PARTNERSHIP ACT 1963 - SECT 29 Rules about interests and duties of partners other than in incorporated limited
PARTNERSHIP ACT 1963 - SECT 29
Rules about interests and duties of partners other than in incorporated limited partnership(1) All the partners in a firm are entitled to share equally in the capital and profits of the firm and are liable to contribute equally towards the losses, whether of capital or otherwise, sustained by the firm.
(2) A firm shall indemnify each partner in the firm in respect of payments made, and personal liabilities incurred, by the partner—
(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 in a firm who makes, for the purposes of the firm, a payment or advance beyond the amount of capital which the partner has agreed to subscribe is entitled to interest at a rate of 7% per annum from the date of the payment or advance.
(4) A partner in a firm is not entitled before the ascertainment of the profits of the firm to interest on the capital subscribed by the partner.
(5) Each partner in a firm is entitled to take part in the management of the business of the firm.
(6) A partner in a firm is not entitled to remuneration for acting in the business of the firm.
(7) A person shall not be introduced into a firm as a partner without the consent of all existing partners in the firm.
(8) A difference arising as to ordinary matters connected with the business of a firm may be decided by a majority of the partners in the firm, but no change may be made in the nature of the business of the firm without the consent of all existing partners in the firm.
(9) The books of a firm shall be kept at the place of business of the firm (or the principal place of business, if there is more than 1), and each partner in the firm is entitled, when the partner thinks fit, to have access to, and to inspect and to copy, any of the books.
(10) The operation with respect to a firm or a partner in a firm of any provision of this section is subject to any agreement express or implied between the partners in the firm.
(11) This section does not apply in relation to an incorporated limited partnership.