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Partnership Act

Commencement: 19 April 1975

LAWS OF THE REPUBLIC OF VANUATU
REVISED EDITION 1988

CHAPTER 92

PARTNERSHIP

QR 3 of 1975

ARRANGEMENT OF SECTIONS

SECTION

PART I
Partnership

1. Definition of partnership
2. Rules for determining existence of partnership
3. Postponement of rights of person lending or selling in consideration of share of profits in cases of insolvency
4. Meaning of "firm"

Relations of partners to persons dealing with them

5. Power of partner to bind the firm
6. Partners bound by acts on behalf of firm
7. Partner using credit of firm for private purposes
8. Effect of notice that firm will not be bound by acts of partner
9. Liability of partners
10. Liability of the firm for wrongs
11. Misapplication of money or property received for or in custody of the firm
12. Liability for wrongs joint and several
13. Improper employment of trust-property for partnership purposes
14. Persons liable by "holding out"
15. Admissions and representations of partners
16. Notice to acting partner to be notice to the firm
17. Liabilities of incoming and outgoing partners
18. Revocation of continuing guarantee by change in firm

Relations of partners to one another

19. Variation by consent of terms of partnership
20. Partnership property
21. Property bought with partnership money
22. Land held as partnership property to be treated as personal property
23. Procedure against partnership property for a partner's separate judgment debt
24. Rules as to interests and duties of partners subject to special agreement
25. Expulsion of partner
26. Retirement from partnership at will
27. Where partnership for term is continued over, continuance on old terms presumed
28. Duty of partners to render accounts, etc.
29. Accountability of partners for private profits
30. Duty of partner not to compete with firm
31. Rights of assignee of share in partnership

Dissolution of partnership and its consequences

32. Dissolution by expiration or notice
33. Dissolution by bankruptcy, death or charge
34. Dissolution by illegality of partnership
35. Dissolution by the court
36. Rights of persons dealing with firm against apparent members of firm
37. Rights of partners to notify dissolution
38. Continuing authority of partners for purposes of winding-up
39. Rights of partners as to application of partnership property
40. Apportionment of premium where partnership prematurely dissolved
41. Rights where partnership dissolved for fraud or misrepresentation
42. Right of outgoing partner in certain cases to share profits made after dissolution
43. Retiring or deceased partner's share to be a debt