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LIMITED PARTNERSHIPS ACT 1907 - SECT 4

Definition and constitution of limited partnership.

4.(1) ... limited partnerships may be formed in the manner and subject to the
conditions by this Act provided.

(2) A limited partnership shall not consist, [in the case of a partnership
carrying on the busines of banking, of more than ten persons, and, in the case
of any other partnership], of more than twenty persons, and must consist of
one or more persons called general partners, who shall be liable for all debts
and obligations of the firm, and one or more persons to be called limited
partners, who shall at the time of entering into such partnership contribute
thereto a sum or sums as capital or property valued at a stated amount, and
who shall not be liable for the debts or obligations of the firm beyond the
amount so contributed.

(3) A limited partner shall not during the continuance of the partnership,
either directly or indirectly, draw out or receive back any part of his
contribution, and if he does so draw out or receive back any such part shall
be liable for the debts and obligations of the firm up to the amount so drawn
out or received back.

(4) A body corporate may be a limited partner.

© 1907 Crown Copyright

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