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Laws of Malaysia Reprint Act 135 Partnership Act 1961

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Laws of Malaysia Reprint Act 135 Partnership Act 1961
LAWS OF MALAYSIA
Act 135
PARTNERSHIP ACT 1961
ARRANGEMENT OF SECTIONS
PART I
PRELIMINARY
Section
1. Short title
2. Interpretation
PART II
NATURE OF PARTNERSHIP
3. Definition of partnership
4. Certain circumstances not prima facie partnerships
5. Postponement of rights of person lending or selling in consideration of share of profits in case of bankruptcy
6. Meaning of firm and firm name
PART III
RELATIONS OF PARTNERS TO PERSONS DEALING
WITH THEM
7. Power of partner to bind firm
8. Partners bound by acts on behalf of firm
9. Partner using credit of firm for private purposes
10. Effect of notice that firm will not be bound by acts of partner
11. Liability of partners
12. Liability of firm for wrongs
13. Misapplication of money or property received for or in custody of firm
4 Laws of Malaysia ACT 135
Section
14. Liability for wrongs joint and several
15. Improper employment of trust property for partnership purposes
16. Persons liable by “holding out”
17. Admissions and representations of partner
18. Notice to acting partner to be notice to firm
19. Liability of incoming and outgoing partners
20. Revocation of continuing guarantee by change in firm
PART IV
RELATIONS OF PARTNERS TO ONE ANOTHER
21. Variation by consent of terms of partnership
22. Partnership property
23. Property bought with partnership money
24. Conversion into personal estate of land held as partnership property
25. Procedure against partnership property for partner’s separate judgment debt 26. Rules as to interests and duties of partners, subject to special agreement
27. Expulsion of partner
28. Retirement from partnership at will
29. Where partnership for term is continued over, continuance on old terms presumed 30. Duty of partners to render accounts, etc.
31. Accountability of partners for private profits
32. Duty of partner not to compete with firm
33. Rights of assignee of share in partnership
PART V
DISSOLUTION OF PARTNERSHIP AND ITS
CONSEQUENCES
34. Dissolution by expiration or notice
35.
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