1106 THE HONGKONG GOVERNMENT GAZETTE, 5TH DECEMBER, 1896.
Liabilities of incoming and outgoing partners.
(Ibid, s. 17.)
Revocation of continuing guarantee by change in firm. (Ibid, s. 18.)
Variation by consent of terms of partnership, (Ibid, s. 19.)
Partnership property. (Ibid, s. 20.)
Property hought with partnership. money.
(Ibid, s. 21.)
Conversion into personal estate of land held as
partnership property. (Ibid, 8. 22.)
Procedure ngainat partnership property for pariper's separato
julgmont debt
(Ibid, s. 23.)
19.-(1.) A person who is admitted as a partner into an existing firm does not thereby become liable to the creditors of the firm for anything done before he became a partner.
(2.) A partner who retires from a firm does not thereby cease to be liable for partnership debts or obligations in- curred before his retirement.
(3.) A retiring partner may be discharged from any existing liabilities by an agreement to that effect between himself and the members of the firm as newly constituted and the creditors, and this agreement may be either express or inferred as a fact from the course of dealing between the creditors and the firm as newly constituted.
20. A continuing guarantee given either to a firm or to a third person in respect of the transactions of a firm is, in the absence of agreement to the contrary, revoked as to future transactions by any change in the constitution of the firm to which, or of the firm in respect of the transac- tions of which, the guarantee was given.
Relations of Partners to one another.
21. The mutual rights and duties of partners, whether ascertained by agreement or defined by this Ordinance, may be varied by the consent of all the partners, and such consent may be either express or inferred from a course of dealing.
22.-(1.) All property and rights and interests in property originally brought into the partnership stock or acquired, whether by purchase or otherwise, on account of the firm, or for the purposes and in the course of the 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 ac- 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 at 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- nership 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 ad- ministrators, as personal and not real estate.
25.-(1.) After the commencement of this Ordinance a writ of execution shall not issue against any partnership property except 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, 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.
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