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THE HONGKONG GOVERNMENT GAZETTE, MAY 17, 1912.
HONGKONG.
No. 18 OF 1912.
An Ordinance to establish Limited Partnerships.
I assent to this Ordinance.
CLAUD SEVERN,
Short title.
Interpreta- tion of
terms
7 Ed. 7 c. 24 x. 3.
Ordinance No. 1 of 1897.
Ordinance
No. 58 of 1911.
Definition and con- stitution of limited partnership. 7 Ed. 7 c. 24 s. £.
Registration of limited partnership required. Ib. s .5.
LS
Officer Administering the Government.
17th May, 1912.]
Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows :-
1. This Ordinance may be cited as the Limited Part- nerships Ordinance, 1912, and shall apply only to such partnerships carrying on business in the Colony as in the opinion of the Registrar of Companies can properly be described as Non-Chinese Partnerships.
2. In the construction of this Ordinance the following words and expressions shall have the meanings respectively assigned to them in this section, unless there be something in the subject or context repugnant to such construction :---
"Firm", "firm name", and "business" have the same meanings as in the Partnership Ordinance, 1897.
54
· General Partner" shall mean any partner who is not
a limited partner as defined by this Ordinance.
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Registrar of Companies shall meau the officer appointed for the registration of companies under the Companies Ordinance, 1911,
"The Court" shall mean the Supreme Court.
3.1.) From and after the commencement of this Ordinance limited partnerships may be formed in the man- ner and subject to the conditions by this Ordinance pro-
vided.
(2.) A limited partnership shall not cousist, in the case of a partnership carrying on the business of banking, of more than twenty persons, and, in the case of any other part- nership, of more than twenty persons, and must consist of one or more persons called general partners, who shall be Hable for all debts and obligations of the firm, and one or more persons to be called limited partuers, who shall at the time of entering into such partnership contribute thereto a sum or sums as capital or property valued at a stated amount, and who shall not be liable for the debts or obligations of the firm beyond the amount so contributed.
(3.) A limited partner shall not during the continuance of the partnership, either directly or indirectly, draw out or receive back any part of his contribution, and if he does so draw out or receivo back any such part, shall be liable for the debts and obligations of the firm up to the amount so drawn out or received back.
(4.) A body corporate may be a limited partner,
4. Every limited partnership must be registered as such in accordance with the provisious of this Ordinance, or in default thereof it shall be deemed to be a general partnership, and every limited partner shall be deemed to to be a general partner.