635977-1897-Ordinances-Nos-1-2-and-3-assented-to — Page 6

872

THE HONGKONG GOVERNMENT GAZETTE, 22ND MAY, 1897.

Property

bought with partnership money.

Conversion

estate of land

partnership business, are called in this Ordinance partner- ship property, and must be held and applied by the part- ners exclusively for the purposes of the partnership and in accordance with the partnership agreement.

(2.) Provided that the legal estate or interest in any land which belongs to the partnership.shall devolve ae- cording to the nature and tenure thereof, and the general rules of law applicable thereto, but in trust, so far as necessary, for the persons beneficially interested in the land under this section.

(3.) Where co-owners of an estate or interest in any land, not being itself partnership property, are partners as to profits made by the use of that land, and purchase other land out of the profits to be used in like manner, the land so purchased belongs to them, in the absence of any agreement to the contrary, not as partners, but as co-owners for the same respective estates and interests as are held by them in the land first mentioned as the date of the purchase.

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.

24. Where land or any interest therein has become part- into personal nership property, it shall, unless the contrary intention appears, be treated as between the partners (including the partnership representatives of a deceased partner), and also as between the heirs of a deccased partner and his exccutors or ad- ministrators, as personal and not real estate.

held as

property.

Procedure against partnership property for partner's separate judgment debt.

Rules as to

interests and

duties of partners, subject to special agreement.

25.-(1.) After the commencement of this Ordinance a writ of execution shall not issue against any partnership property execpt on a judgment against the firm.

(2.) The Supreme Court, or a Judge thereof, 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, aud 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 judgruent 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 Ordinanée.

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 :—-

(1.) All the partners are entitled to share equally in the capital and profits of the business, and must con- tribute equally towards the losses, whether of capital or otherwise, sustained by the firm ;

(2.) The firm must indemnify every partner in respect of payments made and personal fiabilities incurred by

him-

(4.) In the ordinary and proper conduct of the busi-

ness of the firm; or

(6.) In or about anything necessarily done for the preservation of the business or property of the

firm;

(3.) A partner making, for the purpose of the partnership, any actual payment or advance beyond the amount of capital which he has agreed to subscribe, is enti- tled to interest at the rate of eight per cent. per annum from the date of the payment or advance ; (4.) A partner is not cutitled, before the ascertainment of profits, to interest on the capital subscribed by him; (5.) Every partner may take part in the management of

the partnership business;

(6.) No partner shall be entitled to remuneration for

acting in the partnership business :

(7.) No person may be introduced as a partner without the

consent of all existing partuers ;