284
Conversion into personal estate of land held as partnership property.
Procedure against partnership property for partner's separate judgment debt.
No. 1.] THE ORDINANCES OF HONGKONG: [A.D. 189-
24. Where land or any interest therein has become partnership property, it shall, unless the contrary intention appears, be treated between the partners (including the representatives of a deceased partner), and also as between the heirs of a deceased partner and executors or administrators, 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 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 the 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.
Rules as to duties of ...
(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.
26. The interests of partners in the partnership property, and their interests and 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:
Subject to special agreement between partners,
(1.) 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;
(2.) the firm must indemnify every partner in respect of payments made and personal liabilities incurred by him
(a.) in the ordinary and proper conduct of the business of the firm; or
(b.) in or about anything necessarily done for the preservation of the business or property of the firm;
(3.) a partner making, for the purposes of the partnership, any actual payment or advance beyond the amount of capital which he has agreed to subscribe, is entitled to interest at the rate of eight per cent. per annum from the date of the payment or advance.
284
Conversion
into personal estate of land
held as partnership property.
Procedure against partnership property for partner's
separate
judgment
debt.
No. 1.] THE ORDINANCES OF HONGKONG: [A.D. 189-
24. Where land or any interest therein has become partnersh property, it shall, unless the contrary intention appears, be treated between the partners (including the representatives of a decease partner), and also as between the heirs of a deceased partner and executors or administrators, as personal and not real estate.
25.—(1.) After the commencement of this Ordinance, a writ execution shall not issue against any partnership property except on judgment against the firm.
(2.) The Supreme Court, or a Judge thereof, may, on the applicatio by summons of any judgment creditor of a partner, make an ord 490 charging that partner's interest in the partnership property and proff
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 the 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 partner ship, and direct all accounts and inquiries, and give all other orders and directions, which might have been directed or given if the charge been made in favour of the judgment creditor by the partner, or which the circumstances of the case may require.
Rules as to
duties of
*...
(3.) The other partner or partners shall be at liberty at any time redeem the interest charged, or, in case of a sale being directed, to chase the same.
(4.) This section shall apply in the case of a cost-book company a if the company were a partnership within the meaning of this Ordi-
nance.
+
26. The interests of partners in the partnership property, and the interests and rights and duties in relation to the partnership, shall be determined
subject to any agreement, express or implied, between the partners, the following rules :-
partners,
subject to special
agreement.
(1.) 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 (2.) the firm must indemnify every partner in respect of payments:
made and personal liabilities incurred by him
(a.) in the ordinary and proper conduct of the business of the
firm; or
(b.) in or about anything necessarily done for the preservation of
the business or property of the firm;
(3.) a partner making, for the purposes of the partnership, any actual payment or advance beyond the amount of capital which he has agreed to subscribe, is entitled to interest at the rate of eight per cent. per annum from the date of the payment or advance
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