PARTNERSHIP.
-1897.-
No. 1 of 1897..
799
No. 1 of 1897.
An Ordinance to codify the law relating to partnership.
Nature of partnership.
[Originally No. 2 of 1897.
Law Rev. Ord., 1924.]
53 & 54 Vict.
c. 39.
[15th May, 1897.]
1.-(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 which is
(a) registered as a company under any Ordinance 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.
2. 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;
*
As amended by Law Rev. Ord., 1923.
The short title of this Ordinance is in s. 47, the sections having been renumbered by No. 8 of 1912 in order to make them correspond with those of the Partnership Act, 1890.
determining existence of partnership.