LIMITED PARTNERSHIPS.
No. 18 of 1912.
2191
No. 18 of 1912.
An Ordinance to establish limited partnerships.
Originally No. 18 of 1912.
[1st June, 1912.]
[Law Rev. Ord., 1924.]
(1) This Ordinance may be cited as the Limited Partnerships Ordinance, 1912.
(2) This Ordinance shall apply 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 this Ordinance,
("Firm", "firm name" and "business" have the same meanings as in the Partnership Ordinance, 1897.
7 Edw. 7,
(b) "General partner" shall mean any partner who is not a limited partner as defined by this Ordinance.
Ordinance No. 1 of 1897.
(c) "Registrar of Companies" shall mean the officer appointed for the registration of companies under the Companies Ordinance, 1911.
Ordinance No. 58 of 1911.
constitution of limited partnership.
3.--(1) Limited partnerships may be formed in the manner and subject to the conditions by this Ordinance provided.
(2) A limited partnership shall not consist in any case of more than twenty persons, and must consist of one or more persons called general partners, who shall be liable for all debts and obligations of the firm, and one or more persons to be called limited partners, 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 receive 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.
* As amended by Law Rev. Ord., 1924.