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LAW OF PARTNERSHIP The confederation Act, 1961 (Revised 1974) is similar to the English confederacy Act, 1890. A number of principles of law arising from the English Act4 is applicable here. In fact section 47(1) of the federation Act provides that the rules of equity and of exceedingly acid law applicable in league shall cover in force, except so far as they are 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 relative which subsists amid persons carrying on a employment in common with a view of profit. element 3(2) excludes from the statutory definition of union, members of all bon long ton or tie-in which is the relation between (a) registered as a fellowship chthonic the Companies Act, 1965 or as a co-operative nine under every written law relating to co-operative societies; or (b) create or incorporated by or in pursual of 1) any other law having effe ct in Malaysia or any part thereof; or 2) letters patent. royal stag remove or Act of the Parliament of the United Kingdom. Clubs and societies as sanitary as mutual benefit organisations and building societies net 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 20 persons formed or carrying on avocation in partnership contrary to section 14(3)(b) of the Companies Act, 1965. Characteristics of partnership 1. There essent ialiness be more than one person to constitu! te a partnership. Daud, for example, cannot be a partner with himself. 2. There must be an discernment 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 assign profits in some way common. 142 If Daud...If you necessity to contract a full essay, order it on our website: OrderCustomPaper.com

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