THE HONGKONG GOVERNMENT GAZETTE, 5TH DECEMBER, 1896.
:
26. 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 :-
(1.) All the partners are entitled to share equally in the capital and profits of the business, and must con- tribute equally towards the losses, whether of capital or otherwise, sustained by the firm; (2.) The firm must indemnify every partner in respect of payments made and personal liabilities incurred by
him-
(a.) In the ordinary and proper conduct of the busi-
ness of the firm; or
(b.) In or about anything necessarily done for the preservation of the business or property of the firm;
(3.) Aipartner making, for the purpose of the partnership, any actual payment or advance beyond the amount of capital which he has agreed to subscribe, is enti- tled to interest at the rate of eight per cent. per annum from the date of the payment, or advance; (4.) A partner is not entitled, before the ascertainment of profits, to interest on the capital subscribed by him; (5.) Every partner may take part in the management of
the partnership business;
(6.) No partner shall be entitled to remuneration for
acting in the partnership business;
(7.) No person may be introduced as a partner without the
consent of all existing partners;
(8.) Any difference arising as to ordinary matters con- nected with the partnership business may be decided by a majority of the partners, but no change may be made in the nature of the partnership business with- out the consent of all existing partners; and (9.) The partnership books are to be kept at the place of business of the partnership (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.
27. No majority of the partners can expel any partner unless a power to do so has been conferred by express agreement between the partners..
28.-(1.) Where no fixed term has been agreed upon for the duration of the partnership, any partner may deter- mine the partnership at any time on giving notice of his intention to do so to all the other partners.
(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.
29.-(1.) Where a partnership entered into for a fixed term is continued after the term has expired, and without any express new agreement, the rights and duties of the partners 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.
(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 the partnership affairs, is presumed to be a continuance of the partnership.
30. Partners are bound to render true accounts and full information of all things affecting the partnership to any partner or his legal representatives.
31.-(1.) Every partner must account to the firm for any benefit derived by him, without the consent of the other partners, from any transaction concerning the partnership, or from any use by him of the partnership property, name, or business connexion.
(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 completely wound up, either by any surviving partner or by the repre- sentatives of the deceased partner.
32. 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.
33.-(1.) An assignment by any partner of his share in the partnership, either absolute or by way of mortgage or redeemable charge, does not, as against the other partners, entitle the assignee, during the continuance of the partner-
Rules as to luterests and duties of partners, subject to special
en E.
agres (Ibid, s. 24.)
Expulsion of partner. (Ibid, s. 95.)
Retirement from partner- #hip at will. (Ibid, 8. 26.)
Where partucr- ship for term is continued over, continu- ance on old terms presumed. (Tbul, s. 27.)
Duty of
pariners to ronder accounts, etc. (Ibid, &. 28.)
Account- ability of partners for private profits. (Loid, 6. 29.)
Duty of partner not to Compete with firm.
(Ibid, a. 30.)
Rights of assignee of share in partnership. (Ilid, s. 31.)
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