Laws of Malaysia Reprint Act 135 Partnership Act 1961

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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. Dissolution by bankruptcy, death or charge
36. Dissolution by illegality of partnership
37. Dissolution by the court
Partnership 5
Section
38. Rights of persons dealing with firm against apparent members of firm 39. Right of partner to notify dissolution
40. Continuing authority of partners for purposes of winding up 41. Rights of partners as to application of partnership property 42. Apportionment of premium where partnership prematurely dissolved 43. Rights where partnership dissolved for fraud or misrepresentation 44. Rights of outgoing partner in certain cases to share profits made after dissolution

45. Retiring or deceased partner’s share to be a debt
46. Rules for distribution of assets on final settlement of accounts 47. Savings
6 Laws of Malaysia ACT 135
Partnership 7
LAWS OF MALAYSIA
Act 135
PARTNERSHIP ACT 1961
An Act relating to partnership.
[Sabah—29 April 1961;
Other States—1 July 1974, Act A240]
PART I
PRELIMANARY
Short title
1. This Act may be cited as the Partnership Act 1961.
Interpretation
2. In this Act—
“bankruptcy” means—
(a) being the subject of an order of adjudication under the
Bankruptcy Act 1967 [Act 360];
(b) entering into an arrangement to pay creditors less than
the full amount owed; or
(c) dying in insolvent circumstances;
“business” includes every trade, occupation, or profession. PART II
NATURE OF PARTNERSHIP
Definition of partnership
3. (1) Partnership is the relation which subsists between persons carrying on business in common with a view of profit.
8 Laws of Malaysia ACT 135
(2) The relation between members of any company or association which is—
(a) registered as a company under the Companies Act 1965
[Act 125] or as a co-operative society under any written
law relating to co-operative societies; or
(b) formed or incorporated by or in pursuance of—
(i) any other law having effect in Malaysia or any
part thereof; or
(ii) any letters patent,...
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