Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
0Activity
0 of .
Results for:
No results containing your search query
P. 1
Partnership Act 1961

Partnership Act 1961

Ratings:

4.75

(8)
|Views: 8,197 |Likes:
Published by Khairul Idzwan
A Malaysian statute with regards to partnership, business, and association
A Malaysian statute with regards to partnership, business, and association

More info:

Published by: Khairul Idzwan on Jan 31, 2009
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as DOC or read online from Scribd
See more
See less

04/08/2014

 
PARTNERSHIP ACT 1961 (REVISED 1974)
ACT 135
List of AmenmentsAmenin! L"#S$o%t tit&eIn fo%'e f%om
Sab. G.N.S. - 129/63 Sabah, Sarawak and Singapore (State Constitutions rder in Coun!i" 196316 Septe#ber 1963$.%.N. &'/6& .)odi*i!ation o* %aws (+artnership(Sabahrder 196&2& e!e#ber 196&!t 2&+artnership (#end#ent!t 190&1 u"190&
LIST  LA*S R PARTS THERE S+PERSEDEDNo,Tit&e
Sabah rd. 1 o* 1961 +artnership rdinan!e, 1961
P%e"m-&e
(e4ised 190&e4ised up to 1 pri" 190&ate appointed *or !o#ing into *or!e 1 u" 190&ate o* pub"i!ation in
Gazette
13 une 190&
 An Act relating to partnership
.
[Sabah - 29 April 1961; Other States - 1 July 197!
PART I
PRELIMINARY 
1, S$o%t tit&e,
5his !t #a be !ited as the
P"%tne%s$i. A't/ 1961
.
 
0, Inte%.%et"tion,
n this !t -7bankrupt!7 #eans -
"a#
 being the sub8e!t o* an order o* ad8udi!ation under the ankrupt! !t 1960
"$$%$7#
:
"b#
 entering into an arrange#ent to pa !reditors "ess than the *u"" a#ount owed: or 
"c#
 ding in inso"4ent !ir!u#stan!es:7business7 in!"udes e4er trade, o!!upation, or pro*ession.
PART II
NATURE OF PARTNERSHIP 
3, DEINITIN of ."%tne%s$i.,
(1 +artnership is the re"ation whi!h subsists between persons !arring on business in !o##on with a 4iew o* pro*it.(2 5he re"ation between #e#bers o* an !o#pan or asso!iation whi!h is -
"a#
 registered as a !o#pan under the Co#panies !t, 196'
"Act 12$#
 or as a !o-operati4e so!iet under an written "aw re"ating to !o-operati4e so!ieties: or 
"b#
 *or#ed or in!orporated b or in pursuan!e o* -(i an other "aw ha4ing e**e!t in )a"asia or an part thereo*: or (ii an "etters patent, oa" Charter or !t o* the +ar"ia#ent o* the ;nited <ingdo#,is not a partnership within the #eaning o* this !t.
4, Ce%t"in 'i%'mst"n'es not .%im" f"'ie ."%tne%s$i.s,
n deter#ining whether a partnership does or does not e=ist, regard sha"" be had to the *o""owing ru"es -
"a#
 8oint tenan!, tenan! in !o##on, 8oint propert, !o##on propert, or part ownership does not o* itse"* !reate a partnership as to anthing so he"d or owned, whether the tenants or owners do or do not share an pro*its #ade b the use thereo*:
 
"b#
 the sharing o* gross returns does not o* itse"* !reate a partnership, whether the persons sharing su!h returns ha4e or ha4e not a 8oint or !o##on right or interest in an propert *ro# whi!h or *ro# the use o* whi!h the returns are deri4ed:
"c#
 the re!eipt b a person o* a share o* the pro*its o* business is
 pri&a 'acie
 e4iden!e that he is a partner in the business, but the re!eipt o* su!h a share, or o* a pa#ent !ontingent on or 4aring with the pro*its o* a business, does not o* itse"* #ake hi# a partner in the business: and in parti!u"ar -(i the re!eipt b a person o* a debt or other "i>uidated a#ount, b insta"#ents or otherwise, out o* the a!!ruing pro*its o* a business does not o* itse"* #ake hi# a partner in the business or "iab"e as su!h:(ii a !ontra!t *or the re#uneration o* a ser4ant or agent o* a person engaged in a business b a share o* the pro*its o* the business does not o* itse"* #ake the ser4ant or agent a partner in the business or "iab"e as su!h:(iii a person being the widow or !hi"d o* a de!eased partner, and re!ei4ing b wa o* annuit a portion o* the pro*its #ade in the business in whi!h the de!eased person was a partner, is not, b reason on" o* su!h re!eipt, a partner in the business or "iab"e as su!h:(i4 the ad4an!e o* #one b wa o* "oan to a person engaged or about to engage in an  business on a !ontra!t with that person that the "ender sha"" re!ei4e a rate o* interest 4aring with the pro*its, or sha"" re!ei4e a share o* the pro*its, arising *ro# !arring on the business, does not o* itse"* #ake the "ender a partner with the person or persons !arring on the  business or "iab"e as su!h?+ro4ided that the !ontra!t is in writing and signed b or on beha"* o* a"" the parties thereto: and(4 a person re!ei4ing, b wa o* annuit or otherwise, a portion o* the pro*its o* a business in !onsideration o* the sa"e b hi# o* the goodwi"" o* the business is not, b reason on" o* su!h re!eipt, a partner in the business or "iab"e as su!h.
5, Post.onement of %i!$ts of .e%son &enin! o% se&&in! in 'onsie%"tion of s$"%e of .%ofits in '"se of -"n2%.t',
n the e4ent o* the bankrupt! o* an person to who# #one has been ad4an!ed b wa o* "oan upon su!h a !ontra!t as is #entioned in se!tion &
"c#
(i4, or o* an buer o* a goodwi"" in !onsideration o* a share o* the pro*its o* the business, the "ender o* the "oan sha"" not be entit"ed to re!o4er anthing in respe!t o* his "oan, and the se""er o* the goodwi"" sha"" not be entit"ed to re!o4er anthing in respe!t o* the share o* pro*its !ontra!ted *or, unti" the !"ai#s o* other !reditors o* the borrower or buer *or 4a"uab"e !onsideration in #one or #one@s worth ha4e been satis*ied.

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->