1950_LIMITED_PARTNERSHIPS_ORDINANCE — Page 4

CAP. 37]

[s. 8 cont.]

22 of 1950, Schedule.

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of certain changes. 7 Edw. 7, c. 24, s. 10.

Ad valorem stamp duty on contri- butions by limited partners. 7 Edw. 7, c. 24, s. 11.

Making false returns to be

7 Edw. 7, c. 24, s. 12.

Limited Partnerships. -

(g) the liability of any partner by reason of his becom- ing a limited instead of a general partner or a general instead of a limited partner,

a statement, signed by the firm, specifying the nature of the change shall within seven days be sent by post or delivered to the Registrar of Companies.

(2) If default is made in compliance with the require- ments of this section, each of the general partners shall upon summary conviction be liable to a fine of fifty dollars for each day during which the default continues.

9. Notice of any arrangement or transaction under which any person will cease to be a general partner in any firm and will become a limited partner in that firm, or under which the share of a limited partner in a firm will be assigned to any person, shall be forthwith advertised in the Gazette, and until notice of the arrangement or transaction is so advertised the arrangement or transaction shall, for the purposes of this Ordinance, be deemed to be of no effect..

10. The statement of the amount contributed by a limited partner, and a statement of any increase in that amount, sent to the Registrar for registration under this Ordinance, shall be charged with an ad valorem stamp duty of two dollars and fifty cents for every one thousand dollars and any fraction of one thousand dollars over any multiple of one thousand dollars, of the amount so contributed, or of the increase of that amount, as the case may be; and in default of payment of stamp duty thereon as herein required, the duty with interest thereon at the rate of eight per cent per annum from the date of delivery of such statement shall be a joint and several debt to His Majesty, recoverable from the partners, or any

of them, in the said statements named, or in the case of an increase, from all or any of the said partners whose discontinuance in the firm has not, before the date of delivery of such statement of increase, been duly notified to the Registrar of Companies.

11. Any person who makes, signs, sends or delivers for misdemeanor. the purpose of registration under this Ordinance any false statement known by him to be false or any incomplete state- ment known by him to be incomplete shall be guilty of a misdemeanor.

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