CHAPTER 37.
LIMITED PARTNERSHIPS.
To establish limited partnerships.
[CAP. 37
[1st June, 1912.]
Originally
18 of 1912. Fraser
18 of 1912.
22 of 1950.
1. This Ordinance may be cited as the Limited Partnerships Ordinance.
Short title.
2. (1) In this Ordinance-
"firm", "firm name", and "business" have the same meanings as in the Partnership Ordinance;
"general partner" means any partner who is not a limited partner as defined by this Ordinance;
"Registrar of Companies" means the officer appointed for the registration of companies under the Companies Ordinance.
Interpretation. 7 Edw. 7, c. 24. s. 3. (Cap. 38.) (Cap. 32.)
(2) This Ordinance shall apply to such partnerships carrying on business in the Colony as in the opinion of the Registrar of Companies can properly be described as non-Chinese partnerships.
Application.
3. (1) Limited partnerships may be formed in the manner and subject to the conditions by this Ordinance provided.
(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.
limited partnership. 7 Edw. 7, c. 24, s. 4.
Page 307
Page 307
Page 307
Limited Partnerships.
CHAPTER 37.
LIMITED PARTNERSHIPS.
To establish limited partnerships.
[CAP. 37
[1st June, 1912.]
Originally
18 of 1912. Fraser
18 of 1912.
22 of 1950.
1. This Ordinance may be cited as the Limited Short title. Partnerships Ordinance.
2. (1) In this Ordinance-
"firm", "firm name", and "business" have the same
meanings as in the Partnership Ordinance; "general partner" means any partner who is not a limited
partner as defined by this Ordinance;
"Registrar of Companies" means the officer appointed for
Interpretation. 7 Edw. 7, c. 24. s. 3.
(Cap. 38.)
the registration of companies under the Companies (Cap. 32.) Ordinance.
(2) This Ordinance shall apply to such partnerships Application. carrying on business in the Colony as in the opinion of the Registrar of Companies can properly be described as non- Chinese partnerships.
and con-
3. (1) Limited partnerships may be formed in the Definition manner and subject to the conditions by this Ordinance stitution of provided.
(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.
limited partnership. 7 Edw. 7, c. 24, s. 4.
307
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