1912_LIMITED_PARTNERSHIPS_ORDINANCE__1912 — Page 3

2248

Law as to private partnership to apply

subject to this Ordi-

nance.

No. 1 of 1897. 7 Ed. 7 c. 24 s. 7.

Manner and particulars of registra. tion.

ib. s. 8.

No. 18 of 1912.

LIMITED PARTNERSHIPS.

(5) Subject to any agreement expressed or implied between the partners,-

(a) any difference arising as to ordinary matters connected with the partnership business may be decided by a majority of the general partners;

(b) a limited partner may, with the consent of the general part- ners, assign his share in the partnership, and upon such an assign- ment the assignee shall become a limited partner with all the rights. of the assignor;

(c) the other partners shall not be entitled to dissolve the part- nership by reason of any limited partner suffering his share to be charged for his separate debt;

(d) a person may be introduced as a partner without the consent of the existing limited partners;

(e) a limited partner shall not be entitled to dissolve the partner- ship by notice.

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

7. The registration of a limited partnership shall be effected by sending by registered post or delivering to the Registrar of Com- panies a statement signed by the partners 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 of each of the partners;

(c) the term, if any, for which the partnership is entered into, and the date of its commencement ;

(f) a statement that the partnership is limited, and the descrip- tion of every limited partner as such;

(g) the sum contributed by each limited partner, and whether paid in cash or how otherwise.