CAP. 38]
Property
bought with partnership money.
Conversion
into personal estate of
land held as partnership property.
Procedure against partnership property for partner's separate judgment debt.
Rules as to interests and duties of partners, subject to special agreement.
Partnership.
23. Unless the contrary intention appears, property bought with money belonging to the firm is deemed to have been bought on account of the firm.
[21]
24. Where land or any interest therein has become partnership property, it shall, unless the contrary intention appears, be treated, as between the partners (including the representatives of a deceased partner), and also as between the heirs of a deceased partner and his executors or administrators, as personal and not real estate.
[22]
25. (1) A writ of execution shall not issue against any partnership property except on a judgment against the firm.
(2) The court or a judge may, on the application by summons of any judgment creditor of a partner, make an order charging that partner's interest in the partnership property and profits with payment of the amount of the judgment debt and interest thereon, and may, by the same or a subsequent order, appoint a receiver of that partner's share of profits (whether already declared or accruing), and of any other money which may be coming to him in respect of the partnership, and direct all accounts and inquiries, and give all other orders and directions, which might have been directed or given if the charge had been made in favour of the judgment creditor by the partner, or which the circumstances of the case may require.
(3) The other partner or partners shall be at liberty at any time to redeem the interest charged, or, in case of a sale being directed, to purchase the same.
(4) This section shall apply in the case of a cost-book company as if the company were a partnership within the meaning of this Ordinance.
[23]
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-
(a) all the partners are entitled to share equally in the capital and profits of the business, and must contribute equally towards the losses, whether of capital or otherwise, sustained by the firm;
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