(a)
being the subject of an order of adjudication under the Bankruptcy Act 1967
(55/57)
;
(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
3. DEFINITION of partnership.
(1) Partnership is the relation which subsists between persons carrying on business incommon with a view of profit.(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-operativesociety 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, Royal Charter or Act of the Parliament of the United Kingdom,is not a partnership within the meaning of this Act.
4. Certain circumstances not prima facie partnerships.
In determining whether a partnership does or does not exist, regard shall be had to thefollowing rules -
(a)
joint tenancy, tenancy in common, joint property, common property, or part ownershipdoes 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;
(b)
the sharing of gross returns does not of itself create a partnership, whether the personssharing such returns have or have not a joint or common right or interest in any property fromwhich or from the use of which the returns are derived;
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