1964_PARTNERSHIP_ORDINANCE — Page 9

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CAP. 38]

Procedure against

partnership

property for

partner's separate judgment debt.

Rules as to interests and duties of

partners. subject to special agreement.

Partnership.

[1964 Ed.

25. (1) A writ of execution shall not issue against any part- nership property except on a judgment against the firm. (Amended, 50 of 1911, s. 4)

(2) The court or a judge may, on the application by sum- mons of any judgment creditor of a partner, make an order charging that partner's interest in the partnership property and profits with payment of the amount of the judgment debt and interest thereon, and may, by the same or a subsequent order, appoint a receiver of that partner's share of profits (whether already declared or accruing), and of any other money which may be coming to him in respect of the partnership, and direct all accounts and inquiries, and give all other orders and directions, which might have been directed or given if the charge had been made in favour of the judgment creditor by the partner, or which the circumstances of the case may require. (Amended, 50 of 1911, and I of 1912, Schedule)

(3) The other partner or partners shall be at liberty at any time to redeem the interest charged, or, in case of a sale being directed, to purchase the same.

(4) This section shall apply in the case of a cost-book com- pany as if the company were a partnership within the meaning of this Ordinance.

26. The interests of partners in the partnership property, and their rights and duties in relation to the partnership, shall be determined, subject to any agreement, express or implied, between the partners, by the following rules-

(a) all the partners are entitled to share equally in the capital and profits of the business, and must contribute equally towards the losses, whether of capital or otherwise, sustained by the firm;

(b) the firm must indemnify every partner in respect of pay-

ments made and personal liabilities incurred by him-

(i) in the ordinary and proper conduct of the business of the firm; or

(ii) in or about anything necessarily done for the pre- servation of the business or property of the firm; (c) a partner making, for the purposes of the partnership, any actual payment or advance beyond the amount of capital which he has agreed to subscribe, is entitled to interest at the rate of eight per cent per annum from the date of the payment or advance;

(d) a partner is not entitled, before the ascertainment of

profits, to interest on the capital subscribed by him; (e) every partner may take part in the management of the

partnership business;

(f) no partner shall be entitled to remuneration for acting in

the partnership business;

(g) no person may be introduced as a partner without the

consent of all existing partners;