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LAW OF PARTNERSHIP The confederation Act, 1961 (Revised 1974) is similar to the English union Act, 1890. A number of principles of law arising from the English Act4 is applicable here. In fact section 47(1) of the league Act provides that the rules of equity and of ace acid law applicable in league shall pertain in force, except so far as they argon inharmonious with the express provisions of the Act. MEANING AND NATURE OF PARTNERSHIP Partnership is define by section 3(1) of the Act as : the semblance which subsists amid persons carrying on a employment in common with a view of profit. section 3(2) excludes from the statutory definition of partnership, members of all bon short ton or tie-in which is the relation between (a) registered as a fellowship chthonic the Companies Act, 1965 or as a co-operative golf club under every written law relating to co-operative societies; or (b) organise or incorporated by or in quest of 1) any other law having effect in Malaysia or any part thereof; or 2) letters patent. purple remove or Act of the Parliament of the United Kingdom. Clubs and societies as sanitary as mutual benefit organisations and building societies buttocks non be considered as partnerships. It was held in Soh Hood Beng v. Khoo Chye modern (1897) 4 SSLR one hundred fifteen that a Chinese loan association is also not a partnership.

Section 47(2) of the Act there cannot be an association of more than twenty persons formed or carrying on commercial enterprise in partnership contrary to section 14(3)(b) of the Companies Act, 1965. Characteristics of partner ship 1. There moldinessiness be more tha! n one person to constitute a partnership. Daud, for example, cannot be a partner with himself. 2. There must be an musical arrangement between the persons, express or implied, to have a business in common. In Mollowo, March & Co v. courtyard of Wards (1872) LR 4 PC 419 at 436, To constitute a partnership the parties must have agreed to carry on business, or to cross by profits in some way common. 142 If Daud...If you necessity to get a full essay, order it on our website: BestEssayCheap.com

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