D1897.]
PARTNERSHIP.
[No. 1.
279
ORDINANCE No. 1 OF 1897.
ORDINANCE to codify the Law relating to Partnership. A.D. 1897.
[15th May, 1897.]
It is 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 Partnership Ordinance, 1897.
In this Ordinance, unless the context otherwise requires,-
"The Court" includes every court and judge having jurisdiction in the case:
"Business" includes every trade, occupation, or profession.
Nature of Partnership.
Ordinance No. 2 of 1897. 53 & 54 Vict. c. 39.
Short title.
Interpretation of terms.
3.(1.) Partnership is the relation which subsists between persons carrying on a business in common with a view of profit.
(2) But the relation between members of any company or association
(a.) registered as a company under the Companies Ordinance, 1865, No. 1 of 1865,
or any other Ordinance for the time being in force and relating to the registration of joint stock companies; or
(b.) formed or incorporated by or in pursuance of any other Ordinance, or any Act of Parliament, or letters patent, or Royal Charter,
is not a partnership within the meaning of this Ordinance.
4. In determining whether a partnership does or does not exist, regard shall be had to the following rules:-
(1) Joint tenancy, tenancy in common, joint property, common 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;
(2) The sharing of gross returns does not of itself create a partnership, whether the persons sharing such returns 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;
(3) The receipt by a person of a share of the profits of a business is prima facie evidence that he is a partner in the business, but the
Rules for determining existence of partnership.