PARTNERSHIPS ORDINANCE, 1897

PARTNERSHIPS ORDINANCE, 1897

No. 1 of 1897.

Partnership

To codify the law relatling to[15th May, 1897.]
Nature of Partnership.
1-(1) Partnership is the relation which subsists between per-
sons carrying on a business in common with a view of profit.
(2) But the relation between members of any company or
association which is-
(a) registered as a company under any ordinance relating to
the registration of joint stock companies; or
(b) formed or incorporated by or in purstfance of any other Or-
dinance, or any Act of Parliament, or letters patent, or Royal
Charter,
is not a partnership within the meaning of this Ordinance.

As an-iended by Xo. 1 of 1912 arld ~No. 8 of 1912, The short title
is at the end of the Ordi~itilee the sections having. been re'
by No. 8 of I1J12 ill order to 1TILlIze thern corcesporld
with those of the Partnership Act 1890.





2. In determining whether a partnership does or does not exist,
regard shall be had to the following rules
(1) joint tenancy, tenancy in common, Joint property, common
property, or part ownership does not of itself create a partnership
as to anything so held or owned, whether the tenants or owners
do or do not share any profits made by the use thereof
(2) the sharing of gross returns does not of itself create a partner-
ship, whether the persons sharing such returns have, or have not a
joint or common right or interest in any property from which or
from the use of which the returns are derived ;
(3) the receipt by a person of a share of the profits of a business
is prima facie evidence that he is a partner in the business, but the
receipt of such a share, or of a payment contingent on or varying
with the profits of a business, does not of itself take him a partner
in the business, and in particular -
(a) the receipt by a person of a debt or other liquidated amount,
by instalments or otherwise, out of the accruing profits of a busi-
ness does not of itself make him a partner in the business or liable
as such ;
(b) a contract for the remuneration of a servant or agent of a per-
son engaged in a business by a share of the profits of the business
does not of itself inake the servant or agent a partner in the
business or liable as such ;
(c) a person being the widow or child of a deceased partner, and
receiving by way of annuity a portion of the profits made in
the business in which the deceased person a partner, is not, by
reason only of such receipt, a partner in the business or liable as
such ;
(d) the advance of money by way of loan to a person engaged
or about to engage in any business on a contract with that person
that the lender shall receive a rate of interest varying with the
profits, or shall receive a share of the profits arising from carrying
on the business, does not of itself make the lender a partner with
the person or persons carrying on the business or liable as such :
Provided that the contract is in writing and signed by or on behalf
of all the Parties thereto ; and
(e) a person receiving, by way of annuity ov otherwise, a portion
of the profits of a business in consideration of the sale by him of
* 4ks anionded [)v No. 8 of 1,912.





the goodwill, of the business is not, by reason Only of such receipt,
a partner in the business or liable as such.

3. In the event, of any person to whom money has been advanced
by way of loan upon such a contract as is mentioned in the last
section, or of any buyer of a goodwill in consideration of a share
of the profits of the business, being adjudged a bankrupt, entering
into an arrangement to pay his creditors less than 20 shillings ill
the pound, or dying in insolvent circumstances, the lender of the
lean shall not be entitled to recover anything in respect of his loan,
and the seller of the goodwill shall not be entitled to recover any-
thing in respect of the share of profits contracted for, until the
claims of other creditors of the borrower or buyer for valuable con-
sideration in money or money's worth have been satisfied.

4. Persons who have entered into partnershipwith one another
are, for the purposes of this Ordinance, called collectively a firm,
and the name under which their business is carried on is called the
firm-name.

Relations of Partners to person dealing with them.
5. Every partner is an agent of the Firm and his other partners for
the purpose, of the business of the partnership; and the acts of every
partner who does any act for carrying on in the usual way business
of the kind carried on by the firm of which he is a member bind the
firm and his partners, unless the partner so acting has in fact no
authority to act for the firm in the particular matter, and the
person with whom he is dealing either knows that he has no
authority or does not know or believe him to be a partner.

6. An act or instrument relating to the business of the firm and
done or executed in the firm-name, or in any other manner showing
an intention to bind the firm, by any person thereto authorised,
whether a partner or not, is binding on the firm and all the partners :
Provided that this section shall not affect any general rule of law
relating lo the execution of deeds or instruments.

7. Where one partner pledges the credit of the firm for a pur-
pose apparently not connected with the firm's ordinary course of
business, the firm is not bound, unless lie is in fact specially
authorised by the other partners; but this section does not affect any
personal liability incurred by an individual partner.

A,,, bY NQ. 50 of 1911 and No. 8 of 1912.
As amended by No. 8 of 191.2.





8. If it has been agreed between the partners that any restriction
shall, be placed on the power of any one or more of them to bind the
firm, no act done in contravention of the agreement is binding
the firm with respect to persons having notice of the agreement.

9. Every partnerin a firm is liable Jointly with the other partners
for all debt and obligations of the firm incurred while he is
a partner; and after his death his estate is also severally liable in a
due course of administratlon for such debts and obligations, so far
as they remain unsatisfied but subJect to the prior payment of his
separate, debts.

10. Where, by any wrongful act, or omission of any partner
acting in the ordinary course of the business of the firm or with the,
authority of his co-partners, loss or injury is caused to any person
not being a partner in the firm, or any penalty is incurred, the
firm is liable therefor to the same extent as the partner so acting
or omitting to act.

11. In the following cases, namely,--
(1) where one, partner, acting. within the scope of, apparent
authority, receives the money or prperty of a third person and
misapplies it ; and

(2) where a firm in the course of its business receives the money
or property of a third person, and the money or property so
received is misapplied by one or more of the partners while it is in
the custody of the firm,
the firm is liable to make good the loss.

12. Every pariner is liable jointly with his co-partners and also
severally for everything for which the firm while he is a partner
therein becomes liable under either of the last two sections.

13. If a partner, being a trustee, improperly employs trust-pro-
perty in the business or on the account Of the partnership, no other
partner is liable for the trust-property to the persons beneficially
interested therein : Provided as follows :-

(1) this section shall not affect any liability incurred by any
partner by reason of his having notice of a breach of trust ; and

A. amended by No. 8 of 1912.
As ainended by No. 50 of 1911 and No. 8 of 1912.





(2) nothing in this section shall prevent trust money from being
followed and recovered from the firm, if still in its possession or
under its control.

14.-(1) Every one who, by words spoken or written or by
conduct, represents himself, or who knowingly suffers himself to be
represented, as a partner in a particular firm is liable as a partner
to any one who has, on the faith of any such representation, given
credit to the firm, whether the representation has or has not been
made or communicated to the person so giving credit by or with the
knowledge of the apparent partner making the representation or
suffering it to be made.
(2) Provided that where, after a partner's death, the partnership
business is continued in the old firm-name, the continued use of
that name or of the decreased partner's name as part thereof shall
not of itself make his executors or administrators, estate or
effects, liable, for any debts contracted affer his death.

15. An admission or representation made by any partner concern-
ing the partnership affairs, and in the ordinary course of its
business, is evidence against the firm.

16. Notice to any partner who habitually acts in the partnership
business of any matter relating to partnership affairs operates as
notice to the firm, except in the case of a fraud on the firm
coninlitted by or with the consent of that partner.

17-(1) person who Is admitted as a partner into an existing
firm does not thereby become liable to the creditors of the firm for
anything done before he became a partner.
(2) A partner who retires from a firm does not thereby cease to
be liable for partnership debts or obligations incurred before, his
retirement.
(3) A retiring partner may be discharged from any existing
liabilities by an agreement to that effect between himself and the
members of the firm as newly constituted and the creditors, and
this agreement may be either express or inferred as a fact from the
course of dealing between the creditors and the firm as newly
constituted.

18. A continuing guarantee given either to a firm or to a third
person in respect of the transactions of a firm is, in the absence of

AS by NO. ~ 0~ i9l~.





areegment to the contrary, revoked as to future transactions by
any change in the constituition of the firm to which, or of the firm
in respect of the transactions of which, the guarintee was given.

Relations of Partners to ove
19. The mutual rights and duties of partners, whether ascertained
by agreement or defined by this Ordinance, rnay be varied by the
consent of all the partners, and such Consent may be either express
or inferred from a course of dealing.

20-(1) All property and rights and interests in property
originally brought into the partnership stock or acquired, whether
by purchase or otherwise, on account of the firm, or for the
purposes and in the course of the partnership business, are called in
this Ordinance partnership property, and must be held and applied
by the partners exclusively for the purposes of the partnership and
in accordance with the partnersliip agreement.
(2) Provided that the legal estate or interest in any land which
belongs to the partnership shall devolve according to the nature
and tenure thereof and the general rules of law applicable, thereto,
but in trust, so far as necessary, for the persons beneficially inter-
ested in the land under this section.
(3) Where co-owners of an estate or interest it, any land, not
being itself partnership property, are partners as to profits made by
the use of that land, and purchase other land out of the profits to
be used in like manner, the land so purchased belongs to them, in
the absence of any agreerylent to the contrary, not as
as co-owners for the same respective estates and interests as
held by them in the land first mentioned at the date of the pur-
chase.

21. Unless the contrary intention appears, property bought
money belonging to the firm is deerned to have been bought
on account of the firm.

22. Where land or any interest therein has become partnership
property, it shall, unless the contrary intention appears, be treated,
as between the partners (including the representatives of a
partner), and also as between the heirs of a partner and
his executors or administrators, as personal and not real estate.

* As amended by No. 8 of 1912.





23.-(1) A writ of execution shall not issue against any partner-
ship property except on a judgment against the firm.
(2) The Court or a Judge may, on the application by summons
of any judgment creditor of a partner, make an order charging that
partner's interest in the partnership property and profits with
payment of the amount of the judgment debt and interest thereon,
and may, by the same or a subsequent order, appoint a receiver of
that partner's share of profits (whetheu already declared or accru-
ing), and of any other money which may be coming to him
in respect, (A the partnership, and direct, all accounts and inquiries,
and give all other orders and directions, which might have been
directed or given if the charge had been made in favour of the
judgment, creditor by the partner, or which the circumstances of
the case may require.
(3) The otber partner or partners shall be at liberty at any time
to redeem the Interest charged, or, in case of a sate being directed,
to purchase the same.
(4) This section shall apply in the case of a cost-book company
as if the company were a partnership within the meaning of this
Ordinance.

24. The interests of partners in the partnership property, and
their rights and duties in relation to the partnership, shall be
determined, subject to any agreement, express or implied, between
the partners, by the following rules :-
(1) all tile partners are entitled to shure 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
(2) the firm must indemnify every partner in respect of payments
inade and personal liabilities incurred by him-
(a) in the ordinary and proper conduct of the business of
the firm ; or
(b) in or about anything necessarily (lone for the preservation of
the business or property of the firin ;
(3) a, Partner making, for the purposes of the partnership, any
actual payment or advance beyond the amount of capital which he
has agreed to subscribe, is entitled to interest at the rate of 8 per
cent per annum from the date of the payment or advance ;

As arnended by Xo. 50 of 1911, No. 1 of 1912 and No. 8 of 1912.
As cariended by 1No. 8 of 1912.





(4) a partner is not entitled, before the ascertainment of profits,
to interest on the capital subscribed by him ,
(5) every partner may take part in the management of the part-
nership business
(6) no partner shall be entitled to remuneration for acting in the
partnership business ;
(7) no person shall be introduced as a partner without the con-
sent of all existing partners;
(8) 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 partner-
ship business without the consent of all extsting partners ; and

(9) the partnership books are to be kept at the place of business
of the partnership (or the principal place, if there are more place
than one), and every partner may, when he thinks fit, have acess
to and inspect and copy any of them.

25. No majority of the partners can expel any partner, unless a,
powex to do so has been conferred by express agreement between
the partners.
26-(1) Where no fixed terni has been agreed upon for the
duration of the partnership, any partner may determine the part-
nership at any time on giving notice of his intention to do so to all
the other partners.
(2) Where the partnership has originally been constituted by
deed, a notice in writing, signed by the partner giving it, shall be
sufficient for this purpose.
27-(1) Where a partnership entered into for a fixed term is
continued after the term has expired, and without any express new
agreement, the rights and duties of the partners remain the same
as they Were at, the expiration of the term, so far as consistent with
the incidents of a partnership at will.
(2) A continuance of the business by the parttners or such of
them as habitually acted therein during the term, without any set
tlement or liquidation of the partnershipis presumed to be
a continuance of the partnership.

28. Partners are bound to render true accounts and full
information of all things affecting the partnership to ally partner
or his legal representatives.

* As amelided by No, 8 of 1912.





29.-(1) Every partner must account to the firm for any benefit
derived by him, without the consent of the other partners, from any
transaction concerning the partnership or from'any use by him of
the partnership property, name, or business connexion.
(2) This section applies also to transactions undertaken after a
partnership has been dissolved by the death of a partner, and before
the affairs thereof have been completely wound up, either by any
surviving partner or by the representatives of the deceased partner.

30. If a partner, without the consent of the other partners,
carries on any business of the same nature as and competing with
that of the firm, lie must account for and pay over to the firm all
profits made by him in that business.

31.-(1) An assigninent by any partner of his share in the
partnership, either absolute or by way of mortgage or redeemable
charge, does not, as against the other partners, entitle the assignee,
during the continuance of the partnership, to interfere in the
management or administration of the partnership business or affairs,
or to require any accounts of the partnership transactions, or to
inspect the partnership books, but entitles the assignee only
to receive the share of the profits to which the assigning partner:
would otherwise be entitled, and the assignee must accept the
account of profits agreed to by the partners.
(2) In the ease of a dissolution of the partnership, whether as
respects all the partners or as respects the assigning partner, the
assignee is entitled to receive, the share of the partnership assets to
which the assigning partner is entitled as between himself and the
other partners, and, for the purpose, of ascertaining that share, to
an account as from the date of the dissolution.

Dissoluttion of Partnership and its Consequences.
32-(1) Subject to any agreement between the partners, a part-
nership is dissolved,-
(a) if entered into for a fixed term, by the expiration of that term
or,
(b) if entered into for a single adventure or undertaking, by the
termination of that adventure or undertalmig; or,
(c) if entered into for an undefined time, by any partner giving
notice to the other or others of his intention to dissolve the
partnership.

* As ameuded by No. 8 of 1912.





(2) In the last-mentioned case the partnership is dissolved as
from the date mentioned in the notlee as the date of dissolution, or,
if no date is so mentioned, as from the date of the communication
of the notice.

33.-(1) Subject to any agreement between the partners, every
partnership is dissolved as regards all the partners by the death or
banluuptey of any partner.
(2) A partnership may, at the option of the other partners, loe
dissolved if any partner suffers his share of the partnership property
to be charged under this Ordinance for his separate debt.

24. A partnership is in every case dissolved by the happening of
any event which makes it unlawful for the hnsiness of the firm to be
carried on or for the members of the firm to carry it on in partner-
ship.

35. On application by a partner, the Court may decree a dissolu-
tion of the partnership in any of the following cases
(1) when a partner is found lunatic by inquisition, or is shown, to
the satisfaction of the Court, to be of permanently unsound mind,
in either of which cases the application may be made as well on
behalf of that partner by his committee, or next friend, or person
having title to intervene as by any other partner;
(2) when a partner, other than the partner suing, becomes in
any other way perinariently incapable of performing his part of the
partnership contract;
(3) when a partner, other than the partner stuing, has been guilty
of such conduct as, in the opinion of the Court, regard being had
to the nature of the business, is calculated to prejudicially affect the
carrying on of the business;
(4) when a partner, other than the partner suing, wilfully or
persistently commits a breach of the partnership agreement or
otherwise so conducts himself in matters relating to the partnership
business that it is not reasonably practicable for the other partner
or partners to carry on the business in partnership with him;
(5) when the business of the partnership can only be carried on
at a loss; and

* 4s amended by No. 8 of 1912.





(6) whenever in any case circumstances have arisen which, in
the opinion of the Court, render it just and equitable that the part-
nership be. dissolved.

36-(1) Where a person deals with a firm after a change in its
constitution, lie is entitled to treat all apparent members of the old
firm as still being members of the firm until he has notice of

(2) An advertisement in the Gazetto as to a firm whose principal
place of business Is in the Colony shall be notice as to persons Who
had not dealings with the firm be-fore the date of the dissolution or
change so advertised.
(3) The estate of lt partner who (lies, or who becomes bankrupt,
or or a partner who, not having been known to the person dealing
with the firm to be a partner, retires from the firm, is not liable for
partnership debts contracted fter the date of the death, bankruptcy,
or retirement respectIvely.

37. On the dissolution of a partnership or retirement of a partner,
any partner may publicly notify the same, and may require
the other partner or partners to concur for that purpose in all
necessary or proper acts, if any, which cannot be done without his
or their concurrence.

38. After the dissolcition of a partnership, the authority of each
partner to bind the firm, and the other and obligations of the
partners, continue, notwithstanding the dissolution, so far as may
be necessary to wind up the affairs of the partnership, and to coin-
plete, transactions begin but unfinished at the time of the
dissolution, but not otherwise: Provided that the firm is in
no case bound by the acts of a partner who has become bankrupt ;
but this proviso does not affect the liabilIty of any person who has,
after the bankruptcy, represented himself or knowingly suffered
himself to be represented as a partner of the bankrupt.

39. On the dissolution of a partnership, every partner is entitled,
as against the other partners in the firm and all persons claiming
through them in respect of their interests as partners, to have the
property of the partnership applied in payment of the debts and
liabilities of the firm, and to have the surplus assets after such

* ~' amended by _Mo. 8 of 1912,





payment applied in payment of what may be due to the pirtners
respectively, after deducting what may be due from them as
partners to the firm; and for that purpose any partner or his
representatives may, on the termination of the partnership, apply to
the Court to wind up the business and affairs of the firm.

40. Where one partner has paid a premium to another on
entering into a partnership for a fixed term, and the partnership is
dissolved before the expiration of that term otherwise than by the
death of a partner, the Court may order the repayment of the pre-
mium, or of such part thereof as it thinks just, having regard to
the terms of the partnership contract and to the length of time
during which the partnership has continued; unless-

(1) the dissolution is, in the judgment of the Court, wholly or
chiefly due to the misconduct of the partner who paid the premium;
or
(2) the partnership has been dissolved by an agreement containing
no Provision for a return of any of the premium.

41. Where a partnership contract is rescinded on the ground of
the fraud or misrepresentation of one of the parties thereto, the
party entitled to rescind is, without prejudIce to any other right,
entitled-
(1) to a lien on, or right of retention of, the surplus of the part-
nership assets, after satisfying the partnership liabilities, for any
sum of money paid by him for the purchase of a share in the
partnership and for any capital contributed by him; and is
(2) to stand in the place of the creditors of the firm for any pay-
ments made by him in respect of the partnership liabilities ; and
(3) to be indemnified by the person guilty of the fraud or making
the representation against all the debts and liabilities of the firm.

42-(1) Where any member of a firm has died or otherwise
ceased to be a partner, and the surviving or continuing part-
ners carry on the business of the firm with Its capital or assets
without any final settlement of account as between the firm and
the outgoing partner or his estate, then, in the absence of any
agreement to the contrary, the outgoing partner or his estate is
entitled, at the option of himself or his representatives, to such

* As &mpi~ded by '-'~o. 8 of 1912.





share of the profits made since the dissolution as the Court may
find to be attributable to use of his share of the partner-
ship assets, or to interest at the rate of S per cent. per annum on
the amount of his share, of the partnership assets.
(2) Provided that where, by the partnership contract, an option
is given to surviving or continuing partners to purchase the interest
of a deceased or outgoing partner, and that option is duly exercised,
the estate of the deceased partner or the outgoing partner or his
estate, as the case may be, is not entitled to any further or other
share of profits; but if any partner assuming to act in exercise of
the option does not in all material respects comply with the terms
thereof, he is liable to account under the preceding provisions of this
section.

43. Subject to any agreement between the partners, the amount
due from surviving or continuing partners to any outgoing partner
or the representatives of a deceased partner in respect of the out-
going or deceased partner's share is a debt accruing at, the date of
the dissolution or death.

44 In setting accounts between the partners after a dissolution
of partnership, the following rules shall, subject to any agreement,
be observed
(1) losses, including losses and deficlencies of capital, shall be
paid first out of profits, next out of capital, and lastly, if necessary,
by the partners individually in the proportion in which they were
entitled to share profits ; and
(12) the assets of the firm, including the sums, if any, contributed
by the partners to make up losses or deficiencies of capital, shall be,
applied ill the following manner and order :-
(a) in paying the debts and liabilities of the firm to persons who
are not partners therein;
(b) in paying to each partner rateably what is due from the firm
to him for advances as distinguished frorn capital ;
(c) in payinog to each partner rateably what is due from the firm
to him in respect of capital ; and
(d) the ultimate residue, if any, shall be divided among the part-
ners in the proportion in which profits are divisible.

45. In this Ordinance,-

As futionded by No. 8 of 1912.
As alnelided by No. 50 d 1911 and No. 8 of 1912.
'The Court ' includes every Court and Judge having jurisdiction
in the case.
'Business ' includes every trade, occupation, or profession.

46. The rules of equity and of common law applicable to
partriersbip shall continue in force, except so far as they are in-
consistent witb the express provisions of this Ordinance.

47. The Partnership Ordinance, 1897.
[53 & 54 Vict.c. 39.] Definition of partnership. Rules for determining existence of partnership. Postponement of right of person lending or selling in consideration of share of profits in case of insolvency. Meaning of 'firm' and 'firm-name.' Power of partner to bind firm. Partners bond by acts on behalf of firm. Partner using credit of firm for private purposes. Effect of notice that firm will not be bound by acts of partner. Liability of partners. Liability of firm for wrongs. Misapplication of money or property received for or in custody of firm. Liability for wrongs joint and several. Improper employment of trust-property for partnership purposes. Persons liable by 'holding out.' Admissions and representations of partner. Notice to acting partner to be notice to firm. Liabilities of incoming and outgoing partners. Revocation of continuing guarantee by change in firm. Variation by consent of terms of partnership. Partnership property. Property bought with partnership money. Conversion into personal estate of land held as partnership property. Procedure against partnership property for partner's separate judgment debt. Rules as to interests and duties of partners, subject to special agreement. Expulsion of partner. Retirement from partnership at will. Where partnership for term is continued over, continuance on old terms presumed. Duty of partner to render accounts, etc. Accountability of partners for private profits. Duty of partner not to complete with firm. Rights of assignee of share in partnership. Dissolution by expiration or notice. Dissolution by bankruptcy, death, or charge. Dissolution by illegality of partnership. Dissolution by the Court. Rights of person dealing with firm against apparent members of firm. Right of partner to notify dissolution. Continuing authority of partners for purposes of winding-up. Rights of partners as to application of partnership property. Apportionment of premium where partnership prematurely dissolved. Rights where partnership dissolved for fraud or misrepresentation. Right of outgoing partner in certain cases to share profits made after dissolution. Retiring or deceased partner's share to be a debt. Rule for distribution of assets on final settlement of accounts. Interpretation. Saving for rules of equity and of common law. Short title.

[53 & 54 Vict.c. 39.] Definition of partnership. Rules for determining existence of partnership. Postponement of right of person lending or selling in consideration of share of profits in case of insolvency. Meaning of 'firm' and 'firm-name.' Power of partner to bind firm. Partners bond by acts on behalf of firm. Partner using credit of firm for private purposes. Effect of notice that firm will not be bound by acts of partner. Liability of partners. Liability of firm for wrongs. Misapplication of money or property received for or in custody of firm. Liability for wrongs joint and several. Improper employment of trust-property for partnership purposes. Persons liable by 'holding out.' Admissions and representations of partner. Notice to acting partner to be notice to firm. Liabilities of incoming and outgoing partners. Revocation of continuing guarantee by change in firm. Variation by consent of terms of partnership. Partnership property. Property bought with partnership money. Conversion into personal estate of land held as partnership property. Procedure against partnership property for partner's separate judgment debt. Rules as to interests and duties of partners, subject to special agreement. Expulsion of partner. Retirement from partnership at will. Where partnership for term is continued over, continuance on old terms presumed. Duty of partner to render accounts, etc. Accountability of partners for private profits. Duty of partner not to complete with firm. Rights of assignee of share in partnership. Dissolution by expiration or notice. Dissolution by bankruptcy, death, or charge. Dissolution by illegality of partnership. Dissolution by the Court. Rights of person dealing with firm against apparent members of firm. Right of partner to notify dissolution. Continuing authority of partners for purposes of winding-up. Rights of partners as to application of partnership property. Apportionment of premium where partnership prematurely dissolved. Rights where partnership dissolved for fraud or misrepresentation. Right of outgoing partner in certain cases to share profits made after dissolution. Retiring or deceased partner's share to be a debt. Rule for distribution of assets on final settlement of accounts. Interpretation. Saving for rules of equity and of common law. Short title.

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