37 Dissolution by illegality of partnership
\par 38 Dissolution by the Court
\par 39 Rights of persons dealing with firm against}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 apparent members
\par 40 Right of partners to notify dissolution
\par 41 Continuing authority of partners for}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 purposes of winding up
\par 42 Rights of partners as to application ofpartnership property
\par 43 Apportionment of premium where}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partnership prematurely dissolved
\par 44 Rights where partnership dissolved for}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 fraud or misrepresentation
\par 45 Right of outgoing partner to share profits}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 made after dissolution
\par 46 Retiring or deceased partner\rquote s share to be}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 debt
\par 47 Distribution of assets on final settlement of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 accounts}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid7699849\charrsid2229693 PART 2
\par SPECIAL PARTNERSHIPS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 48 Part 1 not to affect special partnerships
\par 49 Special partnerships may be formed, except}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 for banking and insurance
\par 50 General and special partners, and their}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 liabilities
\par 51 Certificates to be signed by partners
\par 52 Style of partnership
\par 53 When special partner deemed general}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partner
\par 54 Certificates to be acknowledged and}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 registered
\par 55 False statement in certificate: partners liable}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 as general partners
\par 56 Copy of certificate to be published
\par 57 Duration of partnerships
\par 58 Certificate to be signed on renewal
\par 59 Capital stock not to be withdrawn
\par 60 When special partners liable to refund}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 capital withdrawn
\par 61 Suits to be by and against general partners
\par 62 Dissolution, how effected
\par 63 Cases not specifically provided for
\par 64 Accounting
\par 65 Frauds by partners
\par 66 Books of account to be kept, and to be open}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 to inspection
\par 67 Liability of special partners if books not}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 kept}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 SCHEDULE}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 ____________________________
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693\charrsid2229693 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid7699849\charrsid2229693 To consolidate certain enactments relating to partnership}{\b\f0\insrsid7699849 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 1 Short title}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 This is the Partnership Act 1908.}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 2 Interpretation}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 In this Act, }{\f0\insrsid2229693 "}{\f0\insrsid7699849\charrsid2229693 business}{\f0\insrsid2229693 "}{\f0\insrsid7699849\charrsid2229693  includes every trade, occupation, or profession.}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 3 Saving for rules of equity and common law}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 The rules of equity and of common law applicable to partnership shall}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 continue in force except so far as they are inconsistent with this Act.}{
\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid7699849\charrsid2229693 PART 1
\par THE GENERAL LAW RELATING TO PARTNERS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid2229693\charrsid2229693 
\par }{\i\f0\insrsid7699849\charrsid2229693 Nature of Partnership}{\i\f0\insrsid7699849 
\par }{\i\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 4 Definition of partnership}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) Partnership is the relation which subsists between persons carrying on}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 a business in common with a view to profit.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) The relationship between members of a company or association}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 registered under the Companies Act 2006 is not a partnership within the meaning}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 of this Act.}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 5 Rules for determining existence of partnership}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 In determining whether a partnership does or does not exist regard shall}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 be had to the following rules:}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (a) Joint tenancy, tenancy in common, joint property, or part ownership}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
does not of itself create a partnership as to anything so held or}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 owned, whether the tenants or owners do or do not share any profits}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
made by the use of it;}{\f0\insrsid7699849 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693\charrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (b) The sharing of gross returns does not of itself create a partnership,}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
whether the persons sharing such returns have or have not a joint}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 or common right or interest in any property from which or from}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
the use of which the returns are derived;}{\f0\insrsid7699849 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693\charrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (c) The receipt by a person of a share of the profits of a business is}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
prima facie evidence that he is a partner in the business, but the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 receipt of such a share or of a payment contingent on or varying}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
with the profits of a business does not of itself make him a partner}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 in the business and, in particular \endash }{\f0\insrsid7699849 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693\charrsid2229693 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (i) the receipt by a person of a debt or other liquidated amount,}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
by instalments or otherwise, out of the accruing profits of a}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 business does not of itself make him a partner in the business}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
or liable as such;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (ii) a contract for the remuneration of a servant or agent of a person}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
engaged in a business by a share of the profits of the business}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 does not of itself make the servant or agent a partner in the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
business or liable as such;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (iii) a person being the widow or child of a deceased partner, and}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
receiving by way of annuity a portion of the profits made in}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the business in which the deceased person was a partner, is not}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
by reason only of such receipt a partner in the business or liable}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 as such;}{\f0\insrsid7699849 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693\charrsid2229693 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (iv) the advance of money by way of loan to a person engaged or}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
about to engage in any business on a contract with that person}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 that the lender shall receive a rate of interest varying with the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 pr
ofits, or shall receive a share of the profits arising from}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 carrying on the business, does not of itself make the lender a}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
partner with the person or persons carrying on the business,}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 or liable as such:
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li2160\ri0\nowidctlpar\faauto\rin0\lin2160\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 Provided that the contract is in writing, and signed by or on}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
behalf of all the parties to it;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (v) a person receiving by way of annuity or otherwise a portion of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
the profits of a business in consideration of the sale by him of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the goodwill of the business is not, by reason only of such}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
receipt, a partner in the business or liable as such.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 6 Rights of person lending or selling in consideration of share of profits}{\b\f0\insrsid2229693  }{\b\f0\insrsid7699849\charrsid2229693 in case of bankruptcy}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 In the event of any person to whom money has been advanced by way of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 loan upon such a contract as is mentioned in section 5, or of any buyer of a goodwill}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 in consideration of a share of the profits of the business, being adjudged a bankrupt,}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
entering into an arrangement to pay his creditors less than 100 cents in the dollar,}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 or dying in insolvent circumstances the lender of the loan shall not be entitled to}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 recover anything in respect of his loan, and the seller of the goodwill shall not be}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
entitled to recover anything in respect of the share of profits contracted for, until}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the claims of the other creditors of the borrower or buyer for valuable consideration}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 in money or money\rquote s worth have been satisfied.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 7 Meaning of }{\b\f0\insrsid2229693 "}{\b\f0\insrsid7699849\charrsid2229693 firm}{\b\f0\insrsid2229693 "}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Persons who have entered into partnership with one another are for the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 purposes of this Act called collectively a }{\f0\insrsid2229693 "}{
\f0\insrsid7699849\charrsid2229693 firm}{\f0\insrsid2229693 "}{\f0\insrsid7699849\charrsid2229693 , and the name under which their}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 business is carried on is called the }{\f0\insrsid2229693 "}{
\f0\insrsid7699849\charrsid2229693 firm name}{\f0\insrsid2229693 "}{\f0\insrsid7699849\charrsid2229693 .}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\i\f0\insrsid7699849\charrsid2229693 Relations of Partners to Persons Dealing with Them}{\i\f0\insrsid7699849 
\par }{\i\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 8 Power of partner to bind the firm}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Every partner is an agent of the firm and his other partners, for the purpose}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 of the business of the partnership; and the acts of every partner who does any act
}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 for carrying on in the usual way business of the kind carried on by the firm of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
which he is a member bind the firm and his partners, unless the partner so acting}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 has in fact no authority to act for the firm in the particular matter, and the person}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 with whom he is dealing either knows that he has no authority or does not know}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 or believe him to be a partner.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 9 Partners bound by acts on behalf of firm}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) An act or instrument relating to the business of the firm and done or}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 executed in the firm name, or in any other manner showing an intention to bind}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the firm, by any person authorised for the purpose whether a partner or not, is}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 binding on the firm and all the partners.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) This section shall not affect any general rule of law relating to the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 execution of deeds or negotiable instruments.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 10 Partner using credit of firm for private purposes}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) Where one partner pledges the credit of the firm for a purpose}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 apparently not connected with the firm\rquote s ordinary course of business, the firm is}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 not bound unless he is in fact specially authorised by the other partners.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) This section does not affect any personal liability incurred by an}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 individual partner.}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 11 Effect of notice that firm will not be bound by acts of partner}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 If it has been agreed between the partners that any restriction shall be placed}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 on the power of any one or more of them to bind the firm, no act done in}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 contravention of the agreement is binding on the firm with respect to persons}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 having notice of the agreement.}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 12 Liability of partners}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Every partner in a firm is liable jointly with the other partners for all debts}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
and obligations of the firm incurred while he is a partner; and after his death his}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 estate is also severally liable in a due course of administration for such debts and}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 obligations as far as they remain unsatisfied, but subject to the prior payment of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 his separate debts.}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 13 Liability of the firm for wrongs}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Where by the wrongful act or omission of any partner acting in the ordinary}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
course of the business of the firm, or with the authority of his co-partners, loss or}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 injury is caused to any person not being a partner in the firm, or any penalty is}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 incurred, the firm is liable therefor to the same extent as the partner so acting or}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 omitting to act.}{\f0\insrsid2229693 \\}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 14 Misapplication of money received for firm
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 The firm is liable to make good the loss \endash 
\par }{\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (a) Where one partner acting within the scope of his apparent authority}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
receives the money or property of a third person and misapplies it;}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 and}{\f0\insrsid7699849 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693\charrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (b) Where a firm in the course of its business receives money or property}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
of a third person, and the money or property so received is}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 misapplied by one or more of the partners while it is in the custody}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
of the firm.}{\f0\insrsid7699849 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 15 Joint and several liability}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Every partner is liable jointly with his co-partners and also severally for}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 everything for which the firm, while he is a partner in it, becomes liable under}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 sections 13 and 14.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 16 Improper employment of trust property for partnership purposes}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) If a partner, being a trustee, improperly employs trust property in the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 business or on the account of the partnership, no other partner is liable for the}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 trust property to the persons beneficially interested in it.
\par }{\f0\insrsid2229693 
\par (2)
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (a) This section shall not affect any liability incurred by any partner by}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
reason of his having notice of a breach of trust.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (b) Nothing in this section shall prevent trust money from being}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
followed and recovered from the firm if still in its possession or}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 under its control.}{\f0\insrsid7699849 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 17 Persons liable by }{\b\f0\insrsid2229693 "}{\b\f0\insrsid7699849\charrsid2229693 holding out}{\b\f0\insrsid2229693 "}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) Every one who, by words spoken or written, or by conduct, represents}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 himself, or who knowingly suffers himself to be represented, as a partner in a}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 particular firm is liable as a partner to any one who has, on the faith of any such}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 representation, given credit to the f
irm, whether the representation has or has not}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 been made or communicated to the person so giving credit by or with the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
knowledge of the apparent partner making the representation or suffering it to be}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 made.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) Where after a partner\rquote s death the partnership business is continued in}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the old firm\rquote 
s name, the continued use of that name or of the deceased partner\rquote s}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 name as part of it shall not of itself make his executors or administrators estate or}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 effects liable for any partnership debts contracted after his death.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 18 Admissions and representations of partners}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 An admission or representation made by any partner concerning the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partnership affairs, and in the ordinary course of its business, is evidence against}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the firm.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 19 Notice to acting partner to be notice to firm}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Notice to any partner who habitually acts in the partnership business of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 any matter relating to partnership affairs operates as notice to the firm, except in}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the case of a fraud on the firm committed by or with the consent of that partner.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 20 Liabilities of incoming and outgoing partners}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) A person who is admitted as a partner into an existing firm does not}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 thereby become liable to the creditors of the firm for anything done before he}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 became a partner.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) A partner who retires from a firm does not thereby cease to be liable for}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partnership debts or obligations incurred before his retirement.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (3) A retiring partner may be discharged from any existing liabilities by an}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 agreement to that effect between himself and the members of the firm as newly}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 constituted and the creditors, and this agreement may be either express or inferred}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
as a fact from the course of dealing between the creditors and the firm as newly}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 constituted.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 21 Revocation of continuing guaranty by change in firm
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 A continuing guaranty given either to a firm or to a third person in respect}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
of the transactions of a firm is, in the absence of agreement to the contrary, revoked}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 as to future transactions by any change in the constitution of the firm to which, or}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 of the firm in respect of the transactions of which, the guaranty was given.
\par }{\i\f0\insrsid2229693 
\par }{\i\f0\insrsid7699849\charrsid2229693 Relations of Partners to One Another}{\i\f0\insrsid7699849 
\par }{\i\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 22 Variation by consent of terms of partnership}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 The mutual rights and duties of partners, whether ascertained by agreement}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 or defined by this Act, may be varied by the consent of all the partners, and such}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 consent may be either express or inferred from a course of dealing.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 23 Partnership property}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) All property and rights and interests in property originally brought}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 into the partnership stock, or acquired (whether by purchase or otherwise) on}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 account of the firm or for the purposes and in the course of the partnership business,}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 are called in this Act }{\f0\insrsid2229693 "}{
\f0\insrsid7699849\charrsid2229693 partnership property}{\f0\insrsid2229693 "}{\f0\insrsid7699849\charrsid2229693  and must be held and applied by the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
partners exclusively for the purposes of the partnership and under the partnership}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 agreement.}{\f0\insrsid7699849 
\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) The legal estate or interest in any land which belongs to the partnership}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 shall devolve under the nature and tenure thereof and the general rules of law}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 thereto applicable, but in trust, so far as necessary, for the persons beneficially}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 interested in the land under this section.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (3) Where co-owners of an estate or interest in any land not being itself}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partnership property are partner as to profits made by the use of that land or}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 estate, ad purchase other land or estate out of the profits to be used in like manner,}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
the land or estate so purchased belongs to them, in the absence of an agreement to}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the contrary, not as partners, but as co-owners for the same respective estates and}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 interests as are held by them in the land or estate first mentioned at the date of the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 purchase.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 24 Property bought with partnership money
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Unless the contrary intention appears, property bought with money}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 belonging to the firm is deemed to have been bought on account of the firm.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 25 Conversion into personal estate of land held as partnership property
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Where land has become partnership property it shall, unless the contrary}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 intention appears, be treated as between the partners (including the representatives}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 of a deceased partner), and also as between the heirs of a deceased partner and his}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 executors or administrators, as personal and not real 
estate.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 26 Procedure against partnership property for partner\rquote s separate debt
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) A writ of execution shall not issue against any partnership property}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 except on a judgement against the firm.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) The Court or a Judge may on the application by summons of any}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 judgment creditor of a partner, make an order charging that partner\rquote s interest in}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the partnership property and profits with payment of the amount of the judgment}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 debt and interest on it, and
 may by the same or a subsequent order appoint a}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 receiver of that partner\rquote s share of profits (whether already declared or accruing),}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 and of any other money coming to him in respect of the partnership, and direct all}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 accounts and inquiries and give all othe
r orders and directions which might have}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 been directed or given if the charge had been made in favour of the judgment}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
creditor by the partner, or which the circumstances of the case require.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (3) The other partner or partners shall be at liberty at any time to redeem}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the interest charged or, in case of a sale being directed, to purchase the same.

\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 27 Rules as to interests and duties of partners}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 The interests of partners in the partnership property, and their rights and}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 duties in relation to the partnership, shall be determined, subject to any agreement
}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 (express or implied) between the partners, by the following rules:
\par }{\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (a) All the partners are entitled to share equally in the capital and profits}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
of the business, and must contribute equally towards the losses,}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 whether of capital or otherwise, sustained by the firm.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (b) The firm must indemnify every partner in respect of payments made}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
and personal liabilities incurred by him \endash 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (i) in the ordinary and proper conduct of the business of the firm;}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (ii) in or about anything necessarily done for the preservation of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
the business or property of the firm.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (c) A partner making, for the purpose of the partnership, any actual}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
payment or advance beyond the amount of capital which he has}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 agreed to subscribe is entitled to interest at the rate of 5% per annum}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
from the date of the payment or advance.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (d) A partner is not entitled, before the ascertainment of profits, to}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
interest on the capital subscribed by him.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (e) Every partner may take part in the management of the partnership}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 business.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (f) No partner shall be entitled to remuneration for acting in the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
partnership business.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (g) No person may be introduced as a partner without the consent of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
all existing partners.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (h) Any difference arising as to ordinary matters connected with the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
partnership business may be decided by a majority of the partners,}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 but no change may be made in the nature of the partnership business}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
without the consent of all existing partners.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (i) The partnership books are to be kept at the place of business of the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
partnership (or the principal place if there is more than one), and}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 every partner may have access to and inspect and copy any of them.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 28 Expulsion of partner}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 A majority of the partners cannot expel any partner unless a power to do}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 so has been conferred by express agreement between the partners.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 29 Retirement from partnership at will
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) Where no fixed term has been agreed upon for the duration of the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partnership, any partner may determine the partnership at any time on giving}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 notice of his intention so to do to all the other partners.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) Where the partnership has originally been constituted by deed, a notice}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 in writing, signed by the partner giving it, shall be sufficient for this purpose.

\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 30 Conditions of partnership where term continued over
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) Where a partnership entered into for a fixed term is continued after the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 term has expired, and without any expressed new agreement, the rights and duties}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 of the partners remain the same as they were at the expiration of the term, so far}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
as is consistent with the incidents of a partnership at will.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) A continuance of the business by the partners, or such of them as}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 habitually acted therein during the term, without any settlement or liquidation of}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the partnership affairs is presumed to be a continuance of the partnership.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 31 Duty to render accounts}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Partners are bound to render true accounts and full information of all things}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 affecting the partnership to any partner or his legal representatives.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 32 Partners to account for private profits}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) Every partner must account to the firm for any benefit derived by him}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 without the consent of the other partners from any transaction concerning the}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partnership, or from any use by him of the partnership property, name, or business}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 connection.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) This section applies also to transactions undertaken after a partnership}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 has been dissolved by the death of a partner, and before the affairs thereof have}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 bee completely wound up, either by any surviving partner or by the representatives}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 of the deceased partner.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 33 Partner not to compete with firm}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 If a partner, without the consent of the other partners, carries on any business}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 of the same nature as and competing with that of the firm, he must account for}
{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 and pay over to the firm all profits made by him in that business.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 34 Rights of assignee of share in partnership
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) An assignment by any partner of his share in the partnership, either}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 absolute or by way of mortgage, does not, as against the other partners, entitle the}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 assignee, during the continuance of the partnership, to interfere in the management}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
or administration of the partnership business or affairs, or to require any account}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 of the partnership transactions, or to inspect the partnership books, but entitles}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 the assignee only to receive the share of profits to which the assigning partner}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 would otherwise be entitled, and the assignee must accept the account of profits}
{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 agreed to by the partners.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) In case of a dissolution of the partnership, whether as respects all the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
partners or as respects the assigning partner, the assignee is entitled to receive the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 share of the partnership assets to which the assigning partner is entitled as between}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 himself and the other partners, and, for the purpose of ascertaining that share, to}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 an account as from the date of the dissolution.
\par }{\i\f0\insrsid2229693 
\par }{\i\f0\insrsid7699849\charrsid2229693 Dissolution of Partnership and its Consequences}{\i\f0\insrsid7699849 
\par }{\i\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 35 Dissolution by expiration or notice}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) Subject to any agreement between the partners, a partnership is}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 dissolved \endash 
\par }{\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (a) If entered into for a fixed term, by the expiration of that term;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (b) If entered into a single adventure or undertaking, by the termination}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
of that adventure or undertaking;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (c) If entered into for an undefined time, by any partner giving notice}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
to the other or others of his intention to dissolve the partnership.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) In subsection (1)(c) the partnership is dissolved as from the date}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 mentioned in the notice as the date of dissolution, or, if no date is so mentioned, as}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 from the date of the communication of the notice.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 36 Dissolution by death, bankruptcy, or charge
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) Subject to any agreement between the partners, every partnership is}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 dissolved as regards all the partners by the death or bankruptcy of any partner.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) A partnership may, at the option of the other partners, be dissolved if}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 any partner suffers his share of the partnership property to be charged under this}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 Act for his separate debt.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 37 Dissolution by illegality of partnership}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 A partnership is in every case dissolved by the happening of any event}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 which makes it unlawful for the business of the firm to be carried on or for the}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 members of the firm to carry it on in partnership.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 38 Dissolution by the Court}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 On application by a partner the Court may declare a dissolution of the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partnership in any of the following cases \endash 
\par }{\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (a) Where a partner is found lunatic by inquisition, or is shown to the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
satisfaction of the Court to be of permanently unsound mind, in}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 either of which cases the application may be made as well on behalf}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
of that partner by his committee or next friend or person having}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 title to intervene as by any other partner;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (b) Where a partner, other than the partner suing, becomes in any other}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
way permanently incapable of performing his part of the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partnership contract;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (c) Where a partner, other than the partner suing, has been guilty of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
such conduct as in the opinion of the Court, regard being had to}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the nature of the business, is calculated to prejudicially affect the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
carrying on of the business;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (d) Where a partner, other than the partner suing, wilfully or}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
persistently commits a breach of the partnership agreement, or}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 otherwise so conducts himself in matters relating to the partnership}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
business that it is not reasonably practicable for the other partner}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 or partners to carry on the business in partnership with him;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (e) Where the business of the partnership can only be carried on at a}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 loss;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (f) Where circumstances have arisen which, in the opinion of the Court,}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
render it just and equitable that the partnership be dissolved.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 39 Rights of persons dealing with firm against apparent members}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) Where a person deals with a firm after a change in its constitution, he}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 is entitled to treat all apparent members of the old firm as still being members of}
{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the firm until he has notice of the change.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) An advertisement in the }{\i\f0\insrsid7699849\charrsid2229693 Gazette }{\f0\insrsid7699849\charrsid2229693 shall be notice as to persons who had}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
not dealings with the firm before the date of the dissolution or change so advertised.
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (3) The estate of a partner who dies, or who becomes bankrupt, or of a}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partner who, not having been known to the person dealing with the firm to be a}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partner, retires from the firm, is not liable for partnership debts contracted after}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
the date of the death, bankruptcy, or retirement respectively.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 40 Right of partners to notify dissolution}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 On the dissolution of a partnership or retirement of a partner any partner}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 may publicly notify the same, and may require the other partner or partners to}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 concur for that purpose in all necessary or proper acts, if any, which cannot be}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 done without his or their concurrence.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 41 Continuing authority of partners for purposes of winding up}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) After the dissolution of a partnership the authority of each partner to}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 bind the firm, and the other rights and obligations of the partners, continue}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 (notwithstanding the dissolution) so far as may be necessary to wind up the affairs}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 of the partnersh
ip and to complete transactions begun but unfinished at the time}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 of the dissolution, but not otherwise.}{\f0\insrsid7699849 
\par }{\i\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (2) The firm is in no case bound by the acts of a partner who has become}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 bankrupt; but this proviso does not affect the liability of any person who has after}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the bankruptcy represented himself, or knowingly suffered himself to be}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 represented, as a partner of the bankrupt.}{\f0\insrsid7699849 

\par }{\f0\insrsid2229693\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 42 Rights of partners as to application of partnership property}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid2229693\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 On the dissolution of a partnership every partner is entitled as against the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 other partners in the firm, and all persons claiming through them in respect of}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 their interests as partners, to have the property of that partnership applied in}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
payment of the debts and liabilities of the firm, and to have the surplus assets}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 after such payment applied in payment of what may be due to the partners}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 respectively after deducting what may be due from them as partners of the firm;}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 and for that purpose any partner or his representatives may, on the termination of
}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the partnership, apply to the Court to wind up the business and affairs of the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 firm.
\par }{\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 43 Apportionment of premium where partnership prematurely dissolved
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Where one partner has paid a premium to another on entering into a}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 partnership for a fixed term, and the partnership is dissolved before the expiration}{
\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 of that term otherwise than by the death of a partner, the Court may order the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
repayment of the premium or of such part of it as it thinks just, having regard to}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 the terms of the partnership contract and to the length of time during which the}{\f0\insrsid2229693  }{
\f0\insrsid7699849\charrsid2229693 partnership has continued, unless \endash 
\par }{\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (a) The dissolution is, in the judgment of the Court, wholly or chiefly}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
due to the misconduct of the partner who paid the premium; or
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (b) The partnership has been dissolved by an agreement containing}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
no provision for a return of any part of the premium.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 44 Rights where partnership dissolved for fraud or misrepresentation
\par }{\f0\insrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Where a partnership contract is rescinded on the ground of the fraud or}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 misrepresentation of one of the parties to it, the party entitled to rescind is, without
}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 prejudice to any other right, entitled \endash 
\par }{\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (a) To a lien on or right of retention of the surplus of the partnership}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
assets, after satisfying the partnership liabilities, for any sum of}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 money paid by him for the purchase of a share in the partnership}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
and for any capital contributed by him; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (b) To stand in the place of the creditors of the firm for any payments}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
made by him in respect of the partnership liabilities; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid2229693 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2229693 {\f0\insrsid7699849\charrsid2229693 (c) To be indemnified, by the person guilty of the fraud or making the}{\f0\insrsid2229693  }{\f0\insrsid7699849\charrsid2229693 
representation, against all the debts and liabilities of the firm.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 45 Right of outgoing partner to share profits made after dissolution
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 (1) Where any member of a firm dies or otherwise ceases to be a partner}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 and the surviving or continuing partners carry on the business of the firm with is}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 capital or assets without any final settlement of accounts as between the firm and}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
the outgoing partner or his estate, then, in the absence of any agreement to the}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 contrary, the outgoing partner or his estate is entitled, at the opinion of himself or}{\f0\insrsid13188966  }{
\f0\insrsid7699849\charrsid2229693 his representative, to such share of the profits made since the dissolution as the}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
Court may find to be attributable to the use of his share of the partnership assets,}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 or the interest at the rate of 5 per cent per annum on the amount of his share of the}{\f0\insrsid13188966  }{
\f0\insrsid7699849\charrsid2229693 partnership assets.
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 (2) Where by the partnership contract an option is given to surviving or}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 continuing partners to purchase the interest of a deceased or outgoing partner,}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 and that option is duly exercised, the estate of the deceased partner or the outgoing}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
partner, or his estate, as the case may be, is not entitled to any further or other}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 share of profits; but if any partner assuming to act in exercise of the option does}{\f0\insrsid13188966  }{
\f0\insrsid7699849\charrsid2229693 not in all material respects comply with the terms of it he is liable to account}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 under this section.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 46 Retiring or deceased partner\rquote s share to be a debt
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 Subject to any agreement between the partners, the amount due from}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 surviving or continuing partners to an outgoing partner or the representatives of}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 a deceased partner, in respect of the outgoing or deceased partner\rquote s share, is a}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
debt accruing at the date of the dissolution or death.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 47 Distribution of assets on final settlement of accounts
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 In settling accounts between the partners after a dissolution of partnership}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 the following rules shall, subject to any agreement, be observed \endash 
\par }{\f0\insrsid13188966 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 (a) Losses, including losses and deficiencies of capital, shall be paid}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
first out of profits, next out of capital, and lastly, if necessary, by the}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 partners individually in the proportion in which they were entitled}{\f0\insrsid13188966  }{
\f0\insrsid7699849\charrsid2229693 to share profits.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\f0\insrsid13188966 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 (b) The assets of the firm, including the sums (if any) contributed by}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
the partners to make up losses or deficiencies of capital, shall be}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 applied in the following manner and order \endash 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid13188966 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 (i) in paying the debts and liabilities of the firm to persons who}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
are not partners in it;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\f0\insrsid13188966 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 (ii) in paying to each partner rateably what is due from the firm to}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
him for advances as distinguished from capital;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\f0\insrsid13188966 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 (iii) in paying to each partner rateably what is due from the firm to}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
him in respect of capital;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\f0\insrsid13188966 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 (iv) the ultimate residue, if any, shall be divided among the partners}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
in the proportion which profits are divisible.
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid13188966 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\b\f0\insrsid7699849\charrsid13188966 PART 2
\par SPECIAL PARTNERSHIPS
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid13188966\charrsid2229693 
\par }{\b\f0\insrsid7699849\charrsid2229693 48 Part 1 not to affect special partnerships
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 Part 1 shall not affect special partnerships except in so far as the general}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 law relating to partners is declared by sections 49-67 to be applicable to special
}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 partnerships.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 49 Special partnerships may be formed, except for banking and insurance
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 (1) Special partnerships may be formed for the transaction of agriculture,}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 mining, mercantile, mechanical, manufacturing, or other business, by any number}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 of persons, upon the terms and subject to the conditions and liabilities prescribed}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 in this Part.
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 (2) Nothing shall authorise any such partnership for the purpose either of}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 banking or insurance.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 50 General and special partners, and their liabilities
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 Every special partnership may consist of general partners, who shall be}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 jointly and severally responsible as general partners are now by law, and of persons,}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 to be called special partners, who shall contribute to the common stock specific}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 sums in money as capital, beyond which they shal
l not be responsible for any}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 debt of the partnership except in cases provided in this Part.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 51 Certificates to be signed by partners
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 All the persons forming any special partnership shall, before commencing}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 business, sign a certificate containing \endash 
\par }{\f0\insrsid13188966 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 (a) The style of the firm under which the partnership is to be conducted;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\f0\insrsid13188966 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 (b) The names and places of residence of all the partners, distinguishing}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
the general from the special partners;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\f0\insrsid13188966 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 (c) The amount of capital which each special partner contributes, and}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
also (if any) the amount contributed by the general partners to the}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 common stock;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\f0\insrsid13188966 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 (d) The general nature of the business to be transacted;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\f0\insrsid13188966 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 (e) The principal or only place at which it is to be transacted; and
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\f0\insrsid13188966 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 (f) The time when such partnership is to commence and when it is to}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 terminate.

\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 52 Style of partnership}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid13188966\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Such style or firm shall contain the names of general partners only, or the}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 name of one such partner, with (in either case) the addition of the words }{
\f0\insrsid2229693 "}{\f0\insrsid7699849\charrsid2229693 and}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 Company}{\f0\insrsid2229693 "}{\f0\insrsid7699849\charrsid2229693 , and the general partners only shall transact the business of the}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 partnership.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 53 When special partner deemed general partner}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid13188966\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 If in carrying on such business or in any contract connected with it the}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 name of any special partner is used with his consent or privity, or if he personally}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 makes any contract respecting the concerns of the partnership, he shall be deemed}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
to be a general partner with respect to the contract or matter in which his name}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 has been so used or as to which he so contracted.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 54 Certificates to be acknowledged and registered
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 A special partnership shall not be deemed formed until such certificate is}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 acknowledged by each partner before the Court, and registered in the office of the}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 Court in a book to be kept for that purpose by the Registrar open to public}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 inspection.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 55 False statement in certificate: partners liable as general partners
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 (1) If any false statement is made in any such certificate, all the persons}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 interested in the special partnership shall be liable for all the engagements
 thereof}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 as general partners.
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 (2) No clerical error or matter not of substance shall be deemed false within}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 the meaning of this section unless some person is prejudiced thereby, in which}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 case the special partners shall be liable to the person so prejudiced.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 56 Copy of certificate to be published}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid13188966\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 (1) A copy of such certificate shall be published once at least in the }{\i\f0\insrsid7699849\charrsid2229693 Gazette}{\i\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
and twice in some newspaper published at the intended principal place of business}{\i\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 of the special partnership, or at the nearest place to such place of business where}{\i\f0\insrsid13188966  }{
\f0\insrsid7699849\charrsid2229693 a newspaper is published.}{\i\f0\insrsid7699849\charrsid13188966 
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 (2) If such publication is not so made, the partnership shall be deemed}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 general.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 57 Duration of partnerships
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 A special partnership shall not be entered into for a longer period than 7}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 years, but any such partnership may be renewed at the end of that period or at the}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 termination of any shorter period for which it was formed.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 58 Certificate to be signed on renewal
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 (1) Upon every renewal or continuation beyond the time originally agreed}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 on for the duration of a special partnership, a certificate thereof shall be signed,}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 acknowledged, registered and published in like manner as the original certificate.
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 (2) Every partnership renewed or continued otherwise than in conformity}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 with this section shall be deemed general.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 59 Capital stock not to be withdrawn
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 During the continuance of any special partnership no part of the certified}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 capital thereof shall be withdrawn, nor shall any division or interest or profit be}
{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 made so as to reduce such capital below the aggregate amount stated in the}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 certificate.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 60 When special partners liable to refund capital withdrawn
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 (1) If any part of such capital is withdrawn, or any such division is made,}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 so that at any time during the continuance or at the termination of the special}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 partnership the assets are insufficient to pay the partnership debts, the special}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
partners shall be severally liable to refund every sum received by them respectively}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 in diminution of such capital or by way of such interest or profit.
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 (2) All such sums may be recovered as money had and received by the}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 respectively to the use of the general partners; and may in the case of any judgment}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 being obtained against the general partners, be recovered by the plaintiff against}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
the special partners, or any of them, by process of execution issued under such}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 judgment by leave of the Court.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 61 Suits to be by and against general partners
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 All suits respecting the business of any special partnership shall be}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 prosecuted by and against the general partners only, except in the cases in which}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 it is provided by this Act that special partners shall or may be deemed general}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 partners, in which cases
 every special partner who becomes liable as a general}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 partner may be joined or not in the action as a defendant, at the discretion of the}{\f0\insrsid13188966  }{
\f0\insrsid7699849\charrsid2229693 party suing.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 62 Dissolution, how effected
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 A dissolution of a special partnership shall not take place, except by}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 operation of law, before the time specified in the certificate, unless a notice of such}
{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 dissolution is signed, acknowledged, registered, and published in like manner as}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 the original certificate.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 63 Cases not specially provided for
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 In all cases not otherwise provided for all the members of a special}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 partnership shall be subject to the liabilities and entitled to the rights of general}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 partners.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 64 Accounting}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid13188966\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 The general partners shall be liable to account to each other and to the}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 special partners for their management of the partnership concerns as other partners}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 are by law.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 65 Frauds by partners}{\b\f0\insrsid7699849 
\par }{\b\f0\insrsid13188966\charrsid2229693 
\par }{\f0\insrsid7699849\charrsid2229693 Every partner guilty of any fraud in the affairs of the partnership shall be}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 liable civilly to the party injured to the extent of his damage, and shall also be
}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 liable to an indictment for a crime punishable by fine or imprisonment, or both, at}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 the discretion of the Court.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 66 Books of account to be kept, and to be open to inspection
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 If the general partners do not at all times cause regular books of account to}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 be 
kept, or do not have the same open at all reasonable times to the inspection of}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 the special partners, such special partners shall be entitled to have the special}{\f0\insrsid13188966  }{
\f0\insrsid7699849\charrsid2229693 partnership dissolved and the accounts of it taken by the Court.
\par }{\b\f0\insrsid13188966 
\par }{\b\f0\insrsid7699849\charrsid2229693 67 Liability of special partners if books not kept
\par }{\f0\insrsid13188966 
\par }{\f0\insrsid7699849\charrsid2229693 If the books of any special partnership are, with the knowledge or privity}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 of the special partners or any of them, kept incorrectly, or contain any false or}{
\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 deceptive entries, whereby the ascertainment of the matters mentioned in sections}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 
59 and 60 are or may be affected, the certified capital of such special partners or}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 such one or more of them having such knowledge or privity shall as against}{\f0\insrsid13188966  }{
\f0\insrsid7699849\charrsid2229693 creditors be deemed to have been withdrawn, and they or he shall be liable}{\f0\insrsid13188966  }{\f0\insrsid7699849\charrsid2229693 accordingly under section 60.}{\f0\insrsid7699849 
\par }{\f0\insrsid13188966\charrsid2229693 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash \endash 
\endash \endash 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2229693 {\f0\insrsid13188966 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\b\f0\insrsid7699849\charrsid6779474 SCHEDULE
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid14825008 {\b\f0\insrsid14825008\charrsid13188966 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid13188966 {\f0\insrsid7699849\charrsid2229693 [Not reproduced]}{\f0\insrsid11087364\charrsid13188966 
\par }}