22598-1911-Supplementary-Bills-read-a-first-time--Flogging-Amendment — Page 5

Modifica-

tions of general law

270

tered partnership; and provided also that no person re- gistered only as a hong kú shareholder shall be liable to pay any debt of the registered partnership.

(2.) The burden of proving that assets in his posses- sion are unconnected with the registered partnership shall be on the registered partner who seeks to have his liability limited under this section.

5.-(1) No member of a firm or tong registered as a registered partner other than the registered representative thereof may take part in the management of the business of the registered partnership or bave power to bind the regis- partnerships. tered partnership.

in case of limited

Ordinance

Provided that any member of such a firm or tong may by himself or his agent at any time inspeet the books of the firm and examine into the state and prospects of the partnership business.

If a member of such a firm or tong other than the registered representative thereof takes part in the mannage- ment of the business of the registered partnership he shall be liable for all debts and obligations of the firm incurred while he so takes part in the management as though he were an unregistered partner in the registered partnership.

(2.) A registered partnership shall not be dissolved by the death or bankruptcy of a partner, and the lunacy of a part- ner shall not be a ground for dissolution of the partnership by the Court unless the lunatic's share cannot be otherwise ascertained and realised.

(3.) In the event of the dissolution of a registered part- nership its affairs shall be wound up by the partners unless the Court otherwise orders.

(4.) Applications to the Court to wind up a registered No. 1 of 1865. partnership shall be by petition under the Companies Ordinance, 1865, and the provisions of that Ordinance relating to the winding up of companies by the Court and of the rules made thereunder (including provisions as to fees) shall, subject to such modification (if any) as the Governor-in-Council may by rules provide, apply to the winding-up by the Court of registered partnerships, with the substitution of partners for directors.

Law as to private

(5.) Subject to any express agreement between the part-

ners,---

(a.) Any difference arising as to ordinary matters connected with the partnership business may be decided by a majority of the partners; (b.) A partner shall not be entitled to dissolve a regis-

tered partnership by notice.

6. Subject to the provisions of this Ordinance, the partnership Partnership Ordinance, 1897, and the rules of equity and of common law applicable to partnerships, except so far as they are inconsistent with the express provisions of the last mentioned Ordinance, shall apply to partnerships and partners registered under this Ordinance.

to apply subject to this Ordin-

ance.

Manner and particulars of registra- tion.

7. The registration of a partnership under this Or- dinance shall be effected by delivering to the Registrar of Companies a statement signed by such of the partners and hung kú shareholders as desire to be registered under this Ordinance containing the following particulars :-

(a.) The firm name ;

(b.) The general nature of the business;

(c.) The principal place of business;

(d.) The full name and address of each of the part- ners and hung ku shareholders who desires to be registered under this Ordinance ;

(e.) The term, if any, for which the partnership is entered into, and the date of its commence- ment;

(f) The

sum contributed by each partner who desires to be registered under this Ordinance, and whether paid in cash or how otherwise. (g.) The proportion in which the interest in the firm of each partner who desires to be registered under this Ordinance stands in relation to the interests of all the partners, whether registered or unregistered, in the firm.

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