PARTNERSHIP AMENDMENT (VENTURE CAPITAL FUNDS) ACT 2006 (NO 9 OF 2006) - SECT 9 Partner's power to bind firm

PARTNERSHIP AMENDMENT (VENTURE CAPITAL FUNDS) ACT 2006 (NO 9 OF 2006) - SECT 9

(1)     A partner in a firm other than an incorporated limited partnership is, for the firm's business, an agent of the firm and of the firm's other partners.

(2)     An act of the partner in carrying on in the usual way business of the kind carried on by the firm binds the firm and all its partners, unless –

    (a)     the partner had no authority to act in the matter; and

    (b)     the person with whom the partner is dealing –

        (i)     knew the partner did not have that authority; or

        (ii)     did not know or believe the partner was a partner in the firm.

(3)     A general partner in an incorporated limited partnership is, for the firm's business, an agent of the firm and of the firm's other general partners.

(4)     An act of the general partner in carrying on in the usual way business of the kind carried on by the partnership binds the partnership and all its other general partners, unless –

    (a)     the general partner had no authority to act in the matter; and

    (b)     the person with whom the general partner is dealing –

        (i)     knew the general partner did not have that authority; or

        (ii)     did not know or believe the general partner was a general partner in the partnership.