PARTNERSHIP ACT 1891 - SECT 24
PARTNERSHIP ACT 1891 - SECT 24
24—Rules as to interests and duties of partners other than partners in
incorporated limited partnership subject to special agreement
(1) The interests of
partners in the partnership property and their rights and duties in relation
to the partnership will 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 payments made and personal
liabilities incurred by the partner—
(i)
in the ordinary and proper conduct of the business of the
firm; or
(ii)
in or about anything necessarily done for the
preservation of the business or property of the firm;
(c) a
partner making, for the purpose of the partnership, any actual payment or
advance beyond the amount of capital which the partner has agreed to
subscribe, is entitled to interest at the rate of seven per centum 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 the partner;
(e)
every partner may take part in the management of the partnership business;
(f) no
partner will 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;
(h) 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;
(i)
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 every partner may, when the partner thinks fit, have access to and
inspect and copy any of them.
(2) This section does
not apply to or in respect of an incorporated limited partnership.