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Partnership Law 1961

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ali abu

on 8 February 2014

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Transcript of Partnership Law 1961

Partnership Act 1961
Case Study: The MNK Partners
Group 6

Issue 3: Liability of Kiki when she out from firm

Section 19 Liability of incoming and outgoing partners (2): A partner who retires from a firm does not thereby cease to be liable for partnership debts or obligations incurred before his retirement.

Case: Subramaniam Chettiar V Kader Mastan & Co

Issue 4: Liability of Firm due to breach of trust by Nini

Section 9 Partner using credit of firm for private purpose : Where one partner pledges the credit of the firm for a purpose apparently not connected with the firm’s ordinary course of business, the firm is not bound, unless he is in fact specially authorized by the other partners; but this section does not affect any personal liability incurred by an individual partner.

Case: Mercantile Credit Co V Garrod

Issue 1: Liability of Datin Kirana when she represent as MNK’s partner

Section 16: Every one who by words spoken or written or by conduct represents himself, or who knowingly suffers himself, to be represented, as a partner in a particular firm is liable as a partner to any one who has on the faith of any such representation given credit to the firm, whether the representation has or has not been made or communicated to the person so giving credit by or with the knowledge of the apparent partner making the representation or suffering it to be made.

Case: William Jack Co Malaya V Chan Yong Trading
.
Issue 2: Liability of Lili as a new partner

Section 19 Liability of incoming and outgoing partners (1): A person who is admitted as a partner into an existing firm does not thereby become liable to the creditors of the firm for anything done before he became a partner.


Section 19(3): A retiring partner may be discharged from any existing liabilities by an agreement to that effect between himself and the members of the firm as newly constituted and the creditors, and this agreement may be either express or inferred as a fact from the course of dealing between the creditors and the firm as newly
constituted.

Section 38(1) Liability of retired partners: Where a person deals with the firm after the in its constitution, he is entitled to treat all apparent members of the firm as still being members of the firm until he has notice of the change.
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