LIMITED PARTNERSHIPS.
No. 18 of 1912.
1265
(b) "General partner" means any partner who is not a limited partner as defined by this Ordinance.
(c) "Registrar of Companies" means the officer appointed for the registration of companies under the Companies Ordinance, Ordinance 1932.
No. 39 of 1932.
3. (1) Limited partnerships may be formed in the manner and subject to the conditions by this Ordinance provided.
Definition and constitution of limited partnership.
(2) A limited partnership shall not consist in any case of more than twenty persons, and must consist of one or more persons called general partners, who shall be liable for all debts and obligations of the firm, and one or more persons to be called limited partners, who shall at the time of entering into such partnership contribute thereto a sum or sums as capital or property valued at a stated amount, and who shall not be liable for the debts or obligations of the firm beyond the amount so contributed.
(3) A limited partner shall not during the continuance of the partnership, either directly or indirectly, draw out or receive back any part of his contribution, and if he does so draw out or receive back any such part, shall be liable for the debts and obligations of the firm up to the amount so drawn out or received back.
(4) A body corporate may be a limited partner.
4. Every limited partnership must be registered as such in accordance with the provisions of this Ordinance, or in default thereof it shall be deemed to be a general partnership and every limited partner shall be deemed to be a general partner.
Registration of limited partnership required.
5.-(1) A limited partner shall not take part in the management of the partnership business, and shall not have power to bind the firm:
Provided that a limited partner may by himself or his agent at any time inspect the books of the firm and examine into the state and prospects of the partnership business, and may advise with the partners thereon.
If a limited partner takes part in the management of the partnership business, he shall be liable for the debts and obligations of the firm.
7 Edw. 7, c. 24, s. 5. [cf. No. 39 of 1932, s. 312.] Modifications of general law in case of limited partnerships.
7 Edw. 7, c. 24, s. 6.
LIMITED PARTNERSHIPS.
No. 18 of 1912.
1265
(b) "General partner" means any partner who is not a limited partner as defined by this Ordinance.
(c) "Registrar of Companies" means the officer appointed for the registration of companies under the Companies Ordinance, Ordinance 1932.
No. 39 of 1932.
3. (1) Limited partnerships may be formed in the manner Definition and subject to the conditions by this Ordinance provided.
•
and con- stitution of limited partnership.
(2) A limited partnership shall not consist in any case of more than twenty persons, and must consist of one or more 7 Edw. 7, c. 24, s. 4. persons called general partners, who shall be liable for all debts and obligations of the firm, and one or more persons to be called limited partners, who shall at the time of entering into such partnership contribute thereto a sum or sums as capital or property valued at a stated amount, and who shall not be liable for the debts or obligations of the firm beyond the amount so contributed.
(3) A limited partner shall not during the continuance of the partnership, either directly or indirectly, draw out or receive back any part of his contribution, and if he does so draw out or receive back any such part, shall be liable for the debts and obligations of the firm up to the amount so drawn out or received back.
(4) A body corporate may be a limited partner.
of limited partnership required.
4. Every limited partnership must be registered as such in Registration accordance with the provisions of this Ordinance, or in default thereof it shall be deemed to be a general partnership and every limited partner shall be deemed to be a general partner.
5.-(1) A limited partner shall not take part in the manage- ment of the partnership business, and shall not have power to bind the firm:
agent
Provided that a limited partner may by himself or his at any time inspect the books of the firm and examine into the state and prospects of the partnership business, and may advise with the partners thereon.
If a limited partner takes part in the management of the
7 Edw. 7, c. 24, s. 5. [cf. No. 39 of 1932, s. 312.] Modifica-
tions of general law in case of limited partnerships.
Edw. 7, c. 24, s. 6.
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