1110
THE HONGKONG GOVERNMENT GAZETTE, 5TH DECEMBER, 1896.
Retiring or deceased
periner's share To be a debt. (hid, s. 43)
Jule for distribution of assets on final settlement of accounts. (Ibid, s. 44.)
Saving for
rules of equity and common law.
(Ibid, s. 46.)
Kepeal of
Ordinances. Schedule.
may be, is not entitled to any further or other share of profits; but if any partner 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 preceding provisions of this section.
45. 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.
46. In settling accounts between the partners after a dissolution of partnership, the following rules shall, subject to any agreement, be observed :---
(1.) 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; and
(2.) The assets of the firm, including the sums, if any, contributed by the partners to make up losses or defi- ciencies of capital, shall be applied in the following manner and order :-
(a.) In paying the debts and liabilities of the firm to
persons who are not partners therein;
(b.) In paying to each partner rateably what is due from the firm to him for advances as distinguished from capital;
(e.) In paying to each partner rateably what is due from the firm to him in respect of capital; and (d.) The ultimate residue, if any, shall be divided among the partners in the proportion in which profits are divisible.
Miscellaneous Provisions.
47. 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 provisious of this Ordi-
nance.
48. The Ordinances mentioned in the Schedule to this Ordinance are hereby repealed to the extent mentioned in the third column of that Schedule.
SCHEDULE.
TABLE OF ORDINANCES REPEALED.
Number and Year of Ordinance.
Title or Short Title and Date of Ordinance.
Extent of Repeal.
No. 13 of 1864.
No. 7 of 1867.
The Mercantile Law Amendment Ordi- nance, 1864. [13th September, 1864.]
An Ordinance to amend the Law of Part-
nership. [17th June, 1867.]
Section 5,
The whole.
Objects and Reasons.
In pursuance of the policy exemplified by the Factors Ordinance, 1896, (No. 6 of 1896), the Sale of Goods Ordinance, 1896, (No. 7 of 1896), and various other Ordi- nances intended to assimilate the Statute Law of the Colony to that of the Mother Country, this Bill has been prepared with the object of placing upon the local Statute Book the provisions of the Imperial Partnership Act, 1890, (53 and 54 Vict. c. 39). That Act embodies a convenient and well arranged digest of the principal rules of law relating to partnerships, and this Bill is almost entirely a transcript of its provisions, very slight modifications having been required to adapt it to the circumstances of the Colony.
2. It is proposed in clause 48 to repeal certain local enactments corresponding to enactments of the Imperial Parliament which have been repealed by the Partnership Act, 1890.
HENRY E. POLLOCK,
Acting Attorney General.