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PARTNERSHIP ACT 1890 - SECT 20

Partnership property.

20.(1) All property and rights and interests in property originally brought
into the partnership stock or acquired, whether by purchase or otherwise, on
account of the firm, or for the purposes and in the course of the partnership
business, are called in this Act partnership property, and must be held and
applied by the partners exclusively for the purposes of the partnership and in
accordance with the partnership agreement.

(2) Provided that the legal estate or interest in any land,... which belongs
to the partnership shall devolve according to the nature and tenure thereof,
and the general rules of law thereto applicable, but in trust, so far as
necessary, for the persons beneficially interested in the land under this
section.

(3) Where co-owners of an estate or interest in any land,... not being itself
partnership property, are partners as to profits made by the use of that land
or estate, and purchase other land or estate out of the profits to be used in
like manner, the land or estate so purchased belongs to them, in the absence
of an agreement to the contrary, not as partners, but as co-owners for the
same respective estates and interests as are held by them in the land or
estate first mentioned at the date of the purchase.


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© 1890 Crown Copyright

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