PARTNERSHIP AMENDMENT ORDINANCE

PARTNERSHIP AMENDMENT ORDINANCE

ORDINANCE '.Nd, 7' bi1897,

Partnership Awndment.

No. 7 of 186'x.

Title.

An Ordinance to amend the Law of Partnership.
17th June, 1867.]

Preamble. ~I3EREAS it is expedient to extend to thin Colony the provisions
o£
an Act of the Imperial Parliament passed in the 8th and 29th
years of the reign of Her Majesty Queen Victoria intituled 'An Act to
amend the Law of Partnership :' Be it therefore enacted and ordained by
the Governor of Hongkong, with the advice of the Legislative Council

thereof, as follows :-

Thn aaoanee 1. The advance of money by way of loan to a person engaged or
about
4 money on
contract to to engage in any trade or undertaking upon a contract in
writing with
receive a
share of such person that the lender shall receive a rate of interest
varying with
~ rofits not to zn

~stit,t, the the profits, or shall receive a share of the profits arising
from carrying on

lender a
partner, such trade or undertaking, shall not, of itself, constitute the
lender a
partner with the person or the persons carrying on such trade or
undertaking or render him responsible as such.
The remu- 2, No contract for the remuneration of a servant or agent of any
aeration of
agent, &o., person engaged in any trade or undertaking by a share of the
profits of
by share of
profits not to such trade or undertaking shall, of itself, render such
servant or agent
make them
partners, responsible as a partner therein, nor give him the rightsof a
partner.
Certain an- `~,', No person being the widow or child of the deceased
partner of a

to be a~etrader, and receiving by way of annuity a portion of the profits
made by

partners. such trader in his Lusiuess, shall, by reason only of such
receipt, be
deemed to be a partner o£ or to be subject to any liabilities incurred by
such trader.
Receipt of 4. No person receiving by way of annuity or otherwise a portion
of
profits in
consideration the profits o£ any business, in consideration of the sale by
him of the
of sale of
goodwill not goodwill of such business, slaall, by reason only of such
receipt, be deemed
to make the
seller a to be a partner of or be subject to the liabilities of the person
carrying on
partner. such business.
In case of 6. In the event of any such trader as aforesaid being adjudged a
~~',;i~ aeTy' bankrupt, or entering into an arrangement to pay his
creditors less than
not to rank
'with other the full amount of their respective claims or dying in
insolvent circum-
`rea'tor9' stances, the lender of any such loan'as aforesaid shall not be
entitled to
recover any portion of leis principal or of the profits or interest
payable
in respect of such loan, nor shall any such vendor o£ a goodwill as afore-
No. 7 of 1867.

Partnership Amendment. .

said be entitled to recover any such profits as aforesaid until: the
claims
of the other creditors of the said ,trader for valuable consideration in
money or money's worth have been satisfied.
6. In the construction of this Ordinance the word 'Person'
shall interpreta-
tion of
include a partnership firm, a joint stock company, and a corporation. °`
Person.'

This Ordinance shall not come into operation until Fler Majesty's
suspending
confirmation thereof shall have been proclaimed in the Colony by the
elftuse. ..
Governor.

[Confirmation pro#aimed 24th October, 1867.]
946
Title.
Preamble.
The advance of money on contract to receive a share of profits not to constitute the lender a partner.
The remuneration of agents, &c., by share of profits not to make them partners.
Certain annuitants not to eb deemed partners.
Receipt of profits on consideration of sale of goodwill not to make the selle a partner.
In case of bankruptcy, &c., lender not to rank with other creditors.
947
Interpretation of 'Person.'
Suspending clause.

946
Title.
Preamble.
The advance of money on contract to receive a share of profits not to constitute the lender a partner.
The remuneration of agents, &c., by share of profits not to make them partners.
Certain annuitants not to eb deemed partners.
Receipt of profits on consideration of sale of goodwill not to make the selle a partner.
In case of bankruptcy, &c., lender not to rank with other creditors.
947
Interpretation of 'Person.'
Suspending clause.

https://oelawhk.lib.hku.hk/items/show/234

1890

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No. 7 of 1867

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