Partnership Act 1866 (SA)

No. 4.

An Act to amend the Law of Part?tershiy,

[Assented to, 8th November, 1866.1

W HEREAS it is expedient to asmend the law relating to Part- Preamble. nership-Be it therefore Enacted, by the Governor-in-

Chief of the Province of South Australia, with the advice and consent of the Legislative Council and House of Assembly of the said Province, in this present Parliament assembled, as follows:

1. The advance of money by way of loan to a person engaged Tha advance of

or about to engage in any trade or undertaking upon a contract in ~ ? & ", " B ~, " f ~ ~ C t @

writing with such person, that the lender shall receive a, rate of profits not to con- atitute the lender r

interest varying with the profits, or shall receive a share of the ,,,

profits arising from carrying on such trade or undertaking, shall 1 ,$@L-

&c 5 i x A

not of itself constitute the lender e partner with the person or the

persons carrying on such trade or nndertakiug, or render him -- /Zq/J2.27

responsible as such. / m z a 9 31 3 07 : C $&-/l ---

-7 a"C8J-4- /

2. No contract for the relnuneration of a servant or agent of The remuneration of

any person engaged in any trade or undertaking by a shareuof the ~ ~ $ ~ ~ ; o ~ ~ ~ e

profits of such trade or undertaking, shall of itself render such them partners.

servant or agent responsible as a partner therein, nor give him the

rights of a partner.

3. No person being the widow or child of the deceased partner 0ertainsmuitm.t.

of a trader, and receiving by way of annuity a portion of the profits	be
made by such trader in his business, shall, by reason only of such receipt, be deemed to be a partner of, or to be subject to any

hbihties incurred by ~uch trader.

P 4, No

14 800 VICTORLB, No. 4.

Law of Parhership Act.-1866.

lbmi of profltoet. in 4. No person receiving by way of annuity or otherwise a portion

mnei eration of sale 2

of @&will not to	of the profits of any business in considemtion of the sale by him of
mac the KL~W a
panner.	the goodwill of such business, shall by reason only of such receipt

. be deemed to be a partner of, or he subject to the liabilities of the person carrying on such business.

I. cw or h n k ~ ~ p t c ~ 5. In the event of any such trader as aforesaid being adjudged debtors, or entering into an arrangern&

lender with other " crediton. rank insolvent, or taking the benefit of any Act for the relief of insolvent

to pay his creditors less than

~ A - ~ w e n t ~ Shillings in the Pound, or dying in insolvent circumstances, the lender of any such loan as aforesaid shall not be entitled to

- 33 C d&r	recover anv portion of his principal, or of the nrofits or interest U I
-.

3 e npble in respect of such lo'au, ndr shall any suchAvendor of a goocl-

afy 3r t i l l as aforesaid be entitled to rec6ver any such profits as aforesaid, until the claims of the other creditors of the said trader for valuable consideration in money or money's worth have been satisfied.

Interpretation. 6. In the construction of this Act the word tLPerson" shall include a partnership firm, a joint stock company, and a corpo- ration.

hps .1 of A C ~ 20 7. Act No. 20 of 1853, intituled " An Act to legalize Partner-

1833. ships with Limited Liabilities " is hereby repealed.

In the name and on behalf of the Queen I hereby assent to

this Act.

D, DAILY, Governor,