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Short Title, etc. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 2. Interpretation \par 3. Sav}{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 ing for rules of equity and com}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 mon law \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid7631335\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 PART I \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 THE GENERAL LAW RELATING TO PARTNERS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid7631335\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\i\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Nature of Partnership \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 4. Definition of partnership \par 5. Rules for determining existence of partnership \par 6. Rights of person lending or selling in consideration of share of profits in case of bankruptcy \par 7. Meaning of }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 "}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 firm}{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 "}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\b\i\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Relations of Partne}{\b\i\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 rs to Persons Dealing With Them}{\b\i\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 8. Po}{\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 wer of partner to bind the firm \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 9. Partners bound by acts on behalf of firm \par 10. Partner using credit of firm for private purposes \par 11. Effect of notice that firm will not be bound 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, etc. \par 15. Joint and several liability \par 16. Improper}{\fs24\lang5129\langfe1033\langnp5129\insrsid12718620\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 employment}{\fs24\lang5129\langfe1033\langnp5129\insrsid12718620\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 of}{\fs24\lang5129\langfe1033\langnp5129\insrsid12718620\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 trust property for partnership purposes} {\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 17. Persons liable by "holding out"}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 18. Admissions and representations of partners \par 19. Notice}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 to}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 acting}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 partner}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 to}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 be notice to firm \par 20. Liabilities of incoming and outgoing partners \par 21. Revocation of continuing guaranty by change in firm \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\b\i\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Relations of Partners to One Another \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 22. Variation by consent of terms of partnership \par 23. Partnership property \par 24. Property bought with partnership money \par 25. Conversion into personal estate of land }{\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 held as partnership property \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 26. Procedure against partnership property for partner's separate judgment debt \par 27. Rules as to interests and duties of partners \par 28. Expulsion of partner \par 29. Reti}{\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 rement from partnership at will \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 30. Conditions}{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 of}{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 partnership}{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 where term continued over \par 31. Duty to render accounts, etc. \par 32. Partners}{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 to}{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 account}{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 for}{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 private profits \par 33. P}{\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 artner not to compete with firm \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 34. Rights}{\fs24\lang5129\langfe1033\langnp5129\insrsid12718620\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 of}{ \fs24\lang5129\langfe1033\langnp5129\insrsid12718620\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 assignee}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 of}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 share}{ \fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 in partnership \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\b\i\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Dissolution of Partnership and its Consequences \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 35. Dissolution by expiration or notice}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 36. Dissolution}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 by death,}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 bankruptcy, or charge \par 37. Dissolution by illegality}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 of partner}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ship \par 38. Dissolution by the Court \par 39. Rights of persons dealing with firm against apparent members \par 40. Ri}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 ght of partners to notify disso}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 lution \par 41. Continuing}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 authority}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 of}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 partners for purposes of winding up \par 42. Rights of partners as to application of partnership property \par 43. Apportionment of premium where partnership}{\fs24\lang5129\langfe1033\langnp5129\insrsid1471311\charrsid11491991 prematurely dissolved}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 44. Rights where partnership dissolved for fraud or misrepresentation \par 45. Right of outgoing partner to share profits made after dissolution \par 4}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 6. Retiring or deceased partner\rquote }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 s share to be a debt \par 47. Distribution}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 of}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 assets}{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 on}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 final settlement of accounts \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 PART II \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid4276553 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 SPECIAL PARTNERSHIPS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 48. Part }{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 I not to affect special partner}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ships \par 49. Special partnerships may be formed, e}{\fs24\lang5129\langfe1033\langnp5129\insrsid1471311\charrsid11491991 xcept for banking and insurance}{\fs24\lang5129\langfe1033\langnp5129\insrsid7960955\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 50. General and special }{\fs24\lang5129\langfe1033\langnp5129\insrsid5770796\charrsid11491991 partners}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 and their liabilities \par 51. Certif}{\fs24\lang5129\langfe1033\langnp5129\insrsid4276553 icates to be signed by partners}{\fs24\lang5129\langfe1033\langnp5129\insrsid7960955\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 52. Style of partnership \par 53. When}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 special}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 partner}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 deemed general partner \par 54. Certificates to be acknowledged and registered \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid7960955\charrsid11491991 55. False statement in certificate: part}{\fs24\lang5129\langfe1033\langnp5129\insrsid4276553 ners liable as general partners}{ \fs24\lang5129\langfe1033\langnp5129\insrsid7960955\charrsid11491991 \par 56. Copy of certificate to be publ}{\fs24\lang5129\langfe1033\langnp5129\insrsid1471311\charrsid11491991 ished}{\fs24\lang5129\langfe1033\langnp5129\insrsid7960955\charrsid11491991 \par 57. Duration of partnerships \par 58. Cert}{\fs24\lang5129\langfe1033\langnp5129\insrsid1471311\charrsid11491991 ificate to be signed on renewal}{\fs24\lang5129\langfe1033\langnp5129\insrsid7960955\charrsid11491991 \par 59. Ca}{\fs24\lang5129\langfe1033\langnp5129\insrsid1471311\charrsid11491991 pital stock not to be withdrawn}{\fs24\lang5129\langfe1033\langnp5129\insrsid7960955\charrsid11491991 \par 60. When special partners liable to refund capital withdrawn \par 61. Suits to be by and against general partners \par 62. Dissolution, how effected \par 63. C}{\fs24\lang5129\langfe1033\langnp5129\insrsid1471311\charrsid11491991 ases not specially provided for}{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid7960955\charrsid11491991 64. Accounting \par 65. Frauds by partners \par 66. Books of account to be kept, and to be open to inspection \par 67. Liability of special partners if books not kept, etc. \par Schedule \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4276553 {\fs24\lang5129\langfe1033\langnp5129\insrsid7960955\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid4276553 ---------------------------------------------}{\fs24\lang5129\langfe1033\langnp5129\insrsid7960955\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid7960955\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 THE PARTNERSHIP ACT 1908 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 1908, No. 139 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 An Act to consolidate certain enactments of the General Assembly relating to the law of partnership \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid7960955\charrsid11491991 \par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 [}{\i\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 4 August 1908}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 1. Short Title, etc}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 .}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) The Short Title of this Act is the Partnership Act 1908. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) This Act is a consolidation of the enactments mentioned in the Schedule hereto. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (3) All matters and proceedings commenced under the said enactments, and pending or in progress on the coming into operation of this Act, may be continued, completed, and enforced under this Act. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (4) This Act is divided into Parts, as follows: \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 PART I}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 The General Law relating to Partners. (Sections 4 to 47.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 PART II}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Special Partnershi ps. (Sections 48 to 67.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 2. Interpretation}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 In this Act, if not inconsistent with the}{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 } {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 context,}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 "Business" includes eve}{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 ry trade, occupation, or profes}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 sion}{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 :}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 "Court" includes eve}{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 ry Court and judge having juris}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 diction in the case. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf}{\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 .}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 1891, No. 6, s. 3; Partnership Act 1890, s. 45 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 3. Saving for rules of equity and common law}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 The rules of equity and of common law applicable to partnership shall continue in force except so far as they are inconsistent with the express provisions of this Act. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 48; Partnership Act 1890, s. 46 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 PART I \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 THE GENERAL LAW RELATING TO PARTNERS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\b\i\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Nature of Partnership \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid16263031\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 4. Definition of partnership}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid11422977\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 (1) Partnership is the rela}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 tion which subsists between persons carrying on a business in common with a view to profit. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) But the relation between members of any company or association registered as a company under }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 [}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 the Companies Act 1955}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ]}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 or any other Act of the General Assembly for the time being in force and relating to the registration of joint stock, trading, or mining c}{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 ompanies, or formed or incorpor}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ated by or in pursuance of any other Act of the General Assembly or letters patent, or Royal Charter, is not a partnership within the meaning of this Act. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid9397347\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 4; Partnership Act 1890, s. 1 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid13902641\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid4276553 In subs. (2) the Companies Act 1955, being the corresponding enactment in force at the date of this reprint, has been substituted for the repealed Companies Act 1908. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4610907 {\lang5129\langfe1033\langnp5129\insrsid8652575\charrsid4276553 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid4276553 A partnership must not consist of more than twenty}{ \lang5129\langfe1033\langnp5129\insrsid3348417\charrsid4276553 -}{\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid4276553 five persons; see s. 456 of the Companies Act 1955. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid8652575\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 5. Rules for determining existence of partnership}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid10818884\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid8652575\charrsid11491991 In deter}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 mining whether a partnership does or does not exist regard shall be had to the following rules: \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (a) Joint tenancy, tenancy in common, joint property, or part ownership does not of itself create a partnership as to anything so held or owned, whether the tenants or owners do or do not share any profits made by the use thereof. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (b) The sharing of gross returns does not of itself create a partnership, whet}{ \fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 her the persons sharing such re}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 turns have or have not a joint or common right or interest in any property from which or from the use of which the returns are derived. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (c) The receipt by a person of a share of the profits of a business is }{ \i\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 prima facie}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 evidence that he is a partner in the business, but the receipt of such a share or of}{ \fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 a payment contingent on or varying with the profits of a business does not of itself make him a pa rtner in the business and, in particular,}{\fs24\lang5129\langfe1033\langnp5129\insrsid7157506\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (i) The receipt by a person of a debt or other liquidated amount, by instalments or otherwise, out of the accruing profits of a business does not of itself make him a partner in the business or liable as such}{ \fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 :}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (ii) A contract for the remuneration of a servant or agent of a person engaged in a business by a share of the profits of the business does not of itself make the servant or agent a partner in the business or liable as such}{ \fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 :}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (iii) A person being the widow }{ \fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 or child of a de}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ceased partner, and receiving by way of annuity a portion of the profits made in the business in which the deceased person was a partner, is not by reason only of such receipt a partner in the business or liable as such: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (iv) The advance of money by way of loan to a person engaged or about to engage in any business on a contract with that person that the lender shall receive a rate of interest varying with the profits, or shall receive a share of the profits arising from carrying on the b usiness, does not of itself make the lender a part}{\fs24\lang5129\langfe1033\langnp5129\insrsid4276553 ner with the person or persons }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 carrying on the business, or liable as such: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Provided that the contract is in writing, and signed by or on behalf of all the parties thereto: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (v) A person receiving by way o f annuity or otherwise a portion of the profits of a business in consideration of the sale by him of the goodwill of the business is not, by reason only of such receipt, a partner in the business or liable as such. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 5; Partnership Act 1890, s. 2 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 6. Rights of person lending or selling in consideration of share of profits in case of bankruptcy}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid7157506\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 In the event of any person to whom money has been advanced by way of loan upon such a contract as is mentioned in the last preceding section, or of any buyer of a goodwill in consideration of a share of the profits of the business, b}{ \fs24\lang5129\langfe1033\langnp5129\insrsid802135\charrsid11491991 eing adjudged a bankrupt, enter}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ing into an arrangement to pay his creditors less than twenty shillings in the pound, or dying in insolvent circumstances, the lender of the loan shall not be entitled to recover anything in respect of his loan, and the seller of the goodwill shall not be entitled to recover anything in respect of the share of profits contracted for, until the claims of the other creditors o f the borrower or buyer for valuable consideration in money or money's worth have been satisfied. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4610907 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 6; Partnership Act 1890, s. 3 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 7. Meaning of "}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 firm}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid4610907\charrsid11491991 "}{ \b\fs24\lang5129\langfe1033\langnp5129\insrsid7157506\charrsid11491991 }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Persons who have entered into partnership with one another are for the purpos es of this Act called collectively a "firm", and the name under which their business is carried on is called the "firm name". \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 7; Partnership Act 1890, s. 4 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5793678 {\b\i\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Relations of Partners to Persons Dealing With Them \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 8. Power of partner to bind the firm}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid7157506\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 - }{\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Every partner is an agent of the firm and his other partners for the purpose of the business of the partnership; and the acts of every partner who does any act for carrying on in the usual way business of the kind car ried on by the firm of which he is a member bind the firm and his partners, unless the partner so acting has in fact no authority to act for the firm in the particular matter, and the person with whom he is dealing either knows that he has no authority or does not know or believe him to be a partner. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 8; Partnership Act 1890, s. 5 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 9. Partners bound by acts on behalf o}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid5793678\charrsid11491991 f}{ \b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 firm}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid7157506\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5793678\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 An act or instrument relating to the business of the firm, and done or executed in the firm name, or in any other manner showing an intention to bind the fir}{\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 m, by any person thereto author}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ised, whether a partner or not, is binding on the firm and all the partners: \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Provided that this section shall not affect any general rule of law relating to the execution of deeds or negotiable instruments. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 9; Partnership Act 1890, s. 6 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 10. Partner using cred}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 it of firm for private purposes}{ \b\fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 W here one partner pledges the credit of the firm for a purpose apparently not connected with the firm's ordinary course of business, the firm is not bound unless he is in fact specially authorised by the other partners; but this section does not affect any personal liability incurred by an individual partner. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid12453421\charrsid11491991 Cf.}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 1891, No. 6, s, 10; Partnership Act 1890, s. 7 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par 11. Effect of notice that firm will not be bound by acts of partne}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid10117506\charrsid11491991 r }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5793678\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 If it has been agreed between the partners that any restriction shall b e placed on the power of any one or more of them to bind the firm, no act done in contravention of the agreement is binding on the f}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 irm with respect to persons hav}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ing notice of the agreement. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid5793678\charrsid11491991 C}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 f. 1891, No. 6, s. 11; Partnership Act 1890, s. 8 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 12. Liability of partners}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5793678\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Every partner in a firm is liable jointly with the other partners for all debts and obligations of the firm incurred while he is a partner; and after his death his estate is also severally li}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 able in a due course of adminis}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 tratio n for such debts and obligations as far as they remain unsatisfied, but subject to the prior payment of his separate debts. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 12; Partnership Act 1890, s. 9 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 13. Liability of the firm for wrongs}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 - }{\fs24\lang5129\langfe1033\langnp5129\insrsid5793678\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Where by the wrongful act or omission of any partner acting in the ordinary course of the business of the firm, }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 or with the authority of his co}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 partners, loss or injury is caused to any person not being a partner in the firm, or any penalty is incurred, the firm is liable therefor to the same extent as the partner so acting or omitting to act. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 13; Partnership Act 1890, s. 10 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 14. Misapplication of money received for firm, etc}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 .}{ \fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid5793678\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 In the following cases, namely,}{\fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (a) Where one partner actin}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 g within the scope of his appar}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ent authority receives the money or property of a third person and misapplies it; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (b) Where a firm in the course of its business receives money or property of a third person, and the money or property so received is misapplied by one or more of the partners while it}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 is in the custody of the firm,}{\fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 the firm is liable to make good the loss. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 14; Partnership Act 1890, s. 11 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 15. J}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 oint and several liability}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Every partner is liable jointly with his co}{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 partners and also severally for everything for which the firm, while he is a partner therein, becomes liable under either of the two last preceding sections. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 15; Partnership Act 1890, s. 12 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 16. Improper employment of trust property for partnership purposes}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 If a partner, being a trustee, improperly employs trust property in the business or on the account of the partnership, no other partner is liable for the trust property to the persons beneficial}{ \fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 ly interested therein:}{\fs24\lang5129\langfe1033\langnp5129\insrsid4276553 \par \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 Provided }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 that}{\fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (a) This section shall not affect any liability incurred by any partner by reason of his having notice of a breach of trust; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (b) Nothing in this section shall prevent trust money from being followe d and recovered from the firm if still in its possession or under its control. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 16; Partnership Act 1890, s. 13}{ \fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 (U.K.)}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 17. Persons liable by }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid5793678\charrsid11491991 "}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 holding out}{ \b\fs24\lang5129\langfe1033\langnp5129\insrsid5793678\charrsid11491991 "}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid1651059\charrsid11491991 }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5793678\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) Every one who, by words spoken or written}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 , or by conduct, represents him}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 self, or who knowingly suffers himself to be represented, as a partner in a particular firm is liable as a partner to any one who has, on the faith of any such representation, given credit to the firm, whether the representation has or has not been made o r communicated to the person so giving credit by or with the knowledge of the apparent partner making the representation or suffering it to be made. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) Provided that where a}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 fter a partner's death the part}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 nership business is continue}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 d in the old firm name, the con}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 tinued use of that name or of the deceased partner's name as part thereof shall not of itsel}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 f make his executors or adminis}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 trators estate or effects liabl}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 e for any partnership debts con}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 tracted after his death. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 17; Partnership Act 1890, s. 14 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5793678 {\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid13259994 In subs. (2) the word "executors" and the word "administrators" are each followed in the statute book by an apostrophe; but in this reprint the apostrophes have been omitted in order to correct an apparent error}{ \lang5129\langfe1033\langnp5129\insrsid8727294\charrsid13259994 .}{\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid13259994 The apostrophes do not appear in s. 14 of the United Kingdom Act. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 18. Admissions and representations of partners}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid8727294\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 An admis}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 sion or representation made by any partner concerning the partnership affairs, and in the ordinary course of its business, is evidence against the firm. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 18; Partnership Act 1890, s. 15 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par 19. Notice to acting partner to be notice to firm}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid8727294\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Notice to any partner who habitually acts in the partnership business of any matter relating to partnersh ip affairs operates as}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 notice to the firm, except in the case of a fraud on the firm committed by or with the consent of that partner. \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 20. Liabilities of incoming and outgoing partners}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid8727294\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) A person who is admitted as a partner into an existing firm does not thereby become liable to the creditors of the firm for anything done before he became a partner. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) A partner who retires from a firm does not thereby cease to be liable for partnership debts or obligations incurred before his retirement. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (3) A ret iring partner may be discharged from any existing liabilities by an agreement to that effect between himself and the members of the firm as newly constituted and the creditors, and this agreement may be either express or inferred as a fact from the course of dealing between the creditors and the firm as newly constituted. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid8727294\charrsid11491991 Cf.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid8727294\charrsid11491991 1891, No.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{\fs24\lang5129\langfe1033\langnp5129\insrsid8727294\charrsid11491991 6, s.20;}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 Partnership Act 1890, s.17 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 21. Revocation of continuing guaranty by change in firm}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid8727294\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 A continuing guaranty given either to a firm or to a third person in respect of the transactions of a firm is, in the absence of agreement to the contrary, revoked as to future transactions by any change in the constitution of the firm to which, or of the firm in respect of the transactions of which, the guaranty was given. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid10961529\charrsid11491991 Cf.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid10961529\charrsid11491991 1891, No.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{\fs24\lang5129\langfe1033\langnp5129\insrsid10961529\charrsid11491991 6, s. 21; Partnership Act 1890, s.18 (U.K.)}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid3616682\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3616682 {\b\i\fs24\lang5129\langfe1033\langnp5129\insrsid3616682\charrsid11491991 Relations of Partners to One Another \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid3616682\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 22. Variation by consent of terms of partnership}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid8727294\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid4594832\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 The mutual rights and duties of partner s, whether ascertained by agreement or defined by thi}{\fs24\lang5129\langfe1033\langnp5129\insrsid2443045\charrsid11491991 s Act, may be varied by the con}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 sent of all the partners, and such consent may be either express or inferred from a course of dealing. \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13259994 {\fs24\lang5129\langfe1033\langnp5129\insrsid4594832\charrsid11491991 Cf. 1891, No.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid4594832\charrsid11491991 6, s.22; Partnership Act 1890, s.19 (U.K.)}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid4594832\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 23. Partnership property}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid8405327\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) All property and rights and interests in property originally brought into the partnership stock, or acquired (whether by purchase or otherwise) on account of the firm or for the purposes and in the course of the partnership bu}{ \fs24\lang5129\langfe1033\langnp5129\insrsid1077429\charrsid11491991 siness, are called in this Act "}{\fs24\lang5129\langfe1033\langnp5129\insrsid4594832\charrsid11491991 partnership property}{ \fs24\lang5129\langfe1033\langnp5129\insrsid1077429\charrsid11491991 "}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 , and must be held and applied by the partners exclusively for the purposes o}{ \fs24\lang5129\langfe1033\langnp5129\insrsid4594832\charrsid11491991 f the partnership and in accord}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ance with the partnership agreement. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4594832\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) Provided that the legal estate or interest in any land which belongs to the partnership shall devol ve according to the nature and tenure thereof and the general rules of law thereto applicable, but in trust, so far as necessary, for the persons beneficially interested in the land under this section. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4594832\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (3) Where co}{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 owners of an estate or interest in any l and not being itself partnership property are partners as to profits made by the use of that land or estate, and purchase other land or estate out of the profits to be used in like manner, the land or estate so purchased belongs to them, in the absence of an agreement to the contrary, not as partners, but as co}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 owners for the same respective estates and interests as are held by them in the land or estate first mentioned at the date of the purchase. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4594832\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 23; Partnership Act 1890, s. 20 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4594832\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 24. Property bought with partnership money}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid8405327\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid7867501\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Unless the contrary intention appears, property bought with money belonging to the firm is deemed to have been bought on account of the firm. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid7867501\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 24; Partnership Act 1890, s. 21 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid7867501\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 25. Conversion into personal}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid7867501\charrsid11491991 estate of land held as partner}{ \b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ship property}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid8405327\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Where land has become partnership property it shall, unless the contrary intention appears, be treated as between the partners (including the representatives of a deceased partner), and a lso as between the heirs of a deceased partner and his executors or administrators, as personal and not real estate. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid7867501\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid10961529\charrsid11491991 Cf. 1891, No. 6, s. 25; Partnership Act 1890, s. 22 (U.K.)}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par 26. Procedure against partnership property for partner's separate judgment debt}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid8405327\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) A writ of execution shall not issue against any partnership property except on a judgment against the firm. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) The Supreme Court or a judge thereof may, on the application by summons of }{\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 any judgment creditor of a part}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ner, make an order charging that partner's interest in the partnership property and profits with payment of the amount of the judgment debt and interest thereon; and may by the same or a subsequent order app oint a receiver of that partner's share of profits (whether already declared or accruing), and of any other money coming t}{\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 o him in respect of the partner}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ship, and direct all accounts and inquiries and give all other}{\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 orders and directions which might have b een directed or given if the charge had been made in favour of the judgment creditor by the partner, or which the circumstances of the case require. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 [}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2A) On the application of any judgment creditor who has obtained in, or removed into}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 , the Magistrate's Court a judg}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ment, order, or decree for the payment of a sum of money, a Magistrate's Court may make any order that may be made by the Supreme Court under this section.}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ]}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (3) The other partner or partners shall be at liberty at any time to redeem the interest charged or, in case of a sale being directed, to purchase the same. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 26; Partnership}{ \fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 Act 1890, s.23 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1)}{\fs24\lang5129\langfe1033\langnp5129\insrsid8405327\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid8405327\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (3) (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid13259994 Subs. (2A) was inserted by s. 46 of }{\lang5129\langfe1033\langnp5129\insrsid8405327\charrsid13259994 the Statutes Amendment Act 1947.}{\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid13259994 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 27. Rules as to interests and duties of partners}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid8405327\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 The interests of partners in the partnership property, and their rights and duties in relation to the partnership, shall be determined, subject to any agreement (express or implied) between the partners, by the following rules: \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (a) All the partners are entitled to share equally in the capital and profit}{ \fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 s of the business, and must con}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 tribute equally towards the losses, whether of capital or otherwise, sustained by the firm. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (b) The firm must indemnify every partner in respect of payments made and perso}{ \fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 nal liabilities incurred by him}{\fs24\lang5129\langfe1033\langnp5129\insrsid8405327\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (i) In the ordinary and proper conduct of the business of the firm; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (ii) In or about anything necessarily done for the preservatio}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 n of the business or property of the firm}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 partner making, for the purpose of the partnership, any actual payment or advance beyond the amount of capital which he has agreed to subscribe is entitled to interest at the rate of five per cent per annum from the date of the payment or advance. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 (c) A partner making, for the purpose of partnership, any actual payment or advance beyond the amount of capital which he has agreed to subscribe is entitled to interest at the rate of five per sent per annum from the date of the payment or advance. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (d) A part ner is not entitled, before the ascertainment of profits, to interest on the capital subscribed by him. }{\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (e) Every partner may take part in the management of the partnership business. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (f) No partner shall be entitled to remuneration for acting in the partnership business. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4746015\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (g) No person may be introduced as a partner without the consent of all existing partners.}{ \fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 (h) Any difference arising as to ordinary matters connected with the partn ership business may be decided by a majority of partners, but no change may be made in the nature of the partnership business without the consent of all existing partners. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (i) The partnership books are to be kept at the place of business of the partnershi p (or the principal place if there is more than one), and every partner may when he thinks fit have access to and inspect and copy any of them. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13259994 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 27; Partnership Act 1890, s. 24 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 28. Expulsion of partner}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid2239111\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 A majority of the partners can}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 not expel any partner unles}{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 s a power to do so has been con}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ferred by express agreement between the partners. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 28; Partnership Act 1890, s. 25 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 29. Retirement from partnership at will}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid2239111\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) Where no fixed term has been agreed up}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 on for the duration of the part}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 nership, any partner may determine the partnership at any time on giving notice of his intention so to do to all the other partners. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) Where the partnership has originally been constituted by deed, a notice in writing, signed by the partner giving it, shall be sufficient for this purpose. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 29; Partnership Act 1890, s. 26 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 30. Conditions of partnership where term continued over}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid2239111\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) Where a partnership entered into for a fixed term is continued after the term has expired, and without any expressed new agreement, the rights an}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 d duties of the part}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ners remain the same as they were at the expiration of the term, so far as is consistent with the incidents of a partnership at will. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) A continuance of the business by the partners, or such of them as habitually acted therein during the term, without any settlement or liquidation of}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2239111\charrsid11491991 the partnership affairs is pre}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 sumed to be a continuance of the partnership. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 30; Partnership Act 1890, s. 27 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 31. Duty to render accounts, etc}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 .}{\fs24\lang5129\langfe1033\langnp5129\insrsid2239111\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Partners are bound to render true accounts and full i}{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 nformation of all things affect}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ing the partnership to any partner or his legal representatives. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid12917448\charrsid11491991 Cf. 1891, No.}{\fs24\lang5129\langfe1033\langnp5129\insrsid12917448 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid12917448\charrsid11491991 6, s.}{\fs24\lang5129\langfe1033\langnp5129\insrsid12917448 }{\fs24\lang5129\langfe1033\langnp5129\insrsid12917448\charrsid11491991 31; Partnership Act 1890, s.}{ \fs24\lang5129\langfe1033\langnp5129\insrsid12917448 }{\fs24\lang5129\langfe1033\langnp5129\insrsid12917448\charrsid11491991 28 (U.K.)}{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 32. Partners to account for private profits}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid2239111\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 (1) Every part}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ner must account to the firm for any benefit derived by him without the consent of the }{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 other partners from any transac}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 tion concerning the partnership, or from any use by him of the partnership property, name, or business connection. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) This section applies also to transactions undertaken after a partnership has been dissolved by the death of a partner, and before the affairs thereof have been comp letely wound up, either by any su}{\fs24\lang5129\langfe1033\langnp5129\insrsid14486491\charrsid11491991 rviving partner or by the repre}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 sentatives of the deceased partner. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 32; Partnership Act 1890, s. 29 (U.K}{ \fs24\lang5129\langfe1033\langnp5129\insrsid1077429\charrsid11491991 .}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid12743270\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 33. Partner not to compete with firm}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid2239111\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 - }{\fs24\lang5129\langfe1033\langnp5129\insrsid14486491\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 If a partner, without the consent of the other partners, carries on any business of the same nature as and competing with that of the firm, he must account for and pay over to the firm all profits made by him in that business. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid14486491\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid14486491\charrsid11491991 Cf. 1891, No.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid14486491\charrsid11491991 6, s.}{\fs24\lang5129\langfe1033\langnp5129\insrsid10961529\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid14486491\charrsid11491991 33; Partnership Act 1890, s.30 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid14486491\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 34. Rights of assignee of share in partnership}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid2239111\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid14486491\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) An assignment by any partner of his share in the partnership, either absolute or by way of mortgage, does not, as against the other partners, entitle the assignee, during the continuance of the partnership, to inter}{ \fs24\lang5129\langfe1033\langnp5129\insrsid12462714\charrsid11491991 fere in the management or admin}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 istration of the partnership business or affairs, or to require any account of the partnership transactions, or to inspect the partnership books, but entitles the assignee only to receive the share of profits to which th}{ \fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 e assigning partner would other}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 wise be entitled, and the assignee must accept the account of profits agreed to by the partners. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) In case of a dissolution of the partnership, whether as respects all the partners or as respects the assigning partner, the as signee is entitled to receive the share of the partnership assets to which the assigning partner is entitled as between himself and the other partners}{\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 , and, for the purpose of ascer}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 taining that share, to an account as from the date of the dissolution. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13566225 {\fs24\lang5129\langfe1033\langnp5129\insrsid13566225\charrsid11491991 Cf. 1891, No.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid13566225\charrsid11491991 6, s.}{\fs24\lang5129\langfe1033\langnp5129\insrsid10961529\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid13566225\charrsid11491991 34; Partnership Act 1890, s.31 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid13566225\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2298162 {\b\i\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Dissolution of Partnership and its Consequences \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 35. Dissolution by expiration or notice}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13566225\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) Subject to any agreement between the partne}{\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 rs, a partnership is dissolved,}{\fs24\lang5129\langfe1033\langnp5129\insrsid13566225\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (a) If entered into for a fixed term, by the expiration of that term: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 (b) If }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 entered into for a single adventure or undertaking, by the termination of}{\fs24\lang5129\langfe1033\langnp5129\insrsid13566225\charrsid11491991 that adventure or undertaking:}{\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid13380732\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 (c) If }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 entered into for an undefined time, by any partner giving notice to the other or others of his intention to dissolve the partnership. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) In the last}{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 mentioned case the partnership is dissolved as from the date mentioned in }{\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 the notice as the date of disso}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 lution, or, if no date is so mentioned, as from the date of the communication of the notice. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 35; Partnership Act 1890, s. 32 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid4866036\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 36. Dissolution by death, bankruptcy, or charge}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13566225\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid13380732\charrsid11491991 (1) Sub}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ject to any agreement between the partners, every partnership is dissolved as regards all the partners by the death or bankruptcy of any partner. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid13380732\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) A partnership may, at the option of the other partners, be dissolved if any partner suffers his share of the partnership property to be charged under this Act for his separate debt. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid13380732\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 36; Partnership Act 1890, s. 33 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid13380732\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 37. Dissolution by illegality of partnership}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13566225\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 A partnership is in every case dissolved by the happening of any event which makes it unlawful for the business of the firm to be carried on or for the members of the firm to carry it on in partnership. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid13380732\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 37; Partnership Act 1890, s. 34 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 38. Dissolution by the Court}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13566225\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 On application by a partner the Court may declare a dissolution of the partnership in any of the following cases: \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (a) Where a partner is found lunatic by inquisition, or is shown to the satisfaction of the Court to be of permanently unsound mind, in either of which cases the application may be made as well on behalf of that partner by his committee or next friend or person having title to intervene as by any other partner: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (b) Where a partner, other than the partner suing, becomes in any other way p}{ \fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 ermanently incapable of perform}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ing his part of the partnership contract: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (c) Where a partner, other than the partne r suing, has been guilty of such conduct as in the opinion of the Court, regard being had to the nature o}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 f the busi}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ness, is calculated to}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 prejudicially affect the carry}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ing on of the business:}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (d) Where a partner, other than the partner suing, wilfully or persistently commits a breach o}{ \fs24\lang5129\langfe1033\langnp5129\insrsid1077429\charrsid11491991 f}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 the partnership agreement, or other}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 wise so conducts himself in mat}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ters relating to the partnership business that it is not reasonably practicable for the other partner or partners to carry on the business in partnership with him \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (e) Where the business of the partnership can only be carried on at a loss: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (f) Where circumstances have arisen which, in the opinion of the Court, render it just and equitable that the partnership be dissolved. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13259994 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 38; Partnership Act 1890, s. 35 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 39. Rights of persons dealing with firm against apparent members}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6444291\charrsid11491991 }{ \b\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) Where a person deals with a firm after a change in its constitution, he is entitled to treat all apparent members of the old firm as still being members of the firm until he has notice of the change. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) An advertisement in the }{\i\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Gazette}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 shall be notice as to pe}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 rsons who had not dealings with }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 the firm before the date of the dissolution or change so advertised. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (3) The estate of a partner who dies or who becomes bankrupt, or of a partner who, not having been known to the person dealing wi th the firm to be a partner, retires from the firm, is not liable for partnership debts contracted after the date of the death, bankruptcy, or retirement respectively. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 39; Partnership Act 1890, s. 36 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 40. Right of partners to notify dissolution}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid10823971\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 On the disso}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 lution of a partnership or retirement of a partner any partner may publicly notify the same,}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 and may require the other part}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ner or partners to concur for that purpose in all necessary or proper acts, if any, which cannot be done without his or their concurrence. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 40; Partnership Act 1890, s. 37 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 41. Continuing authority o}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 f partners for purposes of wind}{ \b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ing up}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid10823971\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 After the dissolution of a partnership the authority of each partner to bind the firm, and t he other rights and obligations of the partners, continue (notwithstanding the dissolution) so far as may be necessary to wind up the affairs of the partnership and to complete transactions begun but unfinished at the time of the dissolution, but not othe rwise: \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Provided that the firm is in no case bound by the acts of a partner who has become bankrupt; but this proviso does not affect the liability of any person who has after the bankruptcy represented himself, or knowingly suffered }{ \fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 himself to be repre}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 sented, as a partner of the bankrupt. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 41; Partnership Act 1890, s. 38 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 42. Rights of partners as to application of partnership property}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid10823971\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 On the dissolution of a partnership every partner is entitled as against the other partners in the firm, and all persons claiming through them in respect of their interests as partners, to have the property of the partnership applied in payment of the debts and liabilities of the firm, and to have the surplus assets after such payment applied in p a yment of what may be due to the partners respectively after deducting what may be due from them as partners of the firm; and for that purpose any partner or his representatives may, on the termination of the partnership, apply to the Court to wind up the business and affairs of the firm. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 42; Partnership Act 1890, s. 39 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 43. Apportionment of }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 premium where partnership prema}{ \b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 turely dissolved}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid10823971\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Where one partner has paid a premium to another on entering into a partnership for a fixed term, and the partnership is dissolved before the expiration of that term otherwise than by the death of a partner, the Court may order the repayment of the premium or of such part thereof as it thinks just, having regard to the terms of the partnership c ontract and to the length of time during which the pa}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 rtnership has continued, unless}{\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (a) The dissolution is, in the judgment of the Court, wholly or chiefly due to the misconduct of the partner who paid the premium; or \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (b) The partnership has been disso lved by an agreement containing no provision for a return of any part of the premium. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13259994 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 43; Partnership Act 1890, s. 40 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par 44. Rights where partnership dissolved for fraud or mis}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 representation}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Whe re a partnership contract is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is, without prejudice to any other right, entitled}{ \fs24\lang5129\langfe1033\langnp5129\insrsid11150446\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 (}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 a) To a lien on or right of retention of the surplus of the partnership assets, after satisfying the partnership liabilities, for any sum of money paid by him for the purchase of a share in the partnership and for any capital contributed by him; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (b) To stand in the place of the creditors of the firm for any payments mad}{ \fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 e by him in respect of the part}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 nership liabilities; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (c) To be indemnified, by the person guilty of the fraud or making the representation, against all the debts and liabilities of the firm. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13259994 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 44; Partnership Act 1890, s. 41 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 45. Right of outgoing partner to share profits made after dissolution}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) Where any}{ \fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 member of a firm dies or other}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 wise ceases to be a partner, and the surviving or continuing partners carry on t he business of the firm with its capital or assets without any final settlement of accounts as between the firm and the outgoing partner or his estate, then, in the absence of any agreement to }{ \fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 the contrary, the outgoing part}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ner or his estate is entitled, a t the option of himself or his representative, to such share of the profits made since the dissolution as the Court may find to be attributable to the use of his share of the partnership assets, or to interest at the rate of five per cent per annum on the amount of his share of the partnership assets. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) Provided that where by}{\fs24\lang5129\langfe1033\langnp5129\insrsid11150446\charrsid11491991 the partnership contract an op}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 tion is given to surviving or continuing partners to purchase the interest of a deceased or outgoing partner, and that option is duly exercised, the es tate of the deceased partner or `the outgoing partner, or his estate, as }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 the case may be, is not en}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 titled to any further or other sh}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 are of profits; but if any part}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 ner assuming to act in exercise of the option does not in all material respects comply with the terms thereof he is liable to account under the forgoing provisions of this section. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 45; Partnership Act 1890, s. 42 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 46. Retiring or deceased partner's share to be a debt}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Subject to any agreement between the partners, the amount due from surviving or continuing partners to an outgoing partner or the representatives of a deceased partner, in respect of the outgoing or deceased partner's share, is a debt accruing at the date of the dissolution or death. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 46; Partnership Act 1890, s. 43 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 47. Distribution of assets on final settlement of accounts}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 In settling accounts between the partners after a dissolution of partnership the following rules shall, subject to any agreement, be observed: \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (a) Losses, including losses and deficiencies of capital, shall be paid first out of profits, next out of capital, and lastly, if necessary, by the partners individually in the proportion in which they were entitled to share profits. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (b) The assets of the firm, }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 including the sums (if any) con}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 tributed by the partner}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 s to make up losses or deficien}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 cies of capital, shall be applied in the following manner and order: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 (i) In paying the debts and liabilities of the firm to persons who are not partners therein: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 (ii) In paying to each partner rateably what is due from the firm to him for advances as distinguished from capital: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 (iii) In paying to each partner rateably what is due from the firm to him in respect of capital: \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 (iv) The ultimate residue, if any, shall be divided among the partners in the proportion in which profits are divisible. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid9184457\charrsid11491991 Cf.}{\fs24\lang5129\langfe1033\langnp5129\insrsid9184457 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid9184457\charrsid11491991 1891, No.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{\fs24\lang5129\langfe1033\langnp5129\insrsid9184457\charrsid11491991 6, s.47; Partnership Act 1907, s.44 (U.K.)}{ \fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2298162 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 PART II \par SPECIAL PARTNERSHIPS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid2298162\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 48. Part I not to affect special partnerships}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Part I of this Act shall not affect special partnerships except in so far as the general law relating to partners is declared by the succeeding provisions hereof to be applicable to special partnerships. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1891, No. 6, s. 49; Limited Partnerships Act 1907, s. 7 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 49. Special partnerships may be formed, except for banking and insurance}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid1903329\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Special partnerships may be formed for the transaction of agricultural, mining, mercantile, mechanical, manufacturing, or other business, by any number of persons, upon the terms and subject to the conditions and liabilities hereinafter prescribed: \par \par Provided that nothing herein shall authorise any such}{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 partnership for the purpose either of banking or insurance. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid2298162 {\fs24\lang5129\langfe1033\langnp5129\insrsid9184457\charrsid11491991 Cf.}{\fs24\lang5129\langfe1033\langnp5129\insrsid9184457 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid9184457\charrsid11491991 1880, No.}{\fs24\lang5129\langfe1033\langnp5129\insrsid9184457 }{\fs24\lang5129\langfe1033\langnp5129\insrsid9184457\charrsid11491991 12, s.}{ \fs24\lang5129\langfe1033\langnp5129\insrsid9184457 }{\fs24\lang5129\langfe1033\langnp5129\insrsid9184457\charrsid11491991 59; Limited Partnerships Act 1907, s. 4(1) (U.K.)}{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 50. General and special partners, and their liabilities}{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Every special partnership may consist of general partners, who shall be jointly and severally responsible as general partners are now by law, and of persons, to be called special partners, who shall contribute to the common stock specific sums in money as capital, beyond which they shall not be responsible for any debt of the partnership except in cases hereinafter provided for. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid1666426\charrsid11491991 Cf.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid1666426\charrsid11491991 1880, No.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{\fs24\lang5129\langfe1033\langnp5129\insrsid1666426\charrsid11491991 12, s.60}{ \fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 ; Lim}{\fs24\lang5129\langfe1033\langnp5129\insrsid1666426\charrsid11491991 ited Partnerships Act 1907, s.}{\fs24\lang5129\langfe1033\langnp5129\insrsid5704958\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid1666426\charrsid11491991 4}{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 (2) (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 51. Certificates to be signed by partners}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 All the persons forming any special partnership shall, before commencing business}{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 , sign a certificate containing}{\fs24\lang5129\langfe1033\langnp5129\insrsid798149\charrsid11491991 } {\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (a) The style of the firm under which the partnership is to be conducted; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (b) The names and places of residence of all the partners, distinguishing the gen}{ \fs24\lang5129\langfe1033\langnp5129\insrsid13259994 eral from the special partners;}{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (c) The amount of capital which each special partner con tributes, and also (if any) the amou nt contributed, by the general partners to the common stock; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (d) The general nature of}{\fs24\lang5129\langfe1033\langnp5129\insrsid6701225\charrsid11491991 the business to be transacted;}{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (e) The principal or only p}{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 lace at which it is to be trans}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 acted; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (f) The time when such partnership is to commence and when it is to terminate. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid798149\charrsid11491991 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid1077429 {\fs24\lang5129\langfe1033\langnp5129\insrsid798149\charrsid11491991 Cf.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid798149\charrsid11491991 1880, No.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{\fs24\lang5129\langfe1033\langnp5129\insrsid798149\charrsid11491991 12, s.61; Limited Partnerships Act 1907, s.8 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid798149\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 52. Style of partnership}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Such style or firm shall contain the names of general partners only, or the name of one such partner, with (in either case) the add}{\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 ition of the words \'93and Company\'94}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 , and the general partners only shall transact the business of the partnership. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6701225\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 Cf. 1880, No.}{\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 12, s.62 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid8354543\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 53. When special partner deemed general partner}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \b\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 If in carrying on such business or }{ \fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 in any contract connected there }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 with the name of any special partner is used with his consent or privity, or if he personally makes any contract respecting}{\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 the concerns of the partnership, he shall be deemed to be a general partner with respect to the contract or matter in which his name has been s}{\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 o used or as to which he so con}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 tracted. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 63; Lim}{\fs24\lang5129\langfe1033\langnp5129\insrsid7370311\charrsid11491991 ited Partnerships Act 1907, s.}{\fs24\lang5129\langfe1033\langnp5129\insrsid5704958\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid7370311\charrsid11491991 6}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 54. Certificates to be acknowledged and registered}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (l) A special partnership shall not be deemed formed until such certificate as aforesaid is acknowledged by each partner before some justice, and registered in the office of the Supreme Court}{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 in a book to be kept for that purpose by the Registrar of such Court, open to public inspection. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) Every such certificate shall be so registered at the Supreme Court office at or nearest to the principal or only place at which the business of}{ \fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 the partnership is to be trans}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 acted. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 64; Limited Partnerships Act 1907, ss. 5, 8 (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 55. False statement in certificate: partners liable as general partners}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 f any false statem}{ \fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 ent is made in any such certifi}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 cate, all the persons interested in the special partnership shall be liable for all the engagements thereof as general partners: \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Provided that no clerical error or matter not of substance shall be deemed false within the meaning of this section unless some person is prejudiced thereby, in which case the special partners shall be liable to the person so prejudiced. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid4356241\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 65 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid5266856\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 56. Copy of certificate to be published}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6701225\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 (}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 1) A copy of such certificate shall be published once at least in the }{\i\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Gazette}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 and twice in some newspaper published at the intended principal place of business of the special partnership, or at the nearest place to such place of business where a newspaper is published. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6701225\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) If such publication is not so made, the partnership shall be deemed general. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6701225\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 66 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6701225\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 57. Duration of partnerships}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 A special partnership shall not be entered into for a longer period than seven years, but any such partnership may be renewed at the end of that period or at the termination of any shorter period for which it was formed. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 67 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 58. Certificate to be signed on renewal}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) Upon every renewal or continuation beyond the time originally agreed on for the duration of a special partnership a certificate thereof shall be signed, acknowledged, registered, and published in like manner as the original certificate. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) Every partnership renewed or continued otherwise than in conformity with the provisions of this section shall be deemed general. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 68 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 59. Capital stock not to be withdrawn}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 During the continuance of any special partnership no part of the certified capital thereof shall be withdrawn, nor shall any division of interest or profit be made so as to reduce such capital below the aggregate amount stated in the certificate. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 69; Limited Partnerships Act 1907, s.}{ \fs24\lang5129\langfe1033\langnp5129\insrsid7760209\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 4(3) (U.K.) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 60. When special partners liable to refund capital withdrawn}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (1) If any part of such capital is withdrawn, or any such division is made, so that at any time during the continuance or at the termination of the special partnership the assets are insufficient to pay the partnership debts, the special partners shall be severally liable to refund every sum received by them respectively in diminution of such capital or by way of such interest or profit. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 (2) All such sums may be recovered as money had and received by them respectively to the use of the general partners; an d may in the case of any judgment being obtained against the general partners, be recovered by the plaintiff against the special partners, or any of them, by process of execution issued under such judgment by leave of the Supreme Court. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 70 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 61. Suits to be by and against general partners}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 All suits respecting the business of any special partnership shall be prosecuted by and against the general partners only, except in the cases in which it is provided by this Act that special partner s shall or may be deemed general partners, in which cases every special partner who becomes liable as a general partner may be joined or not in the action as a defendant, at the discretion of the party suing. \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 71 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par 62. Dissolution, how effected}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 A dissolution of a special partnership shall not take place, except by operation of law, before the time specified in the certificate, unless a notice of such dissolution is signed, ac}{ \fs24\lang5129\langfe1033\langnp5129\insrsid11758444\charrsid11491991 knowledged, registered, and pub}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 lished in like manner as the original certificate. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 72 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 63. Cases not specially provided for}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 In all cases not hereinbefore otherwise provided for all the members of a special partnership shall be subject to the liabilities and entitled to the rights of general partners. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid5056180\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 73 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 64. Accounting}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5056180\charrsid11491991 T}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 he general partners shall be liable to account to each other and to the special partners for their management of the partnership concerns as other partners are by law. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 74 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid6555996\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 65. Frauds by partners}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5056180\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Every partner guilty of any fraud in the affairs of the partnership shall be liable civilly to the party injured to the extent of his damage, and shall also be liable to an indictment for a crime punishable by fine or imprisonment, or both, at the discretion of the Court by which he is tried. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid5056180\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 75 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid5056180\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 66. Books of account t}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6701225\charrsid11491991 o be kept, and to be open to in}{ \b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 spection}{\b\fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5056180\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 If the general partners do not at all times cause regular books of account to be kept, or do not have the same open at all reasonable times to the inspection of the special partners, such special partners shall be entitled to have the special partnership dissolved and the accounts thereof taken by the Supreme Court. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid5056180\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid6701225 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 76 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 \par }{\b\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 67. Liability of special partners if books not kept, etc}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 .}{ \fs24\lang5129\langfe1033\langnp5129\insrsid13123022\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 }{ \fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 If the books of any special partnership are, with the knowledge or privity of the special partners or any of them, kept incorrectly, or contain any false or decep}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 tive entries, whereby the ascer}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 tainment of the matters mentioned in sections fifty}{ \fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 nine and sixty hereof are or may be affected, the certified capital of}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 such special partners or such one or more of them having such knowledge or privity shall as against creditors be deemed to have been withdrawn, and they or he shall be liable accordingly under the provisions of the said section sixty. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5728322 {\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Cf. 1880, No. 12, s. 77 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5728322 {\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 ________ \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5728322 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 SCHEDULE \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 Section 1 (2) \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5728322 {\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5728322 {\b\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid13259994 ENACTMENTS CONSOLIDATED \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3348417 {\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 1880, No. 12}{\fs24\lang5129\langfe1033\langnp5129\insrsid9134282\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid9134282\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 The Mercantile Law Act 1880: Sections }{\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 59 to 77. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 1891, No. 6}{\fs24\lang5129\langfe1033\langnp5129\insrsid9134282\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid3348417\charrsid11491991 -}{ \fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 }{\fs24\lang5129\langfe1033\langnp5129\insrsid6364417\charrsid11491991 The Partnership Act 1891. \par }{\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5728322 {\fs24\lang5129\langfe1033\langnp5129\insrsid13259994 ----------------------------}{\fs24\lang5129\langfe1033\langnp5129\insrsid5728322\charrsid11491991 \par }}