PARTNERSHIPS (LIMITED) ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Limited partnership

   3   Number, denomination and liabilities of partners

   4   Power of general partners

   5   Persons desirous of forming partnership as general partners to make certificate

   6   How certificate to be acknowledged and proved by persons signing same

   7   Signature by attorney

   8   Declaration to be recorded with certificate

   9   Certificate to be recorded

   10   No partnership deemed to have been formed until certificate, etc, made

   11   False statements in certificate

   12   Terms of partnership to be made public

   13   Proof of publication

   14   Provisions as to declarations

   15   Renewal, etc, of partnership

   16   What to be deemed a dissolution of partnership

   17   How partnership to be conducted

   18   Actions to be brought by and against general partners only

   19   Sum contributed by special partner not to be withdrawn, etc

   20   Capital not to be reduced by payments to special partner

   21   Special partner not to interfere in management

   22   General partners liable to account to each other and to special partners

   23   Partner guilty of fraud liable civilly and criminally

   24   Fraudulent assignments, etc, void

   25   Fraudulent assignment, etc, by individual partner void

   26   Breach of any provision of section 24 or 25

   27   On dissolution special partner not to withdraw his capital until creditors satisfied

   28   Provision as to dissolution

      SCHEDULE

 

THE PARTNERSHIPS (LIMITED) ACT

[Date of Commencement: 1853]

Cap 280.

1   Short title

   This Act may be cited as the Partnerships (Limited) Act.

2   Limited partnership

   Limited partnerships may be established in this Island for the transaction of any mercantile, mechanical, agricultural, or manufactory business, by two or more persons, upon the terms, with the rights and powers, and subject to the conditions, limitations, restrictions, and liabilities herein mentioned:

   Provided always, that nothing herein contained shall be construed to authorise or empower any such limited partnership to be formed for the purpose of banking or making insurance.

3   Number denomination and liabilities of partners

   Such partnerships may consist of one or more persons, who shall be general partners, subject to the same liabilities and charges, and shall be entitled to the same benefits and advantages, as co-partners are now by law liable to, chargeable with, and entitled to, and of one or more persons who shall contribute, in actual cash payments, a specific sum, as capital, to the common stock, who shall be called special partners, but who shall not be liable for, nor chargeable with, the payment of the debts of the partnership, beyond the extent of the fund so subscribed by him or them to the capital of the co-partnership.

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