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PARTNERSHIP ACT 1961 (REVISED 1974)

ACT 135
List of Amendments
Amending Law
Short title
In force from
Sab. G.N.S. - 129/63 Sabah, Sarawak and Singapore (State
Constitutions Order in Council 1963
16 September 1963
F.L.N. 458/64 .
Modification of Laws (Partnership) (Sabah)
Order 1964
24 December 1964
Act A240
Partnership (Amendment) Act 1974
1 July 1974
LIST OF LAWS OR PARTS THEREOF SUPERSEDED
No.
Title
Sabah Ord. 1 of 1961
Partnership Ordinance, 1961
Preamble

(Revised 1974)
Revised up to 1 April 1974
Date appointed for coming into force 1 July 1974
Date of publication inGazet te 13 June 1974
An Act relating to partnership.
[Sabah - 29 April 1961; Other States - 1 July 1974]
PART I
PRELIMINARY
1. Short title.
This Act may be cited as the Partnership Act, 1961.
2. Interpretation.
In this Act -
"bankruptcy"means -
(a) being the subject of an order of adjudication under the
Bankruptcy Act 1967 (55/57);
(b) entering into an arrangement to pay creditors less than the full
amount owed; or
(c) dying in insolvent circumstances;
"business"includes every trade, occupation, or profession.
PART II
NATURE OF PARTNERSHIP
3. DEFINITION of partnership.
(1) Partnership is the relation which subsists between persons
carrying on business in
common with a view of profit.
(2) The relation between members of any company or association
which is -
(a) registered as a company under the Companies Act, 1965 (Act
125) or as a co-operative
society under any written law relating to co-operative societies; or
(b) formed or incorporated by or in pursuance of -
(i) any other law having effect in Malaysia or any part thereof; or
(ii) any letters patent, Royal Charter or Act of the Parliament of the
United Kingdom,
is not a partnership within the meaning of this Act.
4. Certain circumstances not prima facie partnerships.
In determining whether a partnership does or does not exist, regard
shall be had to the
following rules -
(a) joint tenancy, tenancy in common, joint property, common
property, or part ownership
does not of itself create a partnership as to anything so held or
owned, whether the tenants or
owners do or do not share any profits made by the use thereof;
(b) the sharing of gross returns does not of itself create a
partnership, whether the persons
sharing such returns have or have not a joint or common right or
interest in any property from
which or from the use of which the returns are derived;
(c) the receipt by a person of a share of the profits of business is
prima facie evidence that he
is a partner in the business, but the receipt of such a share, or of a
payment contingent on or varying with the profits of a business,
does not of itself make him a partner in the business; and in
particular -
(i) the receipt by a person of a debt or other liquidated amount, by
instalments or otherwise, out of the accruing profits of a business
does not of itself make him a partner in the business or liable as
such;
(ii) a contract for the remuneration of a servant or agent of a person
engaged in a business by a share of the profits of the business does
not of itself make the servant or agent a partner in the business or
liable as such;
(iii) a person being the widow or child of a deceased partner, and
receiving by way of annuity
a portion of the profits made in the business in which the deceased
person was a partner, is
not, by reason only of such receipt, a partner in the business or
liable as such;
(iv) the advance of money by way of loan to a person engaged or
about to engage in any
business on a contract with that person that the lender shall receive
a rate of interest varying
with the profits, or shall receive a share of the profits, arising from
carrying on the business,
does not of itself make the lender a partner with the person or
persons carrying on the
business or liable as such:
Provided that the contract is in writing and signed by or on behalf of
all the parties thereto;
and
(v) a person receiving, by way of annuity or otherwise, a portion of
the profits of a business in consideration of the sale by him of the
goodwill of the business is not, by reason only of such receipt, a
partner in the business or liable as such.
5. Postponement of rights of person lending or selling in consideration
of share of
profits in case of bankruptcy.
In the event of the bankruptcy of any person to whom money has
been advanced by way of
loan upon such a contract as is mentioned in section 4(c)(iv), or of
any buyer of a goodwill in
consideration of a share of the profits of the business, the lender of
the loan shall not be
entitled to recover anything in respect of his loan, and the seller of
the goodwill shall not be
entitled to recover anything in respect of the share of profits
contracted for, until the claims of
other creditors of the borrower or buyer for valuable consideration in
money or money's
worth have been satisfied.
6. Meaning of firm and firm-name.

Partnership Act 1961


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