PARTNERSHIP ACT 1890 - SECT 24 Rules as to interests and duties of partners subject to special agreement.

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PARTNERSHIP ACT 1890 - SECT 24

Rules as to interests and duties of partners subject to special agreement.

24. The interests of partners in the partnership property and their rights and
duties in relation to the partnership shall be determined, subject to any
agreement express or implied between the partners, by the following rules:

(1)All the partners are entitled to share equally in the capital and profits
of the business, and must contribute equally towards the losses whether of
capital or otherwise sustained by the firm.

(2)The firm must indemnify every partner in respect of payments made and
personal liabilities incurred by him

(a)In the ordinary and proper conduct of the business of the firm; or,

(b)In or about anything necessarily done for the preservation of the business
or property of the firm.

(3)A partner making, for the purpose of the partnership, any actual payment or
advance beyond the amount of capital which he has agreed to subscribe, is
entitled to interest at the rate of five per cent. per annum from the date of
the payment or advance.

(4)A partner is not entitled, before the ascertainment of profits, to interest
on the capital subscribed by him.

(5)Every partner may take part in the management of the partnership business.

(6)No partner shall be entitled to remuneration for acting in the partnership
business.

(7)No person may be introduced as a partner without the consent of all
existing partners.

(8)Any difference arising as to ordinary matters connected with the
partnership business may be decided by a majority of the partners, but no
change may be made in the nature of the partnership business without the
consent of all existing partners.

(9)The partnership books are to be kept at the place of business of the
partnership (or the principal place, if there is more than one), and every
partner may, when he thinks fit, have access to and inspect and copy any of
them.

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Northern Irish Legislation

PARTNERSHIP ACT 1890 - SECT 24