The
Partnership Act, 1890
53 & 54
Victoria, chapter 39#
List of
Sections
1. Definition
of partnership 139
2. Rules
for determining existence of partnership 139
3. Postponement
of rights of person lending or selling in consideration of share of profits in
case of insolvency 140
4. Meaning
of firm 140
5. Power
of partner to bind the firm 141
6. Partners
bound by acts on behalf of firm 141
7. Partners
using credit of firm for private purposes 141
8. Effect
of notice that firm will not be bound by acts of partners
9. Liability
of partners 141
10. Liability of the
firm for wrongs 141
11. Misapplication of
Money or property received for or in custody of the firm 142
12. Liability for
wrongs joint and several 142
13. improper
employment of trust property for partnership purposes 142
14. Persons liable by
"holding out" 142
15. Admissions and
representations of partners 143
16. Notice to acting
partners to be notices to the firm 143
17. Liabilities of
incoming and outgoing partners 143
18. Revocation of
continuing guarantee by change in the firm 143
19. Variation
by consent of terms of partnership 143
20. Partnership
property 144
21. Property bought
with partnership money 144
22. Conversion
into personal estate of land held as partnership property 144
23. Procedure against
partnership property for a partner's separate judgment debt 144
24. Rules as to
interests and duties of partners subject to special agreements 145
25. Expulsion of
partner 146
26. Retirement
from partnership at will 146
27. Where
partnerships for term is continued over, continuance on old terms presumed 146
28. Duty of partners
to render accounts, &c 146
29. Accountability of
partners for private profits 146
30. Duty of partner
not to compete with firm 147
31. Rights of
assignee of share in partnership 147
32. Dissolution by
expiration or notice 147
33. Dissolution by
bankruptcy death, or charge 147
34. Dissolution by
illegality of partnership 148
35. Dissolution by
the Court 148
36. Rights of persons
dealing with firm against apparent member of firm 148
37. Rights of
partners to notify dissolution 149
38. Continuing
authority of partners for purpose of winding up 14
39. Rights of
partners as to application of
partnership property 14
40. Apportionment of
premium where partnership prematurely
dissolved 150
41. Rights where
partnership dissolved for fraud or misrepresentation 150
42. Right of outgoing
partner in certain cases to share profits made after dissolution 150
43. Retiring or
deceased partner's share to be a debt 151
44. Rule for
distribution of assets on final settlement of accounts 15
45. Definitions
of court "court" and "business" 151
46. Saving for rules
of equity and common law 152
47. Retiring or
deceased partner's share to be a debt 152
48. Repeal 152
49. Commencement of
Act 152
50. Short title 152
Schedule Repealed
An Act to declare
and amend the Law of Partnership.
14th August 1990
Be it enacted ...
Nature of
partnership
1. Definition
of partnership
(1) Partnership
is the relation which subsists between persons carrying on a business in common
with a view of profit.
(2) But the
relation between members of any company or association which is-
(a) Registered
as a company under the Companies Act, 1862, or any other Act of Parliament# for the time being in force and
relating to the registration of joint stock companies; or
(b) Formed or
incorporated by or in pursuance of any other Act of Parliament or letters
patent, or Royal Charter; or
(c) A
company engaged in working mines within and subject to the jurisdiction of the
Stannaries:
is not a
partnership within the meaning of this Act.
2. Rules for
determining existence of partnership
In determining
whether a partnership does or does not exist, regard shall be had to the
following rules:
(1) Joint
tenancy, tenancy in common, joint property, common property, or part ownership
does not of itself create a partnership as to anything so held or owned,
whether the tenants or owners do or do not share any profits made by the use
thereof.
(2) The sharing
of gross returns does not of itself create a partnership, whether the persons
sharing such returns have or have not a joint or common right or interest in
any property from which or from the use of which the returns are derived.
(3) The receipt
by a person of a share of the profits of a business is prima facie evidence that he is a partner in the
business, but the receipt of such a share, or of a payment contingent on or varying with the profits of a
business, does not of itself make him a partner in the business; and in
particular-
(a) The
receipt by a person of a debt or other liquidated amount by instalments, or
otherwise out of the accruing profits of a business does not of itself make him
a partner in the business or liable as such:
(b) A contract
for the remuneration of a servant or agent of a person engaged in a business by
a share of the profits of the business does not of itself make the servant or
agent a partner in the business or liable as such :
(c) A
person being the widow or child of a deceased partner, and receiving by way of
annuity a portion of the profits made in the business in which the deceased
person was a partner, is not by reason only of such receipt a partner in the
business or liable as such:
(d) The advance
of money by way of loan to a person engaged or about to engage in any business
on a contract with that person that the lender shall receive a rate of interest
varying with the profits, or shall receive a share of the profits arising from
carrying on the business, does not of itself make the lender a partner with the
person or persons carrying on the business or liable as such. Provided that the
contract is in writing, and signed by or on behalf of all the parties thereto:
(e) A
person receiving by way of annuity or otherwise a portion of the profits of a
business in consideration of the sale by him of the goodwill of the business is
not by reason only of such receipt a partner in the business or liable as such.
3.
Postponement of rights of person lending or selling in consideration of share
of profits in case of insolvency.
In the event of
any person to whom money has been advanced by way of loan upon such a contract
as is mentioned in the last foregoing section, or of any buyer of a goodwill in
consideration of a share of the profits of the business, being adjudged a
bankrupt, entering into an arrangement to pay his creditors less than twenty
shillings in the pound, or dying in insolvent circumstances, the lender of the
loan shall not be entitled to recover anything in respect of his loan, and the
seller of the goodwill shall not be entitled to recover anything in respect of
the share of profits contracted for, until the claims of the other creditors of
the borrower or buyer for valuable consideration in money or money's worth have
been satisfied.
4. Meaning of
firm
(1) Persons who
have entered into partnership with one another are for the purposes of this Act
call collectively a firm, and the name under which their business is carried on
is called the firm-name.
(2) In Scotland a
firm is a legal person distinct from the partners of whom it is composed, but
an individual partner may be charged on a decree or diligence directed against
the firm, and on payment of the debts is entitled to relief pro rata from the firm and its other members.
Relations of
partners to persons dealing with them
5. Power of
partner to bind the firm
Every partner is
an agent of the firm and his other partners for the purpose of the business of
the partnership; and the acts of every partner who does any act for carrying on
in the usual way business of the kind carried on by the firm of which he is a
member bind the firm and his partners, unless the partner so acting has in fact
no authority to act for the firm in the particular matter, and the person with
whom he is dealing either knows that he has no authority, or does not know or
believe him to be a partner.
6. Partners
bound by acts on behalf of firm
An act or
instrument relating to the business of the firm and done or executed in the
firm-name, or in any other manner showing an intention to bind the firm, by any
person thereto authorised, whether a partner or not, is binding on the firm and
all the partners.
Provided that
this section shall not affect any general rule of law relating to the execution
of deeds or negotiable instruments.
7. Partners
using credit of firm for private purposes
Where one partner
pledges the credit of the firm for a purpose apparently not connected with the
firm's ordinary course of business, the firm is not bound, unless he is in fact
specially authorised by the other partners; but this section does not affect
any personal liability incurred by an individual partner.
8. Effect of
notice that firm will not be bound by acts of partners
If it has been
agreed between the partners that any restriction shall be placed on the power
of any one or more of them to bind the firm, no act done in contravention of
the agreement is binding on the firm with respect to persons having notice of
the agreement.
9. Liability
of partners
Every partner in
a firm is liable jointly with the other partners, and in Scotland severally
also, for all debts and obligations of the firm incurred while he is a partner;
and after his death his estate is also severally liable in a due course of
administration for such debts and obligations, so far as they remain unsatisfied,
but subject in England or Ireland to the prior payment of his separate debts.
10. Liability
of the firm for wrongs
Where, by any
wrongful act or omission of any partner acting in the ordinary course of the
business of the firm, or with the authority of his co-partners, loss or injury
is caused to any person not being a partner in the firm, or any penalty is
incurred, the firm is liable therefor to the same extent as the partner so
acting or omitting to act.
11.
Misapplication of Money or property received for or in custody of the firm
In the following
cases; namely-
(a) Where
one partner acting within the scope of his apparent authority receives the
money or property of a third person and misapplies it; and
(b) Where a
firm in the course of its business receives money or property of a third
person, and the money or property so received is misapplied by one or more of
the partners while it is in the custody of the firm; the firm is liable to make
good the loss.
12. Liability
for wrongs joint and several
Every partner is
liable jointly with his co-partners and also severally for everything for which
the firm while he is a partner therein becomes liable under either of the two
last preceding sections.
13. Improper
employment of trust property for partnership purposes _
If a partner,
being a trustee, improperly employs trust-property in the business or on the
account of the partnership, no other partner is liable for the trust-property
to the persons beneficially interested therein:
Provided as
follows:-
(1) This section
shall not affect any liability incurred by any partner by reason of his having
notice of a breach of trust; and
(2) Nothing in
this section shall prevent trust money from being followed and recovered from
the firm if still in its possession or under its control.
14. Persons
liable by "holding out"
(1) Every one who
by words spoken or written or by conduct represents himself, or who knowingly
suffers himself to be represented, as a partner in a particular firm, is liable
as a partner to any one who has on the faith of any such representation given
credit to the firm, whether the representation has or has not been made or
communicated to the person so giving credit by or with the knowledge of the
apparent partner making the representation or suffering it to be made.
(2) Provided that
where after a partner's death the partnership business is continued in the old
firm name, the continued use of that name or of the deceased partner's name as part
thereof shall not of itself make his executors or administrators estate or
effects liable for any partnership debts contracted after his death.
15. Admissions
and representations of partners
An admission or
representation made by any partner concerning the partnership affairs, and in
the ordinary course of its business, is evidence against the firm.
16. Notice to
acting partners to be notices to the firm
Notice to any
partner who habitually acts in the partnership business of any matter relating
to partnership affairs operates as notice to the firm, except in the case of a
fraud on the firm committed by or with the consent of that partner.
17.
Liabilities of incoming and outgoing partners
(1) A person who is
admitted as a partner into an existing firm does not thereby become liable to
the creditors of the firm for anything done before he became a partner.
(2) A partner who
retires from a firm does not thereby cease to be liable for partnership debts
or obligations incurred before his retirement.
(3) A retiring
partner may be discharged from any existing liabilities, by an agreement to
that effect between himself and the members of the firm as newly constituted
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.
18. Revocation
of continuing guarantee by change in the firm
A continuing
guaranty or cautionary obligation 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 guaranty or obligation was given.
Relations of
partners to one another
19. Variation
by consent of terms of partnership
The mutual rights
and duties of partners, whether ascertained by agreement or defined by this
Act, may be varied by the consent of all the partners, and such consent may be
either express or inferred from a course of dealing.
20.
Partnership property
(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 Act 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.
(2) Provided that
the legal estate or interest in any land, or in Scotland the title to and
interest in any heritable estate, which belongs to the partnership shall
devolve according to the nature and tenure thereof, and the general rules of
law thereto applicable, but intrust, so far as necessary, for the persons
beneficially interested in the land under this section.
(3) Where
co-owners of an estate or interest in any land, or in Scotland of any heritable
estate, not being itself partnership property, are partners as to profits made
by the use of that land or estate, and purchase other land or estate out of the
profits to be used in like manner, the land or estate so purchased belongs to
them, in the absence of an 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 or estate first mentioned at the date of the purchase.
21. Property
bought with partnership money
Unless the
contrary intention appears, property bought with money belonging to the firm is
deemed to have been bought on account of the firm.
22. Conversion
into personal estate of land held as partnership property
Where land or any
heritable interest therein has become partnership property, it shall, unless
the contrary intention appears, be treated as between the partners (including
the representatives of a deceased partner), and also as between the heirs of a
deceased partner and his executors or administrators, as personal or moveable
and not real or heritable estate.
23. Procedure
against partnership property for a partner's separate judgment debt
(1)# .. a writ of
execution shall not issue against any partnership property except on a judgment
against the firm.
(2) The High
court, or a judge thereof, or the Chancery Court of the country palatine of
Lancaster, or a county court, may, on the application by summons 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.
(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 company as if the company were a
partnership within the meaning of this Act.
(5) This section
shall not apply to Scotland.
24. Rules as
to interests and duties of partners subject to special agreements
The interest 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:
(1) 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.
(2) The firm much
indemnify every partner in respect of payment made and personal liabilities
incurred by him-
(a) In
the ordinary and proper conduct of the business of the firm; or
(b) In or about
anything necessarily done for the preservation of the business or property of
the firm.
(3) A partner
making, for the purpose of the partnership, any actual payment or advance
beyond the amount of capital which he has agreed to subscribe, is entitled
interest at the rate of five per cent. per annum from the date of the payment
or advance.
(4) A partner is
not entitled, before the ascertainment of profits, to interest on the capital
subscribed by him.
(5) Every partner
may take part in the management of the partnership business.
(6) No partner
shall be entitled to remuneration for acting in the partnership business.
(7) No person may
be introduced as a partner without the consent of all existing partners.
(8) Any
difference arising as to ordinary matters connected with the partnership
business may be decided by a majority of the partners, but no change may be
made in the nature of the partnership business without the consent of all
existing partners.
(9) The
partnership books are to be kept at the place of business of the partnership
(or the principal place, if there is more than one), and very partner may, when
he thinks fit, have access to and inspect and copy any of them.
25. Expulsion
of partner
No majority of
the partners can expel any partner unless a power do so has been conferred by
express agreement between the partners.
26. Retirement
from partnership at will
(1) Where no
fixed term has been agreed upon for the duration of the partnership, any
partner may determine the partnership at any time on giving notice of his intention
so to do to all the other partners.
(2) Where the
partnership has originally been constituted by deed, a notice in writing,
signed by the partner giving it, shall be sufficient for this purpose.
27. Where
partnerships for term is continued over, continuance on old terms presumed
(1) Where a
partnership entered into for a fixed term is continued after the term has
expired, and without any express new agreement, the rights and duties of the
partners remain the same as they were at the expiration of the term, so far as
is consistent with the incidents of a partnership at will.
(2) A continuance
of the business by the partners or such of them as habitually acted therein
during the term, without any settlement or liquidation of the partnership
affairs, is presumed to be a continuance of the partnership.
28. Duty of
partners to render accounts, &c.
Partners are
bound to render true accounts and full information of all things affecting the
partnership to any partner or his legal representatives.
29. Accountability
of partners for private profits
(1) Every partner
must account for the firm for any benefit derived by him without the consent of
the other partners from any transaction concerning the partnership, or from any
use by him of the partnership property name or business connexion.
(2) This section
applies also to transactions undertaken after a partnership has been dissolved
by the death of a partner, and before the affairs thereof have been completely
wound up, either by any surviving partner or by the representatives of the
deceased partner.
30. Duty of
partner not to compete with firm
If a partner,
without the consent of the other partners carries on any business of the same
nature as and competing with that of the firm, he must account for and pay over
to the firm all profits made by him in that business.
31. Rights of
assignee of share in partnership
(1) An assignment
by any partner of his share in the partnership, either absolute or by way of
mortgage or redeemable charge, does not, as against the other partners, entitle
the assignee, during the continuance of the partnership, to interfere in the
management or administration of the partnership business or affairs, or to
require any accounts of the partnership transaction, or to inspect the partnership
books, but entitles the assignee only to receive the share of profits to which
the assigning partner would otherwise be entitled, and the assignee must accept
the account of profits agreed to by the partners.
(2) In case of a
dissolution of the partnership, whether as respects all the partners or as
respects the assigning partner, the assignee is entitled to receive the share
of the partnership assets to which the assigning partner is entitled as between
himself and the other partners, and, for the purpose of ascertaining that
share, to an account as from the date of the dissolution.
Dissolution of
partnership, and its consequences
32.
Dissolution by expiration or notice
Subject to any
agreement between the partners, a partnership is dissolved-
(a) If entered
into for a fixed term, by the expiration of that term:
(b) If entered into
for a single adventure or undertaking, by the termination of that adventure or
undertaking:
(c) If entered
into for an undefined time, by any partner giving notice to the other or others
of his intention to dissolve the partnership.
In the
last-mentioned case the partnership is dissolved as from the date mentioned in
the notice as the date of dissolution, or, if no date is so mentioned, as from
the date of the communication of the notice.
33.
Dissolution by bankruptcy death, or charge
(1) Subject to
any agreement between the partners, very partnership is dissolved as regards
all the partners by the death or bankruptcy# of any partner.
(2) A partnership
may, at the option of the other partner, be dissolved if any partner suffers
his share of the partnership property to be charged under this Act for his
separate debt.
34.
Dissolution by illegality of partnership
A partnership is
in very case dissolved by the happening of any event which makes it unlawful
for the business of the firm too be carried on or for the members of the firm
to carry it on in partnership.
35.
Dissolution by the Court
On application by
a partner the Court may decree a dissolution of the partnership in any of the
following cases:
(a) When
a partner is found lunatic by inquisition, or in Scotland by cognition, or is
shown to the satisfaction of the Court to be of permanently unsound mind, in
either of which cases the application may be made as well on behalf of that
partner by his committee or next friend or person having title to intervene as
by any other partner:
(b) When a
partner, other than the partner suing, becomes in any other way permanently
incapable of performing his part of the partnership contract:
(c) When
a partner, other than the partner suing, has been guilty of such conduct as, in
the opinion of the Court, regard being had to the nature of the business, is
calculated to prejudicially affect the carrying on of the business:
(d) When a
partner, other than the partner suing, wilfully or persistently commits a
breach of the partnership agreement, or otherwise so conducts himself in
matters relating to the partnership business that it is not reasonably practicable
for the other partner or partners to carry on the business in partnership with
him:
(e) When
the business of the partnership can only be carried on at a loss:
(f) Whenever
in any case circumstances have arisen which, in the opinion of the Court,
render it just and equitable that the partnership be dissolved.
36. Rights of
persons dealing with firm against apparent member of firm
(1) Where a
person deals with a firm after a change in its constitution he is entitled to
treat all apparent members of the old firm as still being members of the firm
until he has notice of the change.
(2) An
advertisement in the London Gazette as to a firm whose principal place of
business is in England or Wales, in the Edinburgh Gazette as to a firm whose
principal place of business is in Scotland, and in Iris Oifigiúil #
as to a firm whose principal place of business is in Ireland, shall be notice
as to persons who had not dealings with the firm before the date of the
dissolution or change so advertised.
(3) The estate of
a partner who dies, or who becomes bankrupt, or of a partner who, not having
been known to the person dealing with the firm to be a partner, retires form
the firm, is not liable for partnership debts contracted after the date of the
death, bankruptcy, or retirement respectively.
37. Rights of
partners to notify dissolution
On the dissolution
of a partnership or retirement of a partner any partner may publicly notify the same, and may require
the other partner or partners to concur for that purpose in all necessary or
proper acts, if any, which cannot be done without his or their concurrence.
38. Continuing
authority of partners for purpose of winding up
After the
dissolution of a partnership the authority of each partner to bind the firm,
and the other rights and obligations of the partner, continue notwithstanding
the dissolution so far as may be necessary to wind up the affairs of the
partnership, and to complete transaction begun but unfinished at the time of
the dissolution, but not otherwise.
Provided that the
firm is in no case bound by the acts of a partner who has become bankrupt; but
this proviso does not affect the liability of any person who has after the
bankruptcy represented himself or knowingly suffered himself to be represented
as a partner of the bankrupt.
39. Rights of
partners as to application of
partnership property
On the
dissolution of a partnership every partner is entitled, as against the other
partners in the firm, and all persons claiming through them in respect of their
interests as partners, to have the property of the partnership applied in
payment of the debts and liabilities of the firm, and to have the surplus
assets after such payment applied in payment of what may be due to the partners
respectively after deducting what may be due from them as partners to the firm;
and for that purpose any partner or his representatives may on the termination
of the partnership apply to the court to wind up the business and affairs of
the firm.
40.
Apportionment of premium where partnership prematurely dissolved
Where one partner
has paid a premium to another on
entering into a partnership for a fixed term, and the partnership is dissolved
before expiration of that term otherwise than by the death of a partner, the
Court may order the repayment of the premium, or of such part thereof as it
thinks just, having regard to the terms of partnership contract and to the
length of time during which the partnership has continued; unless
(a) the
dissolution is, in the judgment of the Court, wholly or chiefly due to the
misconduct of the partner who paid the premium, or
(b) the partnership
has been dissolved by an agreement containing no provision for a return of any
part of the premium.
41. Rights
where partnership dissolved for fraud or misrepresentation
Where a
partnership contract is rescinded on the ground of the fraud or misrepresentation
of one of the parties thereto, the party entitled to rescind is, without
prejudice to any other right, entitled-
(a) to a
lien on, or right of retention of, the surplus of the partnership assets, after
satisfying the partnership liabilities, for any sum of money paid by him for
the purchase of a share in the partnership and for any capital contributed by
him, and is (b) to stand in the place of the creditors of the firm for any
payments made by him in respect of the partnership liabilities, and
(c) to be
indemnified by the person guilty of the fraud or making the representation
against all the debts and liabilities of the firm.
42. Right of
outgoing partner in certain cases to share profits made after dissolution
(1) Where any
member of a firm has died or otherwise ceased to be a partner, and the
surviving or continuing partners carry on the business of the firm with its
capital or assets without any final settlement of accounts as between the firm
and the outgoing partner or his estate, then, in the absence of any
agreement to the contrary, the
outgoing partner or his estate is entitled at the option of himself or his
representative to such share of the profits made since the dissolution as the
Court may find to be attributable to the use of his share of the partnership
assets, or to interest at the rate of five per cent. per annum on the amount of
his share of the partnership assets.
(2) Provided that
where by the partnership contract an option is given to surviving or continuing
partners to purchase the interest of a deceased or outgoing partner, and that
option is duly exercised, the estate of the deceased partner, or the outgoing
partner or his estate, as the case may be, is not entitled to any further or
other share of profits; but if any partner assuming to act in exercise of the
option does not in all material respects comply with the terms thereof, he is
liable to account under the foregoing provisions of this section.
43. Retiring
or deceased partner's share to be a debt
Subject to any
agreement between the partners, the amount due from surviving or continuing
partners to an outgoing partner or the representatives of a deceased partner in
respect of the outgoing or
deceased partner's share is a debt accruing at the date of the dissolution or
death.
44. Rule for
distribution of assets on final settlement of accounts
In settling
accounts between the partners after a dissolution of partnership, the following
rules shall, subject to any agreement, be observed:
(a) Losses,
including losses and deficiencies of capital, shall be paid first out of
profits, next out of capital, and lastly, if necessary, by the partners
individually in the proportion in which they were entitled to share profits:
(b) The assets
of the firm including the sums, if
any, contributed by the partner to make up losses or deficiencies of capital,
shall be applied in the following manner and order:
1. In
paying the debts and liabilities of the firm to persons who are not partners
therein:
2. In
paying to each partner rateably what is due from the firm to him for advances
as distinguished from capital:
3. In
paying to each partner rateably what is due from the firm to him in respect of
capital:
4. The
ultimate residue, if any, shall be divided among the partners in the proportion
in which profits are divisible.
Supplemental
45.
Definitions of "court" and "business"
In this Act,
unless the contrary intention appears -
The expression
"court" includes every court and judge having jurisdiction in the
case:
The expression
"business" includes very trade, occupation, or profession.
46. Saving for
rules of equity and common law
The rules of
equity and of common law applicable to partnership shall continue in force
except except so far as they are inconsistent with the express provisions of
this Act.
47. Provision
as to bankruptcy in Scotland
(1) In the
application of this Act to Scotland the bankruptcy of a firm or of an
individual shall mean sequestration under the Bankruptcy (Scotland) Acts, and
also in the case of an individual the issue against him of a decree of cessio
bonorum.
(2) Nothing in
this Act shall alter the rules of the law of Scotland relating to the
bankruptcy of a firm or of the individual partners thereof.
48. Repealed by
Statute Law Revision Act, 1908#
49. Repealed by
Statute Law Revision Act, 1908.
50. Short
title
This Act may be
cited as the Partnership Act, 1890.
Schedule
Repealed by
Statute Law Revision Act, 1908.