Partnership.
and the creditors, and this agreement may be either express or inferred as a fact from the course of dealing between the creditors and the firm as newly constituted.
[17
[CAP. 38
continuing guarantee by change
20. A continuing guarantee given either to a firm or to a third person in respect of the transactions of a firm is, in the absence of agreement to the contrary, revoked as to future transactions by any change in the constitution of the firm to which, or of the firm in respect of the transactions of which, the guarantee was given.
Relations of partners to one another.
[18
by consent
21. The mutual rights and duties of partners, whether ascertained by agreement or defined by this Ordinance, may be varied by the consent of all the partners, and such consent may be either express or inferred from a course of dealing.
[19
property.
22. (1) All property and rights and interests in property originally brought into the partnership stock or acquired, whether by purchase or otherwise, on account of the firm, or for the purposes and in the course of the partnership business, are called in this Ordinance partnership property, and must be held and applied by the partners exclusively for the purposes of the partnership and in accordance with the partnership agreement: Provided that the legal estate or interest in any land which belongs to the partnership shall devolve according to the nature and tenure thereof and the general rules of law applicable thereto, but in trust, so far as necessary, for the persons beneficially interested in the land under this section.
(2) Where co-owners of an estate or interest in any land, not being itself partnership property, are partners as to profits made by the use of that land, and purchase other land out of the profits to be used in like manner, the land so purchased belongs to them, in the absence of any agreement to the contrary, not as partners, but as co-owners for the same respective estates and interests as are held by them in the land first mentioned at the date of the purchase.
[20
317
Partnership.
and the creditors, and this agreement may be either express or. inferred as a fact from the course of dealing between the creditors and the firm as newly constituted.
[17
[CAP. 38
continuing guarantee by change
20. A continuing guarantee given either to a firm or to Revocation of a third person in respect of the transactions of a firm is, in the absence of agreement to the contrary, revoked as to in firm. future transactions by any change in the constitution of the firm to which, or of the firm in respect of the transactions of which, the guarantee was given.
Relations of partners to one another.
[18
by consent
21. The mutual rights and duties of partners, whether Variation ascertained by agreement or defined by this Ordinance, may of terms of be varied by the consent of all the partners, and such consent partnership. may be either express or inferred from a course of dealing.
[19
property.
22. (1) All property and rights and interests in pro- Partnership perty originally brought into the partnership stock or acquired, whether by purchase or otherwise, on account of the firm, or for the purposes and in the course of the partner- ship business, are called in this Ordinance partnership property, and must be held and applied by the partners exclusively for the purposes of the partnership and in accordance with the partnership agreement: Provided that the legal estate or interest in any land which belongs to the partnership shall devolve according to the nature and tenure thereof and the general rules of law applicable thereto, but in trust, so far as necessary, for the persons beneficially interested in the land under this section.
(2) Where co-owners of an estate or interest in any land, not being itself partnership property, are partners as to profits made by the use of that land, and purchase other land out of the profits to be used in like manner, the land so purchased belongs to them, in the absence of any agree- ment to the contrary, not as partners, but as co-owners for the same respective estates and interests as are held by them in the land first mentioned at the date of the purchase.
[20
317
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