Partnership Amendment Act (1866 No 25a) (NSW)

No. XIV.

a™ me™ An Act to amend the Law of Partnership. [10 /̂i

October, 1866.]

Preamble.	A i r HERE AS it is expedient to amend the Law relating to Partner-
Y V ship Be it therefore enacted hy the Queen’s Most Excellent
Majesty hy and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled and hy the authority of the same as follows :—

Advance of money

on written contract 1. The advance of money by way of loan to any person engaged

to receivTsbare^ Or ahout to engage in any trade or undertaking upon a contract in profits not to const!- -̂ vpiting with such pei'son that the lender shall receive a rate of interest

varying

1866. 30'’ VIO. No. 15.

Sale o f Colonial Brandy.

varying with the profits or shall receive a share of the profits arising tute lender a partner

from carrying on such trade or undertaking shall not of j^self

constitute the lender a partner with the person or persons carrying on

such trade or undertaking or render him responsible as such.

2 . No contract for the remuneration of a servant or agent of Nor remuneration of

any person engaged in any trade or undertaking by a share of the	share oPp"rofi*?
profits of such trade or undertaking shall of itself render such 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 Certain annuitants

of a trader and receiving by way of annuity a portion of the profits ““unerr

made by such trader in his business shall by reason only of such receipt ’

be deemed to bo a partner of or to be subject to any liabilities incurred

by such trader.

4.   No person receiving by way of annuity or otherwise a portion Eeccipts of profits in

of the profits of any business in consideration of the sale by him of o™goPi-wnTnot to'̂

the good-will of such business shall by reason only of such receipt be make tim seller a

deemed to be a partner of or be subject to the liabilities of the person

carrying on such business.

5. In the event of any such trader as aforesaid having his in case of insolvency estate placed under sequestration or entering into an arrangement wi'̂ oUePereaHms to pay his creditors less than twenty shillings in the pound or dying

in insolvent circumstances the lender of any such loan as aforesaid shall not be entitled to recover any portion of his principal or of the profits or interest payable in respect of such loan nor shall any such vendor of a good-will as aforesaid be entitled to recover any such profits as aforesaid until the claims of the other creditors of the said trader for valuable consideration shall have been satisfied.

G. Nothing in this Act contained shall be deemed to affect any insolvent Laws not prejudiced.

of the provisions of the Insolvent Laws for the time being.

7 . In the construction of this Act the word “ person ” shall interpretation,

include a partnership firm a joint stock company and a corporation.

8. This Act may be cited as the “ Partnership Amendment Act.” simrt title.