THE LAW OF PARTNERSHIP.

Bay of Plenty Times, Volume XVIII, Issue 2687, 1 June 1891, Page 2

THE LAW OF PARTNERSHIP.

Another addition to the Statutes of England by way of codification -is 44 The Partnership Act, 1890." Thjp Act is in the main a declaration; of existing law as laid down by a loDg series of decisions of the courts, but it definitely settles certain points on which there was before a contrariety of opinion amongst the judges. By this Act a statutory definition of partnership is given for the first time. 'It is this :

" Partnership is the relation which subsists between persons carrying on a business in common with a view of profit." {„■

Perhaps the most important new provision is that which relates 'to issuing execution on a judgment against one of the partners. JMo writ of execution is to be issued against any partnership property, except on a judgment against the firm, but a judgment creditor of one of the partners may take out a summons and obtain from a judge of the High Court or the County Court an order charging that partner's interest in the partnership property and profits with payment of the amount of the judgement debt and interest, and may also get a receiver appointed of the partner's share of profits, and of all monies coming to him in respect of the partnership. The other partner or partners is or are empowered to redeem interest or the partner so charged, and if a sale of his share is directed ma? purchase the same. It is to be hoped that the next session will see an Act passed here embodying all the provisions of this Act that are applicable to this Colony. The Act only -contains fifty sections.