Source: http://www.legislation.nsw.gov.au/fullhtml/inforce/act+12+1892+pt.2+0+N
Timestamp: 2013-05-19 14:44:12
Document Index: 250328281

Matched Legal Cases: ['art 2', 'art 3', 'art 1', 'art 2', 'art 3', 'arts 1', 'art 2', 'art 2', 'art 2', 'art 2', 'art.72', 'art 2', 'art 2', 'art 4', 'art 2', 'art 5', 'art 5', 'art 3', 'art 3', 'art 3', 'art 1', 'art 2', 'art 3', 'art 1', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 4']

Current version for 28 May 2012 to date (accessed 20 May 2013 at 00:44).
Minister for Finance and Services jointly with the Attorney General and the Minister for Fair Trading, in so far as it relates to the functions of the Registrar of the register of limited partnerships and incorporated limited partnerships and to the setting of fees to be charged for maintaining that register; remainder, the Attorney General
1B Interpretation
1C Application of laws of partnership to incorporated limited
Part 2 Partnerships generally
Division 1 Nature of partnership
1 Definition of partnership
2 Rules for determining existence of partnership
3 Postponement of rights of persons lending or selling in
consideration of share of profits in case of insolvency
4 Meaning of firms
Division 2 Relationship of partners to persons dealing with
5 Power of partner to bind firm
6 Partners bound by acts on behalf of firm
7 Partner using credit of firm for private
8 Effect of notice that firm will not be bound by acts of
9 Liability of partner
10 Liability of firm for wrongs
11 Misapplication of money or property received for or in the
custody of the firm
12 Liability for wrongs joint and several
13 Improper employment of trust property for partnership
14 Persons liable by “holding out”
15 Admissions and representations of partners
16 Notice to acting partner to be notice to firm
17 Liabilities of incoming and outgoing partners
18 Revocation of continuing guaranty by change of
Division 3 Relationship between partners
19 Variation by consent of terms of partnership
20 Partnership property of firms other than incorporated
20A Partnership property of incorporated limited
21 Property bought with partnership money
22 Conversion into personal estate of land held as
23 Procedure against partnership property for a
partner’s separate judgment debt
24 Rules as to the interests and duty of partners other than
partners in incorporated limited partnership subject to special
25 Expulsion of partner
26 Retirement from partnership at will
27 Where partnership for term is continued over, continuance
on old terms presumed
28 Duty of partners to render accounts
29 Accountability of partners for private profits
30 Duty of partner not to compete with firm
31 Rights of assignee of share in partnership
Division 4 Dissolution of partnership
31A Division does not apply to incorporated limited
32 Dissolution by expiration or otherwise
33 Dissolution by bankruptcy, death, or change
34 Dissolution by illegality of partnership
35 Dissolution by the Court
36 Rights of persons dealing with firm against apparent
37 Right of partners to notify dissolution
38 Continuing authority of partners for purposes of
39 Rights of partners to application of partnership
40 Apportionment of premium when partnership prematurely
41 Rights where partnership dissolved for fraud or
42 Right of outgoing partner in certain cases to share
profits made after dissolution
43 Retiring or deceased partner’s share to be a
44 Rule for distribution of assets on final settlement of
46 Saving for rules of equity and common law
47 Repeal of 30 Vic No 14
Part 3 Limited partnerships and incorporated limited
50 Application of other provisions of this Act
Division 2 Nature and formation of limited partnership and
50A Limited partnership or incorporated limited partnership
is formed on registration
51 Composition of limited partnership or incorporated limited
52 Size of limited partnership or incorporated limited
53 Incorporated limited partnership is separate legal
53A Powers of incorporated limited partnership
53B Partnership agreement
53C Relationship of partners in incorporated limited
partnership to others and between themselves
Division 3 Registration of limited partnerships and
53D Who may apply for registration?
54 Application for registration
55 Registration of limited partnership
55A Acts preparatory to registration do not constitute
56 Changes in registered particulars
57 Register of Limited Partnerships and Incorporated Limited
58 Certificates of registration
59 Application of Business Names
Registration Act 2011 of Commonwealth
Division 4 Limitation of liability of limited partners in
60 Liability of limited partner limited to amount shown in
61 Change in liability of limited partner
62 Change in status of partners
63 Liability for business conducted outside the
64 Liability for limited partnerships formed under
64A Effect of sections 63 and 64
65 Contribution towards discharge of debts etc
66 Limitation on liability may not be varied by partnership
agreement etc
Division 4A Limitation of liability of limited partners in
66A Limitation of liability of limited partners
66B Change in status of partners
66C Liability in respect of conduct or acts or omissions
66D Incorporated limited partnerships formed under
66E Effect of sections 66C and 66D
Division 5 Other modifications of general law of
67 Limited partner not to take part in management of limited
67A Limited partner not to take part in the management of
67B Interpretation of section 67A
68 Differences between partners
69 Change in partners
Division 6 Dissolution and cessation of limited partnerships
and incorporated limited partnerships
70 Dissolution not available in certain cases
71 Cessation of limited partnerships
72 Registration of dissolution or cessation of limited
73 Winding up by general partners
73A Winding up of incorporated limited
73B Execution of documents
73C Entitlement to make assumptions
73D Assumptions that may be made under section 73C
73E Lodgment of certain documents with the
74 Model limited partnership agreement
75 Identification of limited partnerships and incorporated
76 Registered office
78 Entry in Register constitutes notice
79 Giving false or misleading information
80 Criminal proceedings
80A Offences by partnerships
80B Duty to furnish information
81A Relationship with Corporations legislation
82 Application of amendments
83 Savings, transitional and other provisions
Schedule 1 Winding up of incorporated limited
An Act to declare and amend the law of
Partnership.PreambleWHEREAS it is expedient to declare and amend the law of
Partnership:Be it therefore enacted by the Queen’s Most Excellent
Majesty, by and with the advice and consent of the Legislative Council and
Legislative Assembly of New South Wales in Parliament assembled, and by the
authority of the same, as follows:Part 1 Preliminary1A Name of ActThis Act may be cited as the Partnership Act
1892.1B Interpretation(1) In this Act:business
includes trade, occupation and profession.Court means
the court having jurisdiction in the case concerned.general
partner is defined in section 49.incorporated limited
partnership is defined in section 49.limited
partner is defined in section 49.limited
partnership is defined in section 49.(2) In this Act, a reference, in relation to an incorporated limited
partnership, to the partnership or the firm is a reference to the incorporated
limited partnership as a separate legal entity and not to the partners in that
partnership.(3) Notes included in this Act do not form part of this
Act.1C Application of laws of partnership to incorporated limited
partnershipsExcept as provided (whether expressly or by necessary implication)
by this Act or any other enactment, the law relating to partnership does not
apply to or in respect of an incorporated limited partnership, the partners in
an incorporated limited partnership or to the relationship between an
incorporated limited partnership and its partners.Part 2 Partnerships generallyDivision 1 Nature of partnership1 Definition of partnership(1) Partnership is the relation which exists between persons carrying
on a business in common with a view of profit and includes an incorporated
limited partnership.(2) But the relation between members of any company or association
which is:(a) incorporated under the Corporations Act
(b) Formed or incorporated by or in pursuance of any other Act of
Parliament or Letters Patent or Royal Charter,
is not a Partnership within the meaning of this
Act.2 Rules for determining existence of partnership(1) In determining whether a partnership does or does not exist,
regard shall be had to the following rules:(1) Joint tenancy, tenancy in common, joint 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
(2) 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.
(3) The receipt by a person of a share of the profits of a business is
prima facie evidence that the person 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 the person a partner in the
business; and in particular:(a) The receipt by a person of a debt or other liquidated demand by
instalments or otherwise out of the accruing profits of a business does not of
itself make the person a partner in the business or liable as
(b) 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
(c) A person being the widow, widower 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:
(d) 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:
(e) A person receiving by way of annuity or otherwise a portion of the
profits of a business in consideration of the sale by the person of the
goodwill of the business is not by reason only of such receipt a partner in
the business or liable as such.
(2) This section does not apply to or in respect of an incorporated
limited partnership.3 Postponement of rights of persons lending or selling in
consideration of share of profits in case of insolvencyIn the event of any person to whom money has been advanced by way
of loan upon such a contract as is mentioned in the last foregoing section, or
of any buyer of a goodwill in consideration of a share of the profits of the
business being adjudged a bankrupt, entering into an arrangement to pay the
person’s creditors less than one hundred cents in the dollar, or dying
in insolvent circumstances, the lender of the loan shall not be entitled to
recover anything in respect of the 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 the other creditors of the borrower or
buyer for valuable consideration in money or money’s worth have been
satisfied.4 Meaning of firmsPersons who have entered into partnership other than an
incorporated limited partnership with one another are for the purpose of this
Act called collectively a firm, and the name under which their business is
carried on is called the firm-name.Note. On the meaning of “firm” in relation to an
incorporated limited partnership see section 1B (2). On the meaning of
“firm-name” of an incorporated limited partnership see section
49.Division 2 Relationship of partners to persons dealing with
them5 Power of partner to bind firm(1) Every partner in a partnership other than a firm that is a limited
partnership or incorporated limited partnership is an agent of the firm and of
the other partners for the purpose of the business of the partnership; and the
acts of every partner who does any act for carrying on in the usual way
business of the kind carried on by the firm of which the partner is a member,
binds the firm and the other partners, unless the partner so acting has in
fact no authority to act for the firm in the particular matter, and the person
with whom the partner is dealing either knows that the partner has no
authority, or does not know or believe the partner to be a
partner.(2) Every general partner in a limited partnership or incorporated
limited partnership is an agent of the firm and of the other general partners
for the purpose of the business of the partnership, and the acts of every
general partner who does any act for carrying on in the usual way business of
the kind carried on by the firm of which the partner is a member, bind the
firm and the other general partners, unless:(a) the general partner has in fact no authority to act for the firm
in the particular matter, and
(b) the person with whom the general partner is dealing either knows
that the general partner has no authority, or does not know or believe the
general partner to be a general partner.
6 Partners bound by acts on behalf of firm(1) An act or instrument relating to the business of a firm other than
an incorporated limited partnership, and done or executed in the firm-name, or
in any other manner, showing an intention to bind the firm by any person
thereto authorised, whether a partner or not, is binding on the firm and all
the partners.(2) An act or instrument relating to the business of a firm that is an
incorporated limited partnership, and done or executed in the firm-name, or in
any other manner, showing an intention to bind the firm by any person
authorised to bind the firm, whether a general partner or not, is (subject to
section 9 (3)) binding on the firm and all the general
partners.(3) This section does not affect any general rule of law relating to
the execution of deeds or negotiable instruments.7 Partner using credit of firm for private
purposes(1) Where one partner pledges the credit of a firm other than a firm
that is an incorporated limited partnership for a purpose apparently not
connected with the firm’s ordinary course of business, the firm is not
bound unless the partner is in fact specially authorised by the other
partners; but this section does not affect any personal liability incurred by
an individual partner.(2) Where a general partner pledges the credit of a firm that is an
incorporated limited partnership for a purpose apparently not connected with
the firm’s ordinary course of business, the firm is not bound unless the
general partner is in fact specially authorised by the firm, but this section
does not affect any personal liability incurred by an individual general
partner.8 Effect of notice that firm will not be bound by acts of
partner(1) If it has been agreed between the partners that any restrictions
shall be placed upon the power of any one or more of them to bind a firm other
than a firm that is an incorporated limited partnership, no act done in
contravention of the agreement is binding on the firm with respect to persons
having notice of the agreement.(2) If it has been agreed by the partners in an incorporated limited
partnership that any restrictions are to be placed on the power (if any) of
any one or more of them to bind the firm, no act done in contravention of the
agreement is binding on the firm with respect to persons having notice of the
agreement.9 Liability of partner(1) Every partner in a firm other than an incorporated limited
partnership is liable jointly with the other partners for all debts and
obligations of the firm incurred while the partner is a partner; and (if the
partner is an individual) after the partner’s death the partner’s
estate is also severally liable in a due course of administration for such
debts and obligations so far as they remain unsatisfied, but subject to the
prior payment of the partner’s separate
debts.(2) Every general partner in an incorporated limited partnership is
liable jointly with the incorporated limited partnership for all debts and
obligations of the partnership incurred while the general partner is a general
partner, and (if the general partner is an individual) after the general
partner’s death the general partner’s estate is also severally
liable in a due course of administration for such debts or obligations so far
as they remain unsatisfied but subject to the prior payment of the
partner’s separate debts.(3) Despite subsection (2), a general partner in an incorporated
limited partnership is only liable for any debts or obligations of the
incorporated limited partnership:(a) to the extent the incorporated limited partnership is unable to
satisfy the debts and obligations, or
(b) to a greater extent provided by the partnership
10 Liability of firm for wrongs(1) Subject to subsection (2), where by any wrongful act or omission
of any partner in a firm other than an incorporated limited partnership acting
in the ordinary course of the business of the firm, or with the authority of
the partner’s co-partners, loss or injury is caused to any person not
being a partner of the firm, or any penalty is incurred, the firm is liable
therefor to the same extent as the partner so acting or omitting to
act.(2) For the purposes of subsection (1), a partner in a firm other than
an incorporated limited partnership who commits a wrongful act or omission as
a director of a body corporate, within the meaning of the Corporations Act 2001 of the Commonwealth,
is not to be taken to be acting in the ordinary course of the business of the
firm or with the authority of the partner’s co-partners only because of
any one or more of the following:(a) the partner obtained the agreement or authority of the
partner’s co-partners, or some of them, to be appointed or to act as a
director of the body corporate,
(b) remuneration that the partner receives for acting as a director of
the body corporate forms part of the income of the firm,
(c) any co-partner is also a director of that or any other body
(3) Subject to subsection (4), where by any wrongful act or omission
of any general partner in an incorporated limited partnership acting in the
ordinary course of the business of the incorporated limited partnership, or
with its authority, loss or injury is caused to any person not being a partner
in the incorporated limited partnership, or any penalty is incurred, the
incorporated limited partnership is liable in respect of that loss or injury
or penalty to the same extent as the general partner so acting or omitting to
act.(4) For the purposes of subsection (3), a general partner in an
incorporated limited partnership who commits a wrongful act or omission as a
director of a body corporate, within the meaning of the Corporations Act 2001 of the Commonwealth,
is not to be taken to be acting in the ordinary course of business of the
incorporated limited partnership or with its authority only because of any one
or more of the following:(a) the general partner obtained the agreement or authority of the
incorporated limited partnership to be appointed or to act as a director of
the body corporate,
(b) remuneration that the general partner receives for acting as a
director of the body corporate forms part of the income of the incorporated
(c) any other general partner in the incorporated limited partnership
is also a director of that or any other body
custody of the firm(1) In the following cases involving the partners of a firm other than
an incorporated limited partnership, namely:(a) Where one partner acting within the scope of the partner’s
apparent authority receives the money or property of a third person and
misapplies it, and
(b) When a firm in the course of its business receives money or
property of a third person, and the money or property so received is
misapplied by one or more of the partners while it is in the custody of the
the firm is liable to make good the loss.(2) In the following cases involving general partners in an
incorporated limited partnership:(a) where one general partner acting within the scope of the general
partner’s apparent authority receives the money or property of a third
person and misapplies it,
(b) when an incorporated limited partnership in the course of its
business receives money or property of a third person, and the money or
property so received is misapplied by one or more of the general partners
while it is in the custody of the incorporated limited
the incorporated limited partnership is liable to make good the
loss.12 Liability for wrongs joint and several(1) Every partner in a firm other than an incorporated limited
partnership is liable jointly with the partner’s co-partners and also
severally for everything for which the firm while the partner is a partner
therein becomes liable under either of the two last preceding
sections.(2) Every general partner in an incorporated limited partnership is
liable jointly with the other general partners in the partnership and also
severally for everything for which the firm becomes liable under section 10
(3) or 11 (2) while the general partner is a general partner in the
firm.(3) Despite subsection (2), a general partner in an incorporated
limited partnership is only liable for any liability of the incorporated
limited partnership referred to in that subsection:(a) to the extent the incorporated limited partnership is unable to
satisfy the liability, or
purposes(1) If a partner in a firm other than an incorporated limited
partnership being a trustee improperly employs trust property in the business
or on account of the partnership, no other partner is liable for the trust
property to the persons beneficially interested therein:Provided as follows:(1) This section shall not affect any liability incurred by any
partner by reason of the partner’s having notice of a breach of trust,
(2) Nothing in this section shall prevent trust money from being
followed and recovered from the firm if still in its possession or under its
(2) If a general partner in an incorporated limited partnership being
a trustee improperly employs trust property in the business or on account of
the partnership, neither the partnership nor any other general partner is
liable for the trust property to the persons beneficially interested in
it.(3) Subsection (2):(a) does not affect any liability incurred by any general partner by
reason of the partner’s having notice of a breach of trust,
(b) does not prevent trust money from being followed and recovered
from the incorporated limited partnership if still in its possession or under
14 Persons liable by “holding out”(1) Every one who by words spoken or written, or by conduct represents
himself or herself, or who knowingly suffers himself or herself to be
represented as a partner in a particular firm that is a firm other than a
limited partnership or incorporated limited partnership, 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.(1A) Every one who by words spoken or written, or by conduct represents
himself or herself or who knowingly suffers himself or herself to be
represented as a general partner in a particular firm that is a limited
partnership or an incorporated limited partnership, is liable as a general
apparent general partner making the representation or suffering it to be
made.(2) Provided that where after a partner’s death the partnership
business is continued in the old firm-name, the continued use of that name or
of the deceased partner’s name as part thereof shall not of itself make
the partner’s executors or administrators’ estate or effects
liable for any partnership debts contracted after the partner’s
death.15 Admissions and representations of partners(1) An admission or representation made by any partner in a firm other
than a limited partnership or incorporated limited partnership concerning the
partnership affairs, and in the ordinary course of its business, is evidence
against the firm.(2) An admission or representation made by any general partner in a
limited partnership or incorporated limited partnership concerning the
against the firm.16 Notice to acting partner to be notice to firm(1) Notice to any partner in a firm other than a limited partnership
or incorporated limited partnership who habitually acts in the partnership
business of any matter relating to partnership affairs operates as notice to
the firm, except in the case of a fraud on the firm committed by or with the
consent of that partner.(2) Notice to any general partner in a limited partnership or
incorporated limited partnership who habitually acts in the partnership
the firm except in the case of a fraud on the firm committed by or with the
consent of that partner.17 Liabilities of incoming and outgoing partners(1) A person who is admitted as a partner into an existing firm other
than a limited partnership or incorporated limited partnership does not by
that admission alone become liable for anything done before the person became
a partner.(2) A person who is admitted as a general partner into an existing
limited partnership or incorporated limited partnership does not by that
admission alone become liable for anything done before the person became a
general partner.(3) A partner who retires from a firm other than a limited partnership
or incorporated limited partnership does not by that retirement alone cease to
be liable for partnership debts and obligations incurred before the
partner’s retirement.(4) A partner who retires from a limited partnership or incorporated
limited partnership does not by that retirement alone cease to be liable for
liabilities of the firm incurred before the partner’s retirement for
which the partner was liable.Note. Liability is defined
in section 49.(5) A retiring partner in a firm other than a limited partnership or
incorporated limited partnership may be discharged from any existing
liabilities by an agreement to that effect between the partner and the members
of the firm as newly constituted and the creditors, and this agreement may be
either expressed or inferred as a fact from the course of dealing between the
creditors and the firm as newly constituted.(6) A retiring partner in a limited partnership or incorporated
limited partnership may be discharged from any existing liabilities by an
agreement to that effect between the partner and the firm and the creditors,
and this agreement may be either expressed or inferred as a fact from the
course of dealing between the creditors and the
firm.18 Revocation of continuing guaranty by change of
firm(1) A continuing guaranty or cautionary obligation given either to a
firm or to a third person in respect of the transactions of a firm is, in the
absence of agreement to the contrary, revoked as to future transactions by any
change in the constitution of the firm to which, or of the firm in respect of
whose transactions, the guaranty or obligation was
given.(2) This section does not apply to or in respect of an incorporated
limited partnership.Division 3 Relationship between partners19 Variation by consent of terms of partnershipThe mutual rights and duties of partners, whether ascertained by
agreement or defined by this Act, may be varied by the consent of all the
partners, and such consent may be either expressed or inferred from a course
of dealing.20 Partnership property of firms other than incorporated
limited partnerships(1) All property, and rights and interests in property, originally
brought into the partnership stock or acquired, whether by purchase or
otherwise, on account of the firm, or for the purposes and in the course of
the partnership business, are called in this Act partnership property, and
must be held and applied by the partners exclusively for the purposes of the
partnership, and in accordance with the partnership
agreement.(2) Provided that the legal estate or interest in any land which
belongs to the partnership shall devolve according to the nature and tenure
thereof, and the general rules of law thereto applicable, but in trust so far
as is necessary for the persons beneficially interested in the land under this
section.(3) Where co-owners of an estate or interest in any land, not being
itself partnership property, are partners as to profits made by the use of
that land or estate, and purchase other lands and estate out of the profits to
be used in like manner, the land or estate so purchased belongs to them, in
the absence of an agreement to the contrary, not as partners, but as co-owners
for the same respective estates and interests as are held by them in the land
or estate first-mentioned at the date of the
purchase.(4) This section does not apply to or in respect of an incorporated
limited partnership.20A Partnership property of incorporated limited
partnership(1) All property, and rights and interests in property, acquired,
whether by purchase or otherwise, on account of an incorporated limited
partnership, or for the purposes and in the course of the business of the
partnership, are called in this Act partnership
property, and must be applied by the partnership exclusively for the
purposes of the partnership.(2) No partner in an incorporated limited partnership, by virtue only
of being a partner in the partnership, has any legal or beneficial interest in
its partnership property.21 Property bought with partnership moneyUnless the contrary intention appears, property bought with money
belonging to the firm is deemed to have been bought on account of the
firm.22 Conversion into personal estate of land held as
partnership property(1) Where land or any heritable interest therein has become
partnership property, it shall, unless the contrary intention appears, be
treated as between the partners (including the representatives of a deceased
partner), and also as between the heirs of a deceased partner and the deceased
partner’s executors or administrators as personal or movable and not
real or heritable estate.(2) This section does not apply to or in respect of an incorporated
limited partnership.23 Procedure against partnership property for a
partner’s separate judgment debt(1) After the commencement of this Act a writ of execution shall not
issue against any partnership property except on a judgment against the
firm.(2) The Supreme Court may, on the application of any judgment creditor
of a partner, make an order charging that partner’s interest in the
partnership property and profits with payment of the amount of the judgment
debt and interest thereon and may by the same or a subsequent order appoint a
receiver of that partner’s share of profits (whether already declared or
accruing), and of any other money which may be coming to the partner in
respect of the partnership, and direct all accounts and inquiries, and give
all other orders and directions which might have been directed or given if the
charge had been made in favour of the judgment creditor by the partner, or
which the circumstances of the case may require.(3) The other partner or partners shall be at liberty at any time to
redeem the interest charged, or in the case of a sale being directed to
purchase the same.(4) Subsections (2) and (3) do not apply to or in respect of an
incorporated limited partnership.24 Rules as to the interests and duty of partners other than
agreement(1) The interests of partners in the partnership property and their
rights and duties in relation to the partnership shall be determined, subject
to any agreement expressed or implied between the partners, by the following
rules:(1) All the partners are entitled to share equally in the capital and
profits of the business, and must contribute equally towards the losses
whether of capital or otherwise sustained by the firm.
(2) The firm must indemnify every partner in respect of payment made
and personal liabilities incurred by the partner.(a) In the ordinary and proper conduct of the business of the firm,
(b) In or about anything necessarily done for the preservation of the
business or property of the firm.
(3) A partner making, for the purpose of the partnership, any actual
payment or advance beyond the amount of capital which the partner has agreed
to subscribe is entitled to interest at the rate of seven per centum per annum
from the date of the payment or advances.
(4) A partner is not entitled before the ascertainment of profits to
interest on the capital subscribed by the partner.
(5) Every partner may take part in the management of the partnership
(6) No partner shall be entitled to remuneration for acting in the
(7) No person may be introduced as a partner without the consent of
all existing partners.
(8) Any difference arising as to ordinary matters connected with the
partnership business may be decided by a majority of partners, but no change
may be made in the nature of the partnership business without the consent of
(9) The partnership books are to be kept at the place of business of
the partnership (or the principal place, if there is more than one), and every
partner may, when the partner thinks fit, have access to and inspect and copy
limited partnership.25 Expulsion of partnerNo majority of the partners can expel any partner unless a power
to do so has been conferred by express agreement between the
partners.26 Retirement from partnership at will(1) Where no fixed term has been agreed upon for the duration of the
partnership, any partner may determine the partnership at any time on giving
notice of the partner’s intention so to do to all the other
partners.(2) Where the partnership has originally been constituted by deed, a
notice signed by the partner giving it, shall be sufficient for this
purpose.(3) This section does not apply to or in respect of a limited
partnership or incorporated limited partnership.27 Where partnership for term is continued over, continuance
on old terms presumed(1) Where a partnership entered into for a fixed term is continued
after the term has expired, and without any express new agreement, the rights
and duties of the partners remain the same as they were at the expiration of
the term, so far as is consistent with the incidents of a partnership at
will.(2) A continuance of the business by the partners or such of them as
habitually acted therein during the term without any settlement or liquidation
of the partnership affairs, is presumed to be a continuance of the
partnership.(3) This section does not apply to or in respect of an incorporated
limited partnership.28 Duty of partners to render accounts(1) Partners in a firm other than an incorporated limited partnership
are bound to render true accounts and full information of all things affecting
the partnership to any partner or the partner’s legal
representatives.(2) An incorporated limited partnership is, subject to the partnership
agreement, bound to render true accounts and full information in respect of
all things affecting the partnership to any partner or the partner’s
legal representatives.29 Accountability of partners for private profits(1) Every partner must account to the firm for any benefit derived by
the partner without the consent of the other partners from any transaction
concerning the partnership, or for any use by the partner of the partnership
property, name, or business connexion.(2) This section applies also to transactions undertaken after a
partnership has been dissolved by the death of a partner, and before the
affairs thereof have been completely wound up, either by any surviving partner
or by the representatives of the deceased partner.(3) This section does not apply to or in respect of an incorporated
limited partnership.30 Duty of partner not to compete with firm(1) If a partner, without the consent of the other partners, carries
on any business of the same nature as and competing with that of the firm, the
partner must account for and pay over to the firm all profits made by the
partner in that business.(2) This section does not apply to or in respect of an incorporated
limited partnership.31 Rights of assignee of share in partnership(1) An assignment by any partner of the partner’s share in the
partnership, either absolute or by way of mortgage or redeemable charge, does
not, as against the other partners, entitle the assignee during the
continuance of the partnership, to interfere in the management or
administration of the partnership business or affairs, or to require any
account of the partnership transactions, or to inspect the partnership books,
but entitles the assignee only to receive the share of profits to which the
assigning partner would otherwise be entitled, and the assignee must accept
the account of profits agreed to by the partners.(2) In case of a dissolution of the partnership, whether as respect
all the partners, or as respects the assigning partner, the assignee is
entitled to receive the share of the partnership assets to which the assigning
partner is entitled as between the partner and the other partners, and for the
purpose of ascertaining that share, to an account as from the date of the
dissolution.(3) This section does not apply to or in respect of an incorporated
limited partnership.Division 4 Dissolution of partnership31A Division does not apply to incorporated limited
partnershipsThis Division does not apply to or in respect of an incorporated
limited partnership.32 Dissolution by expiration or otherwiseSubject to any agreement between the partners, a partnership is
dissolved:(a) If entered into for a fixed term, by the expiration of that
(b) If entered into for a single adventure or undertaking, by the
termination of that adventure or undertaking:
(c) If entered into for an undefined time, by any partner giving
notice to the other or others of the partner’s intention to dissolve the
In the last-mentioned case the partnership is dissolved as from
the date mentioned in the notice as the date of dissolution, or, if no date is
mentioned, as from the date of the communication of the
notice.33 Dissolution by bankruptcy, death, or change(1) Subject to any agreement between the partners, every partnership
is dissolved as regards all the partners by the death or bankruptcy of any
partner.(2) A partnership may, at the option of the other partners, be
dissolved if any partner suffers the partner’s share of the partnership
property to be charged under this Act for the partner’s separate
debt.34 Dissolution by illegality of partnershipA partnership is in every case dissolved by the happening of any
event which makes it unlawful for the business of the firm to be carried on,
or for the members of the firm to carry it on in
partnership.35 Dissolution by the CourtOn application by a partner the Court may order a dissolution of
the partnership in any of the following cases:(a) When a partner has been declared in accordance with law to be of
unsound mind and incapable of managing the partner’s affairs, or is
shown to the satisfaction of the Court to be of permanently unsound mind, in
either of which cases the application may be made as well on behalf of that
partner by the partner’s committee or next friend or person having title
to intervene as by any other partner.
(b) When a partner, other than the partner suing, becomes in any other
way permanently incapable of performing the partner’s part of the
(c) When a partner, other than the partner suing, has been guilty of
such conduct as, in the opinion of the Court, regard being had to the nature
of the business, is calculated to prejudicially affect the carrying on of the
(d) When a partner, other than the party suing, wilfully or
persistently commits a breach of the partnership agreement, or otherwise
conducts himself or herself in matters relating to the partnership business so
that it is not reasonably practicable for the other partner or partners to
carry on the business in partnership with the partner.
(e) When the business of the partnership can only be carried on at a
(f) Whenever in any case circumstances have arisen, which, in the
opinion of the Court, render it just and equitable that the partnership be
members of firm(1) When a person deals with a firm after a change in its
constitution, the person is entitled to treat all apparent members of the old
firm as still being members of the firm until the person has notice of the
change.(2) An advertisement in the Gazette and in at least one newspaper
circulating in Sydney and one newspaper circulating in the district in which
the firm carries on business shall be notice as to persons who had not
dealings with the firm before the date of the dissolution or change so
advertised.(3) The estate of a partner who dies, or who becomes bankrupt, or of a
partner who, not having been known to the person dealing with the firm to be a
partner, retires from the firm, is not liable for partnership debts contracted
after the date of the death, bankruptcy, or retirement
respectively.37 Right of partners to notify dissolutionOn the dissolution of a partnership or retirement of a partner any
partner may publicly notify the same, and may require the other partner or
partners to concur for that purpose in all necessary and proper acts, if any,
which cannot be done without the partner’s or their
concurrence.38 Continuing authority of partners for purposes of
winding-upAfter the dissolution of a partnership the authority of each
partner to bind the firm, and the other rights and obligations of the partners
continue, notwithstanding the dissolution, so far as may be necessary to wind
up the affairs of the partnership, and to complete transactions begun but
unfinished at the time of the dissolution, but not otherwise: Provided that
the firm is in no case bound by the acts of a partner who has become bankrupt;
but this proviso does not affect the liability of any person who has, after
the bankruptcy, represented himself or herself or knowingly suffered himself
or herself to be represented as a partner of the
bankrupt.39 Rights of partners to application of partnership
propertyOn the dissolution of a partnership every partner is entitled, as
against the other partners in the firm, and all persons claiming through them
in respect of their interests as partners, to have the property of the
partnership applied in payment of the debts and liabilities of the firm, and
to have the surplus assets after such payment applied in payment of what may
be due to the partners respectively after deducting what may be due from them
as partners to the firm; and for that purpose any partner or the
partner’s representatives may, on the termination of the partnership,
apply to the Court to wind up the business and affairs of the
firm.40 Apportionment of premium when partnership prematurely
dissolvedWhere one partner has paid a premium to another on entering into a
partnership for a fixed term, and the partnership is dissolved before the
expiration of that term otherwise than by the death of a partner, the Court
may order the repayment of the premium, or of such part as it thinks just,
having regard to the terms of the partnership contract, and to the length of
time during which the partnership has continued; unless:(a) the dissolution is, in the judgment of the Court, wholly or
chiefly due to the misconduct of the partner who paid the premium,
(b) the partnership has been dissolved by an agreement containing no
provision for a return of any part of the premium.
misrepresentationWhere a partnership contract is rescinded on the ground of the
fraud or misrepresentation of one of the parties thereto, the party entitled
to rescind is, without prejudice to any other right, entitled:(a) to a lien on, or right of retention of, the surplus of the
partnership assets, after satisfying the partnership liabilities, for any sum
of money paid by the party for the purchase of a share in the partnership and
for any capital contributed by the party, and is
(b) to stand in the place of the creditors of the firm for any
payments made by the party in respect of the partnership liabilities,
representation against all the debts and liabilities of the
profits made after dissolution(1) Where any member of a firm has died, or otherwise ceased to be a
partner, and the surviving and continuing partners carry on the business of
the firm with its capital or assets without any final settlement of accounts
as between the firm and the outgoing partner, or the partner’s estate,
then, in the absence of any agreement to the contrary, the outgoing partner or
the partner’s estate is entitled, at the option of the partner or the
partner’s representatives, to such share of the profits made since the
dissolution as the Court may find to be attributable to the use of the
partner’s share of the partnership assets, or to interest at the rate of
six per centum per annum on the amount of the partner’s share of the
partnership assets.(2) Provided that where, by the partnership contract, an option is
deceased or outgoing partner, and that option is duly exercised, the estate of
the deceased partner, or the outgoing partner or the partner’s estate,
as the case may be, is not entitled to any further or other share of profits;
but if any partner assuming to act in exercise of the option does not in all
material respects comply with the terms thereof, the partner is liable to
account under the foregoing provisions of this
section.43 Retiring or deceased partner’s share to be a
debtSubject to any agreement between the partners, the amount due from
surviving or continuing partners to an outgoing partner, or the
representatives of a deceased partner, in respect of the outgoing or deceased
partner’s share, is a debt accruing at the date of the dissolution or
death.44 Rule for distribution of assets on final settlement of
accountsIn settling accounts between the partners after a dissolution of
partnership, the following rules shall, subject to any agreement, be
observed:(a) Losses, including losses and deficiencies of capital, shall be
paid first out of profits, next out of capital, and lastly, if necessary, by
the partners individually in the proportion in which they were entitled to
(b) The assets of the firm, including the sums, if any, contributed by
the partners to make up losses or deficiencies of capital, shall be applied in
the following manner and order:1 In paying the debts and liabilities of the firm to persons who are
not partners therein.
2 In paying to each partner ratably what is due by the firm to the
partner for advances as distinguished from capital.
3 In paying to each partner ratably what is due from the firm to the
partner in respect of capital.
4 The ultimate residue, if any, shall be divided among the partners
in the proportion in which profits are divisible.
45 (Repealed)Division 5 Miscellaneous provisions46 Saving for rules of equity and common lawThe rules of equity and of common law applicable to partnership
shall continue in force except so far as they are inconsistent with the
express provisions of this Act.47 Repeal of 30 Vic No 14The Act thirtieth Victoria number fourteen is hereby
repealed.48 (Repealed)Part 3 Limited partnerships and incorporated limited
partnershipsDivision 1 Preliminary49 DefinitionsIn this Act:external
partnership means a partnership (or legal entity, however described,
in the nature of a partnership) formed in accordance with a law of another
State, a Territory or another country or jurisdiction, whether or not under
that law the liability of any partner for the liabilities of the partnership
(or entity) is limited and whether or not under that law the partnership (or
entity) is incorporated or is otherwise a separate legal
entity.firm-name
of:(a) an incorporated limited partnership—means the name of the
partnership recorded in the Register, and
(b) of an external partnership—means the name under which, in
accordance with the law of the place in which it is formed, the partnership
carries on the business of the partnership.
partner:(a) in a limited partnership—means a partner in the limited
partnership who is not a limited partner, and
(b) in an incorporated limited partnership—means a person or
partnership (including an external partnership) admitted as a partner in the
incorporated limited partnership in accordance with the partnership agreement
and who is not a limited partner.
incorporated limited
partnership means an incorporated limited partnership formed in
accordance with section 50A (2).liability
includes any debt, obligation or other liability of any kind, wherever and
however incurred.limited
partnership whose liability for the liabilities of the partnership is limited
in accordance with this Part, and
partnership (including an external partnership) admitted and designated as a
limited partner in the incorporated limited partnership in accordance with the
partnership means a limited partnership formed in accordance with
section 50A (1).partner in a
limited partnership or incorporated limited partnership means a general
partner or a limited partner.Register
means the Register of Limited and Incorporated Limited Partnerships kept under
this Part.registered
particulars means particulars recorded in the Register under section
55 (3).Registrar
means:(a) the Commissioner for Fair Trading, Department of Finance and
(b) if no such position exists—the Director-General of the
Department of Finance and Services.
50 Application of other provisions of this Act(1) Parts 1 and 2 apply to limited partnerships and incorporated
limited partnerships, except as provided by those Parts or this
Part.(2) If a provision made by or under this Part relating to limited
partnerships or incorporated limited partnerships is inconsistent with a
provision made by or under any other Part that applies to limited partnerships
or incorporated limited partnerships, respectively, the provision made by or
under this Part prevails and the other provision is (to the extent of the
inconsistency) of no force or effect in relation to limited partnerships or
incorporated limited partnerships.Division 2 Nature and formation of limited partnership and
incorporated limited partnership50A Limited partnership or incorporated limited partnership
is formed on registration(1) A limited partnership is formed by and on registration of the
partnership under this Part as a limited
partnership.(2) An incorporated limited partnership is formed by and on
registration of the partnership under this Part as an incorporated limited
partnership.51 Composition of limited partnership or incorporated limited
partnership(1) A limited partnership or incorporated limited partnership must
have:(a) at least one general partner, and
(b) at least one limited partner.
(2) A corporation may be a general partner or a limited partner in a
limited partnership or incorporated limited
partnership.(3) A partnership (including an external partnership) may be a general
partner or a limited partner in a limited partnership or incorporated limited
partnership.52 Size of limited partnership or incorporated limited
partnership(1) A limited partnership or incorporated limited partnership may have
any number of limited partners.(2) An incorporated limited partnership must not have more than 20
general partners.(3) A limited partnership:(a) must not have more than 20 general partners,
(b) if the partnership is of a particular kind in respect of which a
higher number applies in accordance with section 115 (2) of the Corporations Act 2001 of the Commonwealth
(and the partnership consisted only of those general partners)—must not
have more general partners than that higher number.
(4) For the purposes of this section:(a) if a general partner is a partnership or external partnership and
no partner in that partnership has, under the law of the place where the
partnership is formed, limited liability for the liabilities of the
partnership, the number of partners in that partnership is to be counted,
(b) if a general partner is a partnership or external partnership and
any partner in that partnership has, under the law of the place where the
partnership, the number of partners in that partnership whose liability is not
so limited is to be counted but no account is to be taken of the number of
partners in that partnership whose liability is so
entity(1) An incorporated limited partnership:(a) is a body corporate with legal personality separate from that of
the partners in it and with perpetual succession, and
(b) may have a common seal, and
(c) may sue and be sued in its firm-name.
(2) The common seal of an incorporated limited partnership must be
kept in such custody as the partnership directs and must not be used except as
authorised by it.53A Powers of incorporated limited partnership(1) An incorporated limited partnership has the legal capacity and
powers of an individual and also all the powers of a body corporate including
(for example) the power, whether within or outside New South Wales or outside
Australia:(a) to carry on the business of the partnership,
(b) to enter into contracts or otherwise acquire rights or
(c) to create, confer, vary or cancel interests in the partnership,
(d) to acquire, hold and dispose of real or personal property or an
interest (whether beneficial or legal) in real or personal property,
(e) to appoint agents and attorneys, and act as agent for other
(f) to form, and participate in the formation of, companies or
incorporated limited partnerships, or
(g) to participate in partnerships, trusts, joint ventures or other
associations and other arrangements for the sharing of profits,
(h) to do such other things as it is authorised to do by or under this
(2) The powers of an incorporated limited partnership may be limited
by the partnership agreement.53B Partnership agreement(1) There must at all times be a written partnership agreement between
the partners in an incorporated limited
partnership.(2) The interests of the partners in an incorporated limited
partnership and their rights and duties in relation to the partnership are,
subject to this Act, to be determined in accordance with the
agreement.(3) A partnership agreement also has effect as a contract between the
incorporated limited partnership and each partner under which the partnership
and each of the partners agree to observe and perform the agreement so far as
it applies to them.53C Relationship of partners in incorporated limited
partnership to others and between themselves(1) Except as otherwise provided by the partnership agreement or
agreed between the partners in an incorporated limited partnership:(a) a general partner, the partnership or an officer, employee, agent
or representative of a general partner or of the partnership is not an agent
of a limited partner and the acts of a general partner or of the partnership
or of such an officer, employee, agent or representative do not bind a limited
(b) a limited partner is not an agent of, nor fiduciary for, a general
partner or of another limited partner or of or for the partnership and the
acts of a limited partner do not bind a general partner, another limited
partner or the partnership itself.
(2) A reference in subsection (1) to a general partner includes, if
the general partner is a partnership or an external partnership, a reference
to a partner in that partnership.(3) Nothing in subsection (1) prevents the making of, or limits or
restricts, an agreement between a partner (the first person) and
either another partner or the incorporated limited partnership (the second person) under
which:(a) the first person acts as an agent of the second person and, by so
acting, binds the second person, or
(b) the second person acts as an agent of the first person and, by so
acting, binds the first person.
(4) Any consent or authority that under this Act is required or
permitted to be given by a partner or two or more partners or all the partners
may, in the case of an incorporated limited partnership and without limiting
any other way in which it might be given, be given by that partner or those
partners by or under the partnership agreement either in relation to all
cases, or in relation to all cases subject to specified exceptions, or in
relation to any specified case or class of cases.(5) Any consent or authority that under this Act is required or
permitted to be given by an incorporated limited partnership may, without
limiting any other way in which it might be given, be given by a general
partner or two or more general partners acting in accordance with the
partnership agreement.(6) A limited partner, in the capacity of limited partner, is not a
proper party to any proceeding commenced in a court or tribunal by or against
the incorporated limited partnership, other than a proceeding commenced by the
incorporated limited partnership against the limited partner or by the limited
partner against the incorporated limited
partnership.Division 3 Registration of limited partnerships and
incorporated limited partnerships53D Who may apply for registration?(1) An application for registration as a limited partnership may be
made by:(a) a partnership, or
(b) any persons or partnerships (or both) proposing to be partners in
(2) An application for registration as an incorporated limited
partnership may be made, in the circumstances described in subsection (3),
by:(a) a partnership (including an external partnership),
(b) any persons or partnerships (including external partnerships), or
both, proposing to be partners in the proposed incorporated limited
(3) The circumstances are:(a) that the partnership is registered under Part 2 of the Venture Capital Act 2002 of the
Commonwealth, or a general partner in the partnership or a proposed general
partner in the proposed incorporated limited partnership intends to apply for
registration of the incorporated limited partnership or proposed partnership
under that Part, as:(i) a VCLP within the meaning of that Act, or
(ii) an AFOF within the meaning of that Act, or
(iii) an ESVCLP within the meaning of that Act,
(b) that the partnership is a venture capital management partnership
within the meaning of section 94D (3) of the Income
Tax Assessment Act 1936 of the Commonwealth or the partners in
the partnership or the proposed partners in the proposed incorporated limited
partnership intend that the partnership or proposed incorporated limited
partnership will meet the requirements set out in that section for recognition
as a venture capital management partnership, or
(c) such other circumstances as are
54 Application for registration(1) An application for registration of a limited partnership or
incorporated limited partnership is made by lodging with the Registrar in
accordance with this Part a statement signed:(a) if the application is made by a partnership (including an external
partnership)—either by each partner in the partnership or by a person
given authority to make such an application on behalf of the partnership and
the partners in it, or
(b) in any other case—by each proposed
(2) The statement must be made in the form approved by the Registrar
and must:(a) contain a statement of whether the partnership is to be registered
as a limited partnership or an incorporated limited partnership,
(b) in the case of an application by a partnership (including an
external partnership), contain particulars of:(i) the firm-name of the partnership, and
(ii) the full address of the office or principal office in New South
Wales of the partnership (to be called the registered
office of the proposed partnership), and
(c) in the case of an application by persons or partnerships
(including external partnerships) proposing to be the partners in the proposed
partnership, contain particulars of:(i) the proposed firm-name of the proposed partnership,
(ii) the full address of the proposed office or principal office in New
South Wales of the proposed partnership (to be called the registered
office of the partnership), and
(d) contain particulars of the full name of each partner or proposed
partner or, if the partner or proposed partner is a partnership (including an
external partnership), the name of that partnership or, if that partnership
does not have a name, the full name of each partner in the partnership,
(e) in the case of an application by a partnership, contain
particulars of its registered office or principal office, and in any other
case, contain particulars of the full address of each partner or proposed
partner, being (in the case of an individual) his or her principal place of
residence or (in the case of a corporation or partnership) its registered
office or principal place of business, and
(f) contain a statement in relation to each partner or proposed
partner that is an individual as to whether that partner or proposed partner
is, or is proposed to be, a general partner or a limited partner,
(g) contain a statement in relation to each partner or proposed
partner that is a corporation or a partnership that is, or is proposed to be,
a partner a statement in relation to the corporation or partnership as to
whether it is to be a general partner or a limited partner,
(h) contain a statement in relation to each partner or proposed
partner that is a partnership to the effect that the partner or proposed
partner is a partnership, and
(i) in the case of an application for a limited
partnership—contain a statement in relation to each limited partner to
the effect that the partner is a limited partner whose liability to contribute
is limited to the extent of the amount specified in the statement (being the
amount of any capital, or the value of any property, that the limited partner
has agreed to contribute to the partnership or, in the case of a limited
partner that is a partnership, the aggregate amounts or values),
(j) in the case of an application by a partnership or persons or
partnerships proposing to be partners in a partnership that intends to apply
for registration as a VCLP, AFOF or ESVCLP under Part 2 of the Venture Capital Act 2002 of the
Commonwealth, contain a statement that it so intends to apply,
(k) in the case of an application by a partnership that is registered
as a VCLP, AFOF or ESVCLP under Part 2 of the Venture Capital Act 2002 of the
Commonwealth, be accompanied by a copy of a document evidencing its status as
a VCLP, AFOF or ESVCLP, and
(l) in the case of an application by a partnership or proposed persons
or partnerships proposing to be a partnership that intends to meet the
requirements for recognition as a venture capital management partnership set
out in section 94D (3) of the Income Tax Assessment
Act 1936 of the Commonwealth, contain a statement that it so
intends to meet those requirements, and
(m) in the case of an application by a partnership that is a venture
capital management partnership within the meaning of section 94D (3) of the
the Commonwealth, a statement that it is such a partnership,
(n) contain such other particulars as are required by the regulations
or by the approved form of statement.
55 Registration of limited partnership(1) If an application for registration of a limited partnership or
incorporated limited partnership has been duly made, the Registrar is to
register the limited partnership or incorporated limited
partnership.(2) However, the limited partnership or incorporated limited
partnership is not to be registered if the Registrar is of the opinion that
the firm-name would not be eligible for registration as a business name under
2011 of the Commonwealth.(2A) If the Registrar registers a limited partnership or an
incorporated limited partnership, the firm-name of the partnership is its name
as recorded in the Register.(2B) On registration of a limited partnership as an incorporated
limited partnership, the limited partnership ceases to be a limited
partnership and the Registrar is to record the cancellation of its
registration in the Register. However any liability of the firm or a partner
in it that arose before its registration as an incorporated limited
partnership is to be dealt with as if it were still a limited
partnership.(3) Registration is effected by recording in the Register the
particulars in the statement lodged with the
Registrar.55A Acts preparatory to registration do not constitute
partnershipAny act done in connection with the making of an application for
registration under this Part by or on behalf of persons or partnerships
(including external partnerships) proposing to be the partners in a proposed
partnership does not of itself create a partnership between those persons or
partnerships.56 Changes in registered particulars(1) If any change occurs in relation to the registered particulars of
a limited partnership or incorporated limited partnership, a statement setting
out the changed particulars must be lodged with the Registrar within 7 days
after the change occurred.(2) The statement must be signed by all the general partners, or by a
general partner authorised by all the general partners for the purposes of
this section.(2A) In the case of a limited partnership, if the change relates to the
admission of a limited partner, or a change in the liability of a limited
partner to contribute, the statement must also be signed:(a) by the limited partner concerned, or
(b) if that limited partner is a limited partnership, by all the
general partners in that limited partnership or by a general partner in that
limited partnership authorised by all the general partners in that limited
partnership for the purposes of this section.
(3) The statement must be in the form approved by the Registrar and
contain the particulars required by the regulations or the approved form of
statement.(4) If the statement is duly lodged, the Registrar is to record the
change in the Register, unless, in the case of a limited partnership, as a
result of a change in relation to the registered particulars, the partnership
is not eligible to be registered as a limited
partnership.(5) If subsection (1) is not complied with, each general partner of
the limited partnership is guilty of an offence.Maximum penalty: 10 penalty
units.Note. See section 80A in relation to offences committed by general
partners.57 Register of Limited Partnerships and Incorporated Limited
Partnerships(1) The Registrar is required to keep a register of limited
partnerships and incorporated limited partnerships registered under this Part
(to be called the Register of Limited and Incorporated Limited
Partnerships).(1A) In the Register, there is to be a division of limited partnerships
and a division of incorporated limited
partnerships.(2) The Register may be kept in such form as the Registrar thinks
fit.(3) The Registrar must make the information recorded in the Register
available for public inspection at the office of the Registrar during the
ordinary business hours of that office.(4) The Registrar may correct any error or omission in the Register
by:(a) inserting an entry, or
(b) amending an entry, or
(c) omitting an entry,
if the Registrar decides that the correction is
necessary.(5) The Registrar must not omit an entry in the Register unless
satisfied that the whole of the entry was included in
error.58 Certificates of registration(1) The Registrar must, at the time of:(a) registering a limited partnership or an incorporated limited
(b) recording a change in its registered particulars,
(c) correcting an error or omission in the Register in relation to
issue to the general partners a certificate as to its formation and its
registered particulars as at that time.(2) The Registrar may, on application, issue to the applicant a
certificate in relation to a limited partnership or incorporated limited
partnership as to its formation and its registered particulars as at the time
of the application.(3) A certificate under this section is to be in such form as the
Registrar thinks fit.(4) A certificate under this section:(a) as to the formation of a limited partnership or incorporated
limited partnership is conclusive evidence that the partnership was formed on
the date of registration referred to in the certificate,
(b) as to the registered particulars as at a specified time of the
partnership, is (unless the contrary is established) conclusive evidence that
the partnership existed at that time, and
(c) as to the general partners and limited partners in a partnership
as at a specified time is (unless the contrary is established) conclusive
evidence of the general partners and limited partners as at that time,
(d) as to any other particular of a partnership recorded in the
Register as at a specified time, is (unless the contrary is established)
conclusive evidence of that particular as at that
Registration Act 2011 of CommonwealthThe Business Names Registration Act
2011 of the Commonwealth does not require the registration of
a business name under that Act if the name is registered in a notified
State/Territory register. The Register is a notified State/Territory register
for the purposes of the Commonwealth Act.Division 4 Limitation of liability of limited partners in
limited partnership60 Liability of limited partner limited to amount shown in
Register(1) The liability of a limited partner to contribute to the
liabilities of the limited partnership is (subject to this Part) not to exceed
the amount shown in relation to the limited partner in the Register as the
extent to which the limited partner is liable to
contribute.(2) If a limited partner makes a contribution towards the liabilities
of the limited partnership, the liability of the limited partner is reduced to
such part of the amount shown in the Register as remains
unpaid.(3) If a partnership (the investing
partnership) is a limited partner in a limited partnership (the
partnership), a partner in the investing partnership has no separate
liability to contribute to the liabilities of the principal partnership, but
nothing in this subsection affects any liability of the investing partnership
as a limited partner to contribute to those
liabilities.61 Change in liability of limited partner(1) Any reduction in the liability of a limited partner caused by a
reduction in the relevant amount shown in the Register in relation to the
partner does not extend to any liability of the limited partnership that arose
before the reduction is recorded in the Register.(2) Any increase in the liability of a limited partner caused by an
increase in the relevant amount shown in the Register in relation to the
partner extends to any liability of the limited partnership that arose before
the increase is recorded in the Register.62 Change in status of partners(1) If a general partner becomes a limited partner, the limitation on
liability does not extend to any liability of the limited partnership that
arose before the partner became a limited partner.(2) If a limited partner becomes a general partner, the limitation on
liability no longer extends to any liability of the limited partnership that
arose before the partner became a general partner.63 Liability for business conducted outside the
StateThe limitation on the liability of a limited partner extends to
any liability incurred in connection with the conduct of the
partnership’s business outside the State.64 Liability for limited partnerships formed under
corresponding laws(1) In this section:corresponding law
means a law of another State, a Territory or another country or jurisdiction
that is declared by the regulations to be a corresponding law for the purposes
of this Part.recognised
limited partnership means a partnership formed in accordance with a
corresponding law.(2) Any limitation under a corresponding law on the liability of a
limited partner in a recognised limited partnership extends to any liability
incurred in connection with the conduct of the partnership’s business in
this State.(3) The law of another State or a Territory may not be declared to be
a corresponding law unless the Minister has certified to the Governor:(a) that the provisions of the law are similar to the provisions of
(b) that under that law the limitation of liability of limited
partners in a limited partnership formed in accordance with this Part extends
to any liability incurred in connection with the conduct of the
partnership’s business in that State or
(4) The law of another country or jurisdiction may not be declared to
be a corresponding law unless the Minister has certified to the Governor that
the law provides for the limitation of liability for partners in certain
partnerships.(5) This section is additional to, and does not derogate from, any
rule of law under which recognition is or may be given to a limitation of
liability of a partner in a partnership (including an external
partnership).64A Effect of sections 63 and 64No implication is to be taken as arising from section 63 or 64
that a limited partner has any liability (or but for that section would have
any liability) in connection with the conduct of a partnership’s
business outside the State that the limited partner would not have in
connection with the conduct of a partnership’s business within the
State.65 Contribution towards discharge of debts etc(1) Any contribution made by a limited partner towards the discharge
of the debts or obligations of a limited partnership is to be in the form of
money only.(2) If the whole or any part of such a contribution is received back
by the limited partner, the liability of the limited partner is restored
accordingly.66 Limitation on liability may not be varied by partnership
agreement etcThe provisions of this Part relating to the limitation on the
liability of a limited partner may not be varied by the partnership agreement
or the consent of the partners.Division 4A Limitation of liability of limited partners in
incorporated limited partnerships66A Limitation of liability of limited partners(1) A limited partner has no liability for the liabilities of the
incorporated limited partnership or of a general
partner.(2) Nothing in subsection (1) or section 66C or 66D prevents:(a) a contribution of capital or property made by a limited partner to
the incorporated limited partnership being used, or
(b) an obligation of a limited partner to contribute capital or
property to the incorporated limited partnership being enforced by any person
to whom the obligation is owed,
in satisfaction of a liability of the partnership or of a general
partner.(3) This section is subject to section 67A (Limited partner not to
take part in the management of incorporated limited
partnership).66B Change in status of partners(1) If a general partner becomes a limited partner, the partner
remains liable for any liability of the incorporated limited partnership that
arose before the partner became a limited partner to the extent that the
partnership is unable to satisfy the liability or to the greater extent
provided by the partnership agreement.(2) If a limited partner becomes a general partner, the partner
remains not liable (subject to section 67A (2)) for any liability of the
incorporated limited partnership that arose before the partner became a
general partner.Note. Section 67A (2) imposes liability in certain circumstances on a
limited partner who takes part in the management of the business of the
incorporated limited partnership.66C Liability in respect of conduct or acts or omissions
outside the StateThe limitation on the liability of a limited partner in an
incorporated limited partnership by or under this Division extends to any
liability incurred:(a) in connection with the conduct of the partnership’s business
outside the State, or
(b) as a result of an act or omission outside the State of a general
partner or a limited partner in the partnership, the partnership or of any
officer, employee, agent or representative of a general partner in the
partnership or the partnership.
corresponding laws(1) In this section:corresponding
law means:(a) a law of another State or of a Territory or of another country or
jurisdiction that substantially corresponds to the provisions of this Act that
relate to incorporated limited partnerships, or
(b) a law declared under subsection (3) to be a corresponding law for
incorporated limited partnership means a partnership formed in
accordance with a corresponding law.(2) A partner in a recognised incorporated limited partnership is
liable for a liability incurred by the partnership as a result of:(a) the conduct of the recognised incorporated limited
partnership’s business in this State, or
(b) the acts or omissions in this State of a partner in the recognised
incorporated limited partnership or of the partnership itself or of any
officer, employee, agent or representative of such a partner or of the
only in circumstances where the partner would be so liable under the
corresponding law if the conduct or acts or omissions occurred in the place
where the recognised incorporated limited partnership was
formed.(3) Subject to subsections (4) and (5), the Governor may, by order
published in the Gazette, declare a law of another State, a Territory or
another country or jurisdiction to be a corresponding law for the purposes of
this Part.(4) The law of another State or of a Territory may not be declared to
under that law a limited partner in an incorporated limited partnership formed
in accordance with this Part and registered or otherwise recognised under that
law is liable for a liability incurred by the partnership as a result
of:(a) the conduct in that State or Territory of the business of the
(b) the acts or omissions in that State or Territory of a partner in
the partnership or of the partnership itself or of any officer, employee,
agent or representative of a general partner or of the
only in circumstances where the limited partner would be so liable under
this Act if the conduct or acts or omissions occurred within the
State.(5) The law of another country or jurisdiction (not being another
State or Territory) may not be declared to be a corresponding law unless the
Minister has certified to the Governor that that law provides for the
limitation of liability of certain partners in certain
partnerships.(6) This section is additional to, and does not derogate from, any
liability of a partner in a partnership.66E Effect of sections 66C and 66DNo implication is to be taken as arising from section 66C or 66D
business or acts or omissions outside the State that the limited partner would
not have in connection with the conduct of a partnership’s business or
acts or omissions within the State.Division 5 Other modifications of general law of
partnership67 Limited partner not to take part in management of limited
partnership(1) A limited partner must not take part in the management of the
business of the limited partnership and does not have power to bind the
limited partnership.(2) If a limited partner takes part in the management of the business
of the limited partnership, the limited partner is liable, as if the partner
were a general partner, for the liabilities of the partnership incurred while
the limited partner takes part in the management of that
business.(3) A limited partner is not to be regarded as taking part in the
management of the business of the limited partnership merely because the
limited partner:(a) is an employee or an independent contractor of the partnership or
of a general partner, or is an officer of a general partner that is a
(b) gives advice to, or on behalf of, the limited partnership or a
general partner in the proper exercise of functions arising from the
engagement of the limited partner in a professional capacity or arising from
business dealings between the limited partner and the partnership or a general
(c) gives a guarantee or indemnity in respect of any liability of the
partnership or of a general partner, or
(d) participates in any action by other limited partners for the
purpose of enforcing their rights or safeguarding their interests as limited
(e) if authorised by the partnership agreement, participates in
general meetings of all the partners, or
(f) exercises any power conferred on the limited partner by subsection
(4) A limited partner or a person authorised by the limited partner
may at any time:(a) have access to and inspect the books of the partnership and copy
any of them, and
(b) examine the state and prospects of the business of the partnership
and advise and consult with other partners in relation to such
(5) The provisions of this section may not be varied by the
partnership agreement or the consent of the
partners.(6) No implication is to be taken as arising from section 67A (3) that
a limited partner in a limited partnership is to be regarded as taking part in
the management of the business of the partnership merely because the limited
partner or a person acting on behalf of the partner does any thing in
connection with the conduct of that business that is not referred to in that
subsection.67A Limited partner not to take part in the management of
incorporated limited partnership(1) A limited partner in an incorporated limited partnership must not
take part in the management of the business of the
partnership.(2) If:(a) as a direct result of any wrongful act or omission of a limited
partner in taking part in the management of the business of an incorporated
limited partnership the limited partner causes any loss or injury to any
person other than a partner in the partnership (a third party),
(b) at the time of the act or omission the third party had reasonable
grounds to believe that the limited partner was a general partner in the
the limited partner is liable for the loss or injury to the same extent
that the limited partner would have been liable if the limited partner were in
fact a general partner in the partnership.Note. A limited partner is not an agent of an incorporated limited
partnership and the acts of a limited partner do not bind a general partner,
another limited partner or the partnership itself—see section 53C
(1).(3) A limited partner in an incorporated limited partnership is not to
be regarded as taking part in the management of the business of the
partnership merely because the limited partner or a person acting on behalf of
the limited partner:(a) is an employee of or an independent contractor engaged by the
partnership, a general partner in the partnership or an associate of the
general partner, or is an officer of a general partner that is a body
corporate or of an associate of a general partner that is a body corporate,
(b) gives advice to, or on behalf of, the partnership or a general
partner in the partnership or an associate of such a general partner in the
proper exercise of functions arising from the engagement of the limited
partner, or a person acting on behalf of the limited partner, in a
professional capacity or arising from business dealings between the limited
partner, or a person acting on behalf of the limited partner, and the
partnership or a general partner or an associate of the general partner,
partnership or of a general partner in the partnership or an associate of the
(d) takes any action, or participates in any action taken by any other
limited partner in the partnership, for the purpose of enforcing the rights,
or safeguarding the interests, of the limited partner as a limited partner,
(e) if permitted by the partnership agreement:(i) calls, requisitions, convenes, chairs, participates in, postpones,
adjourns or makes a record of a meeting of the partners or of the limited
partners or of any of them, or
(ii) requisitions, signs or otherwise passes, approves, disapproves or
amends any resolution (whether at a meeting, in writing or otherwise) of the
partners or of the limited partners or of any of them, including without
limitation by formulating, moving, proposing, supporting, opposing, speaking
to or voting on any such resolution, or
(f) exercises a power conferred on the limited partner by subsection
(4) or has, or exercises, any right to:(i) have access to and inspect the books or records of the partnership
or copy any of them, or
(ii) examine the state or prospects of the business of the partnership
or advise, or consult with, other partners in relation to such matters,
(g) gives advice to, or consults with, or is or acts as an officer,
director, security holder, partner, agent, representative, employee of or
independent contractor engaged by an associate of the partnership,
orNote. Associate of a
partnership is defined in section 67B.
(h) is or acts as a lender to, or fiduciary for, an associate of the
(i) to the extent authorised by the partnership agreement,
participates on, or has or exercises any right to appoint one or more persons
to, or remove one or more persons from, or to nominate one or more persons for
such appointment to or removal from, a committee which considers, approves of,
consents to or disapproves of any one or more of the following proposals from
a general partner:(i) a proposal involving a material change in the nature of the
business of the partnership (including a change in, or departure from, any
investment guidelines, policies or conditions relating to the business of the
(ii) a proposal for the adoption of a method for valuing some or all of
the assets of the partnership (including a change to, replacement of or
variation from such a method),
(iii) a proposal for an extension or reduction in the period in which,
under the partnership agreement, investments (or certain types of investments)
can be made by the partnership, or for any approval or disapproval of
investments that the partnership does not otherwise have a right to
(iv) a proposal relating to any actual or potential transaction or
other matter involving any actual or potential conflict of
(v) a proposal relating to any actual or potential transaction,
contract, arrangement or understanding between one or more of the partners, or
their associates, and the general partner, the partnership or any associate of
the general partner or of the partnership,
(vi) a proposal for the delegation, waiver, release or variation of an
authority, right, duty or obligation of the general
(vii) a proposal for the appointment or approval under the partnership
agreement of any person as a senior executive of the general partner or of an
associate of the general partner, or
(j) nominates, selects, investigates, evaluates or negotiates with any
person in connection with the removal or replacement of a general partner, or
participates on a committee which proposes, considers, approves of, consents
to or disapproves of any nomination, selection, appointment, change in control
or ownership, suspension, replacement or removal of a general partner or an
associate of a general partner, or
(k) takes any action, or participates in any action taken by any other
limited partner, for the purpose of registering or maintaining the
registration of the partnership or a general partner in the partnership under
Part 2 of the Venture Capital Act
2002 of the Commonwealth as a VCLP, AFOF or ESVCLP within the
(4) A limited partner in an incorporated limited partnership or a
person authorised by the limited partner may, if and to the extent the partner
or person is so authorised by the partnership agreement as in force from time
to time:(a) have access to and inspect the books or records of the partnership
or copy any of them, and
(b) examine the state or prospects of the business of the partnership
and advise, or consult with, other partners in relation to such
partnership agreement or with the consent of the partners, whether given by or
under the partnership agreement or otherwise.Note. Section 53C (4) enables partners to give consent by or under the
partnership agreement.(6) No implication is to be taken as arising from subsection (3) that
a limited partner in an incorporated limited partnership is to be regarded as
taking part in the management of the business of the partnership merely
because the limited partner or a person acting on behalf of the partner does
any thing in connection with the conduct of that business that is not referred
to in that subsection.(7) For the purposes of this section, a limited partner in an
incorporated limited partnership that is a venture capital management
partnership (within the meaning of section 94D (3) of the Income Tax Assessment Act 1936 of the
Commonwealth) is not to be regarded as taking part in the management of the
business of the incorporated limited partnership merely because of any act the
limited partner takes in respect of the incorporated limited partnership in
the capacity of a partner or associate of a partner in the venture capital
management partnership.67B Interpretation of section 67A(1) In section 67A:(a) a reference to an associate of a general partner includes a
reference to:(i) if the general partner is a partnership, a partner in that
partnership (a partner
in the general partner), and
(ii) any person who has an interest in the general partner or in any
partner in the general partner, whether as security holder, trustee,
responsible entity, manager, custodian, sub-custodian, nominee, administrator,
executor, legal personal representative, beneficiary or otherwise,
(iii) any person to whom the general partner or any partner in the
general partner has delegated any power, authority, right, duty or obligation
of the general partner in relation to the partnership or any other partnership
in which the general partner is general partner, and
(iv) if the general partner or a partner in the general partner or a
person covered by subparagraph (ii) or (iii) is a body corporate, a related
body corporate of that body corporate, and
(v) a director, officer, employee, agent, representative or security
holder of the general partner or of any partner in the general partner or of a
person covered by subparagraph (ii), (iii) or (iv),
(b) a reference to an associate of a limited partner includes a
reference to:(i) if the limited partner is a partnership, a partner in that
in the limited partner), and
(ii) any person who has an interest in the limited partner or in any
partner in the limited partner, whether as security holder, trustee,
(iii) if the limited partner or a partner in the limited partner or a
person covered by subparagraph (ii) is a body corporate, a related body
corporate of that body corporate, and
(iv) a director, officer, employee, agent, representative or security
holder of the limited partner or of any partner in the limited partner or of a
person covered by subparagraph (ii) or (iii), and
(c) a reference to an associate of an incorporated limited partnership
includes a reference to:(i) any person or partnership in which the incorporated limited
partnership has an interest, whether as security holder or otherwise,
(ii) if a person or partnership covered by subparagraph (i) is a body
corporate, a related body corporate of that body
(2) In section 67A and this section, a reference to a general partner
in an incorporated limited partnership includes, if the general partner is a
partnership, a reference to a partner in that
partnership.(3) In section 67A and this section:related body
corporate has the same meaning given by section 9 of the Corporations Act 2001 of the
Commonwealth.security
holder, in relation to a body (whether corporate or unincorporated)
includes a holder of securities (within the meaning given by section 92 (3) of
Commonwealth) in or of the body.68 Differences between partners(1) A difference arising as to ordinary matters connected with the
business of a limited partnership or an incorporated limited partnership may
be decided by a majority of the general partners.(2) The provisions of this section may be varied by the partnership
agreement or the consent of the partners.Note. See section 53C (4).69 Change in partners(1) A limited partner in a limited partnership may, with the consent
of the general partners, assign the limited partner’s share in the
limited partnership. In that case the assignee is taken to be a limited
partner in substitution for the assignor with all the rights and obligations
of the assignor.(1A) A limited partner in an incorporated limited partnership may, with
the consent of the general partners and the agreement of the transferee,
transfer the whole or a proportion of the limited partner’s interest in
the incorporated limited partnership.(1B) If the whole of the limited partner’s interest in the
incorporated limited partnership is transferred to the one transferee, the
transferee becomes a limited partner in substitution for the transferor with
all the rights and obligations of the transferor.(1C) If only a proportion of the limited partner’s interest in
the incorporated limited partnership is transferred to a transferee, the
transferee becomes a limited partner in substitution for the transferor in
respect of the transferred proportion and with all the rights and obligations
of the transferor in respect of it.(2) A person may be admitted as a partner in a limited partnership or
incorporated limited partnership without the necessity to obtain the consent
of any limited partner.(3) The provisions of this section may be varied by the partnership
agreement or the consent of the partners.Note. See section 53C (4).Division 6 Dissolution and cessation of limited partnerships
and incorporated limited partnerships70 Dissolution not available in certain cases(1) Subject to the terms of any agreement between the partners in a
limited partnership:(a) a limited partner is not entitled to dissolve the partnership by
(b) the general partners or the other limited partners are not
entitled to dissolve the partnership because a limited partner has allowed the
partner’s share of the partnership property to be charged for the
partner’s separate liabilities, and
(c) the death, bankruptcy or retirement or, in the case of a
corporation, the dissolution of a limited partner does not dissolve the
(2) The fact that a limited partner in a limited partnership or an
incorporated limited partnership is declared to be of unsound mind and
incapable of managing the partner’s affairs is not a ground for
dissolution of the partnership by a Court unless the share and interest of the
partner in the partnership cannot be otherwise ascertained or
realised.71 Cessation of limited partnerships(1) A partnership ceases to be a limited partnership if none of the
partners is a limited partner or the partners agree that they will carry on
the business of the partnership otherwise than as a limited
partnership.(2) If a limited partnership ceases to be a limited partnership and
the forming members of the partnership or some of them continue in association
or partnership, that association or partnership is no longer taken to be
formed in accordance with this Part.72 Registration of dissolution or cessation of limited
partnership(1) If a limited partnership:(a) is dissolved, or
(b) ceases to carry on business,
the general partners who were registered immediately before the
dissolution or cessation must, as soon as practicable, lodge with the
Registrar a notice of the dissolution or cessation, specifying the date on
which it took effect.Maximum penalty: 10 penalty
units.(2) The notice must be in the form approved by the Registrar and
notice.(3) The Registrar is required to record in the Register the fact of
the dissolution or cessation and the date on which it took
effect.73 Winding up by general partnersIf the affairs of a limited partnership are to be wound up by the
partners with a view to its dissolution, the winding up is to be carried out
by the general partners unless a Court otherwise
orders.73A Winding up of incorporated limited
partnershipsSchedule 1 has effect.Division 7 Miscellaneous provisions73B Execution of documentsWithout limiting the ways in which an incorporated limited
partnership may execute a document (including a deed), an incorporated limited
partnership may execute a document:(a) without using a common seal (whether it has one or not) if the
document is signed by a general partner, or
(b) as a deed if the document is expressed to be executed as a deed
and is executed with the use of a common seal or in accordance with paragraph
Note. Section 150 (1) of the Evidence
Act 1995 provides for certain presumptions to be made with
respect to seals and duly sealed documents. See also section 53 (2) on seals
of incorporated limited partnerships.73C Entitlement to make assumptions(1) A person is entitled to make the assumptions in section 73D in
relation to dealings with an incorporated limited partnership. The
incorporated limited partnership is not entitled to assert in proceedings in
incorrect.(2) A person is entitled to make the assumptions in section 73D in
directly or indirectly acquired title to property from an incorporated limited
partnership. The incorporated limited partnership and the other person are not
entitled to assert in proceedings in relation to the dealings that any of the
assumptions are incorrect.(3) The assumptions may be made even if a partner or agent of the
incorporated limited partnership acts fraudulently, or forges a document, in
connection with the dealings.(4) A person is not entitled to make an assumption in section 73D if,
at the time of the dealings, the person knew or suspected that the assumption
was incorrect.73D Assumptions that may be made under section 73C(1) A person may assume that the partnership agreement of the
incorporated limited partnership has been complied
with.(2) A person may assume that anyone who appears, from information
provided by the incorporated limited partnership that is available to the
public from the Register, to be a general partner in the incorporated limited
partnership:(a) is a general partner in the incorporated limited partnership,
(b) has authority to exercise the powers and perform the duties
customarily exercised or performed by a general partner in an incorporated
(3) A person may assume that anyone who is held out by the
incorporated limited partnership to be a general partner in, or an agent of,
the incorporated limited partnership:(a) is a general partner in the incorporated limited partnership or
has been duly appointed as an agent of the incorporated limited partnership,
customarily exercised or performed by that kind of partner in, or agent of, an
incorporated limited partnership.
(4) A person may assume that the general partners in, and agents of,
the incorporated limited partnership properly perform their duties to the
incorporated limited partnership.(5) A person may assume that a document has been duly executed by the
incorporated limited partnership if the document appears to have been signed
in accordance with section 73B.(6) A person may assume that a document has been duly executed by the
incorporated limited partnership if the incorporated limited
partnership’s common seal appears to have been affixed to the
document.(7) A person may assume that a general partner in, or agent of, the
incorporated limited partnership who has authority to issue a document or
certified copy of a document on its behalf also has authority to warrant that
the document is genuine or is a true copy.(8) Without limiting the generality of this section, the assumptions
section.73E Lodgment of certain documents with the
Registrar(1) An incorporated limited partnership that was incorporated on the
basis that it intended to be registered as a VCLP, AFOF or ESVCLP under Part 2
of the Venture Capital Act 2002 of
the Commonwealth must, within one month after being so registered, lodge with
the Registrar a copy of a document evidencing its status as a VCLP, AFOF or
ESVCLP.(2) An incorporated limited partnership that was incorporated on the
basis that it intended to meet the requirements for recognition as a venture
the Commonwealth must, within one month after becoming such a venture capital
management partnership, lodge with the Registrar a statement that it is such a
partnership.(3) If:(a) the registration of an incorporated limited partnership as a VCLP,
AFOF or ESVCLP under Part 2 of the Venture Capital
Act 2002 of the Commonwealth is revoked,
(b) an incorporated limited partnership ceases to be a venture capital
management partnership within the meaning of section 94D (3) of the Income Tax Assessment Act 1936 of the
the incorporated limited partnership must, within 7 days after the date
on which that revocation took effect or it ceased to be such a venture capital
limited partnership, lodge with the Registrar a notice of that revocation or
cessation, specifying the date on which it took
effect.(4) If an incorporated limited partnership ceases to carry on
business, the incorporated limited partnership must, as soon as practicable,
lodge with the Registrar a notice of the cessation, specifying the date on
which it took effect.(5) A copy of a document or a notice required to be lodged with the
Registrar under this section must be accompanied by the prescribed fee or, if
no fee is prescribed, a fee of $70.(6) A notice required to be lodged with the Registrar under this
section must be:(a) in the form approved by the Registrar, and
(b) contain the particulars required by the regulations or the
approved form of notice.
(7) If subsection (1), (2), (3) or (4) is not complied with, each
general partner in the incorporated limited partnership is guilty of an
units.74 Model limited partnership agreement(1) The regulations may prescribe a model limited partnership
agreement or model limited partnership agreements.(2) The partnership agreement of a limited partnership may adopt any
such model agreement (or any part of it) whether as in force at a particular
time or as in force from time to time.75 Identification of limited partnerships and incorporated
limited partnerships(1) In this section, document includes any
letter, notice, publication, written offer, contract, order for goods or
services, invoice, bill of exchange, promissory note, cheque, negotiable
instrument, endorsement, letter of credit, receipt and statement of
account.(2) Any document issued on behalf of a limited partnership in
connection with the conduct of the partnership’s business must contain
in legible letters the words “A Limited Partnership” (or
“L.P.” or “LP” as an abbreviation) at the end of the
firm-name of the partnership.(2A) Any document issued on behalf of an incorporated limited
partnership in connection with the conduct of the partnership’s business
must contain in legible letters the words “An Incorporated Limited
Partnership” (or “L.P.” or “LP” as an
abbreviation) at the end of the firm-name of the
partnership.(3) A person who:(a) issues or authorises the issue of a document in contravention of
this section, or
(b) being a general partner in the limited partnership or incorporated
limited partnership concerned—is aware that documents are being issued
in contravention of this section,
units.(4) The certificate of registration of a limited partnership or
incorporated limited partnership must be displayed at all times in a
conspicuous position at the registered office of the
partnership.(5) If the certificate of registration is not so displayed, each
general partner is guilty of an offence.Maximum penalty: 20 penalty
units.76 Registered office(1) A limited partnership or incorporated limited partnership must
keep in New South Wales (at the place shown in the Register as the address of
the registered office of the firm) an office to which all communications with
the partnership may be addressed.(2) The regulations may prescribe the hours during which the
registered office is to be open and accessible to the
public.(3) If subsection (1) is not complied with, each general partner in
the limited partnership or incorporated limited partnership concerned is
units.77 Service(1) Without affecting any other method of serving documents on the
partners in a limited partnership or on an incorporated limited
partnership:(a) a document concerning the business of a limited partnership may be
duly served on partners in the partnership, or
(b) a document concerning the business of an incorporated limited
partnership may be duly served on the partnership,
if it is left at, or sent by post addressed to, the registered office of
the firm for the time being shown in the Register.(2) This section does not apply to a document relating to proceedings
before a Court.78 Entry in Register constitutes noticeAn entry in the Register of any particular fact concerning a
limited partnership or an incorporated limited partnership, including an entry
stating the effect of any notice received by the Registrar:(a) is sufficient notice of the fact or of the effect of the notice to
all persons who deal with the partnership, and
(b) has effect, for the purposes of section 36 (2), as if it were an
advertisement in the Gazette.
79 Giving false or misleading informationA person who, under this Part, provides the Registrar with a
document that the person knows is false or misleading in a material particular
(whether by way of a statement in the document or by an omission from the
document) is guilty of an offence.Maximum penalty: 50 penalty
units.80 Criminal proceedingsProceedings for an offence against this Act or the regulations are
to be dealt with summarily before the Local Court.80A Offences by partnerships(1) If this Act provides that a general partner (being a partnership,
whether or not an external partnership) in a limited partnership or
incorporated limited partnership is guilty of an offence, the reference to the
general partner is to be read as a reference:(a) to each partner in the partnership (or external partnership),
(b) if the partnership (or external partnership) is one in which any
partner has under the law of the place where it is formed limited liability
for the liabilities of the partnership, each partner in the partnership whose
liability is not so limited.
(2) In any proceeding against a partner for an offence against this
Act brought in reliance on subsection (1) it is a defence for the partner to
prove that the partner took all reasonable precautions and exercised all due
diligence to avoid the commission of the offence.80B Duty to furnish information(1) For the purpose of monitoring compliance with this Part or the
regulations made for the purposes of this Part, the Registrar may by notice in
writing require an incorporated limited partnership to furnish within a period
specified in the notice (being a period of not less than 28 days) or within
such further period as the Registrar may allow such information as is
specified in the notice.(2) An incorporated limited partnership required under subsection (1)
to furnish information to the Registrar must within the period specified in
the notice or within such further period as the Registrar has allowed furnish
such information as it is within its power to furnish and must not furnish any
information that to its knowledge is false or misleading in a material
particular.(3) If subsection (2) is not complied with each general partner in the
incorporated limited partnership is guilty of an offence.Maximum penalty: 60 penalty
units.81 Regulations(1) The Governor may make regulations, not inconsistent with this Act,
out or giving effect to this Part.(2) In particular, the regulations may make provision for or with
respect to the following:(a) the keeping of records by a limited partnership or incorporated
(b) information or copies of records or documents required to be
provided to the Registrar by a limited partnership or incorporated limited
(c) the form in which any record required under this Act to be kept is
(d) the fees required to accompany an application, statement, notice
or other document lodged under this Act or the fees payable for the inspection
of the Register or for the issue of certificates of information recorded in
(3) The regulations may exempt, or provide for the exemption, of any
person or class of persons or any other matter or thing from any specified
provision or provisions of this Act or the regulations, in such circumstances
(if any) and subject to such conditions (if any) as may be specified or
referred to in the regulations.(4) A regulation may create an offence punishable by a penalty not
exceeding 20 penalty units.81A Relationship with Corporations legislationThe regulations may declare a matter that is dealt with by this
to that matter in the State concerned.Part 4 Miscellaneous82 Application of amendments(1) This section applies to section 10 as amended by the
Partnership Amendment Act
1998.(2) Section 10 (2) does not apply to wrongful acts or omissions of the
kind referred to in that subsection and that occurred before the commencement
of that Act.(3) Section 10 (2) (a), (b) and (c) extend to acts, matters and things
of the kind referred to in those paragraphs and that occurred before the
commencement of that Act.83 Savings, transitional and other provisionsSchedule 2 has effect.Schedule 1 Winding up of incorporated limited
partnerships(Section 73A)1 DefinitionsIn this Schedule:assets of an
incorporated limited partnership means the assets remaining after satisfaction
of the liabilities of the partnership and the costs, charges and expenses of
the winding up.special
resolution of the limited partners in an incorporated limited
partnership means a resolution that has been passed by at least 75% of the
limited partners.2 Voluntary winding up(1) An incorporated limited partnership may be wound up
voluntarily:(a) if the partnership agreement sets out the terms on which the
partnership may voluntarily be wound up—in accordance with the
partnership agreement, or
(b) subject to the partnership agreement, if the limited partners so
resolve by special resolution.
(2) On a voluntary winding up of an incorporated limited
partnership:(a) if the partnership agreement sets out how the assets are to be
dealt with on a voluntary winding up, the assets must be dealt with in
accordance with the partnership agreement, or
(b) in any other case, the assets are to be distributed among the
partners in shares that are proportionate to their respective contributions of
capital or property to the partnership.
(3) Any person aggrieved by the operation of this clause in relation
to the assets of an incorporated limited partnership may apply to the Supreme
Court.(4) On an application under subclause (3), the Supreme Court may make
any order relating to the disposal of the assets that it thinks
fit.3 Winding up on Registrar’s certificate(1) The Registrar may, by notice, require an incorporated limited
partnership to show good cause why it should not be required to be wound up if
the Registrar is of the opinion:(a) that the partnership has ceased to carry on business,
(b) that none of the partners is a limited partner,
(c) that incorporation of the partnership has been obtained by mistake
or fraud, or
(d) that the partnership exists for an illegal
(2) If, on the expiration of 28 days after the notice is given under
subclause (1), the Registrar is satisfied that the incorporated limited
partnership should be required to be wound up, the Registrar may publish in
the Gazette a certificate as to the requirement that the incorporated limited
partnership be wound up.(3) The Registrar may publish in the Gazette a certificate requiring
an incorporated limited partnership to be wound up if the Registrar is
satisfied (whether by a notice under section 73E (3) or otherwise) that,
having been incorporated on the basis that the partnership is or is intended
to be:(a) registered as a VCLP, AFOF or ESVCLP under Part 2 of the Venture Capital Act 2002 of the
(b) a venture capital management partnership within the meaning of
section 94D (3) of the Income Tax Assessment Act
1936 of the Commonwealth,
the partnership’s registration has been revoked, or it has not
within the period of 2 years after its incorporation become so registered or
it has ceased to meet, or has not in the period of 2 years after its
incorporation met, the requirements set out in section 94D (3) for recognition
as such a venture capital management partnership.(4) The Registrar must not publish a certificate under subclause (2)
or (3) unless satisfied that good cause has not been shown why the
incorporated limited partnership should not be required to be wound
up.(5) The Registrar must give notice of the publication under subclause
(2) or (3) of a certificate to the incorporated limited partnership as soon as
possible after the publication.(6) The Registrar must as soon as practicable after giving a notice to
an incorporated limited partnership, record the giving of the notice in the
Register.(7) A notice under subclause (1) or (5) must be given to the
incorporated limited partnership:(a) by being served on the incorporated limited partnership at its
(b) if service cannot reasonably be effected, by being published in a
newspaper circulating generally in the State.
4 Review of certificate(1) A person whose interests are affected by a decision of the
Registrar to publish a certificate under clause 3 may apply to the Supreme
Court for review of the decision.(2) An application under subclause (1) must be made within 28 days
after the certificate is published.(3) The decision is suspended on the making of an application for
review until the application is withdrawn or the review is
determined.(4) In determining an application for review, the Supreme Court
may:(a) affirm the decision under review, or
(b) set aside the decision under review and require the Registrar to
(5) Nothing in this clause prevents the Registrar cancelling a
certificate published under clause 3 at any time after an application is made
under subclause (1).5 Procedure for winding up on certificate(1) If the Registrar has published, and has not cancelled or been
required under clause 4 (4) (b) to cancel, a certificate under clause 3 that
an incorporated limited partnership is required to be wound up, the winding
up:(a) must be commenced:(i) no later than the end of 28 days after the day on which the
certificate is published unless an application is made under clause 4,
(ii) if an application is made under clause 4 and the Supreme Court
affirms the decision to publish the certificate, no later than 28 days after
the day on which the application is determined, and
(b) must be completed by the day specified by the Registrar in a
notice given to the partnership, not being a day earlier than 60 days after
the day on which the winding up must be so
(2) On the commencement of the winding up, the Registrar may appoint a
person to be the liquidator of the incorporated limited
partnership.(3) The liquidator may be a general partner in the incorporated
limited partnership, an associate of the general partner (within the meaning
of section 67B) or any other person and need not be a registered liquidator
the Commonwealth.(4) The liquidator must within 10 days of being appointed give notice
of his or her appointment in the Gazette.(5) The liquidator must give such security as may be prescribed and is
entitled to receive such fees as are fixed by the
Registrar.(6) Any vacancy occurring in the office of liquidator is to be filled
by a person appointed by the Registrar.(7) The reasonable costs of a winding up required on a certificate of
the Registrar under clause 3 are payable out of the property of the
incorporated limited partnership.6 Distribution of assets on winding up required on
Registrar’s certificate(1) On a winding up of an incorporated limited partnership required on
a certificate of the Registrar under clause 3:(a) if the partnership agreement sets out how the assets are to be
dealt with on such a winding up, the assets must be dealt with in accordance
with the partnership agreement, or
(2) Any person aggrieved by the operation of this clause in relation
Court.(3) On an application under subclause (2), the Supreme Court may make
fit.7 Application of Corporations Act to winding up(1) The winding up of an incorporated limited partnership (other than
a voluntary winding up or a winding up required on a certificate of the
Registrar under clause 3) is declared to be an applied Corporations
2001 in relation to the provisions of Part 5.7 (Winding up
bodies other than companies) of the Corporations
Act 2001 of the Commonwealth and that Part applies as if the
incorporated limited partnership were a Part 5.7 body within the meaning of
that Act, subject to the following modifications:(a) as if the words “or in the public interest” were
inserted in paragraph (c) (ii) of section 583 after the words “just and
equitable”,
(b) as if paragraph (d) of section 583 did not form part of that
(c) any other modifications (within the meaning of Part 3 of the
2001) that are prescribed by the
Note. Part 3 of the Corporations
of provisions of the Corporations Act and Part 3 of the ASIC Act as laws of
the State in respect of any matter declared by a law of the State (whether
with or without modification) to be an applied Corporations legislation matter
for the purposes of that Part in relation to those Commonwealth provisions.
This does not apply to any provisions that already apply to a matter as a law
of the Commonwealth.(2) The Australian Securities and Investments Commission may perform a
function conferred on it under a law applied by subclause (1):(a) pursuant to an agreement or arrangement of the kind referred to in
section 11 (8) or (9A) (b) of the Australian
(b) the Commission is authorised to perform that function under
section 11 of that Act.
(3) Unless a function under a law applied by subclause (1) is
conferred on the Australian Securities and Investments Commission as referred
to in subclause (2), that law applies as if a reference in it to the
Commission were a reference to the Registrar.8 Registrar to be notified of winding up(1) An incorporated limited partnership must lodge with the Registrar
a notice of the commencement of the winding up of the partnership within 7
days after:(a) the passing of a special resolution referred to in clause 2 (1)
(b) in any other case, the commencement of the winding
(2) An incorporated limited partnership must lodge with the Registrar
a notice of the completion of the winding up of the partnership within 7 days
after that completion, specifying the date on which the winding up was
completed.(3) The Registrar must, as soon as practicable after receiving a
notice under subclause (1) or (2), record the receipt of the notice in the
Register.(4) If subclause (1) or (2) is not complied with, each general partner
of the incorporated limited partnership is guilty of an
units.9 Cancellation of incorporation(1) The Registrar must, by notice published in the Gazette, cancel the
incorporation of an incorporated limited partnership as soon as practicable
after the partnership is wound up.(2) The Registrar must, as soon as practicable after the publication
of a notice under subclause (1), record the cancellation of the incorporation
in the Register.(3) An incorporated limited partnership ceases to exist on the
cancellation of its incorporation under this
Schedule.Schedule 2 Savings, transitional and other
provisions(Section 83)Part 1 General1 Regulations(1) The regulations may contain provisions of a savings or
transitional nature consequent on the enactment of the following Acts:Partnership Amendment (Venture
Capital Funds) Act 2004Partnership Amendment (Venture
Capital) Act 2007(2) Any such provision may, if the regulations so provide, take effect
Part 2 Provisions consequent on enactment of Partnership Amendment (Venture Capital Funds) Act
20042 Saving of existing limited partnerships(1) The Register of Limited Partnerships kept under section 57 as in
force immediately before the commencement of this clause is taken on that
commencement to be the Register of Limited and Incorporated Limited
Partnerships required to be kept under the section as amended by the Partnership Amendment (Venture Capital Funds) Act
2004.(2) Subject to this Act, a partnership registered as a limited
partnership immediately before the commencement of this clause is taken on
that commencement to be registered as a limited partnership in the division of
limited partnerships in the Register.Part 3 Provisions consequent on enactment of Partnership Amendment (Venture Capital) Act
20073 Applications for registration of ESVCLPs or proposed
ESVCLPs made before amendments commence(1) The provisions of this Act (as amended by the amending Act) extend
to any application for the registration of an ESVCLP or proposed ESVCLP as an
incorporated limited partnership that was made on or after the day on which
the Bill for the amending Act was first introduced into
Parliament.(2) In this clause:amending
Act means the Partnership
Amendment (Venture Capital) Act 2007.ESVCLP
has the same meaning as in the Venture Capital Act
2002 of the Commonwealth.Historical notesThe following abbreviations are used in the Historical notes:
Am amended LW legislation website Sch Schedule Cl clause No number Schs Schedules Cll clauses p page Sec section Div Division pp pages Secs sections Divs Divisions Reg Regulation Subdiv Subdivision GG Government Gazette Regs Regulations Subdivs Subdivisions Ins inserted Rep repealed Subst substituted Table of amending instrumentsPartnership Act
1892 (55 Vic No 12). Assented to 20.2.1892. This Act has been
1991No 48Partnership (Limited Partnership) Amendment Act
1991. Assented to 11.12.1991.Date of commencement, 1.5.1992, sec 2 and GG No 55 of 1.5.1992, p
1998No 36Partnership Amendment Act 1998.
Assented to 15.6.1998.Date of commencement, assent, sec 2.
Amendments) Act 2001. Assented to 28.6.2001.Date of commencement of Sch 4.43, 15.7.2001, sec 2 (1) and Commonwealth
2002No 97Business Names Act
2002. Assented to 29.11.2002.Date of commencement of Sch 1.8, 5.10.2004, sec 2 (1) and GG No 149 of
2004No 8Partnership Amendment (Venture
Capital Funds) Act 2004. Assented to 17.3.2004.Date of commencement, 5.4.2004, sec 2 and GG No 69 of 2.4.2004, p
Provisions) Act (No 2) 2004. Assented to 10.12.2004.Date of commencement of Sch 2.63, assent, sec 2
2007No 43Partnership Amendment (Venture
Capital) Act 2007. Assented to 1.11.2007.Date of commencement, assent, sec 2.
2011No 44Business Names (Commonwealth
Part 1Ins 1991 No 48, Sch 2 (2).Sec 1AIns 1991 No 48, Sch 2 (2).Sec 1BIns 1991 No 48, Sch 2 (2). Am 2004 No 8, Sch 1 [1]
[2].Sec 1CIns 2004 No 8, Sch 1 [3].Part 2, headingIns 1991 No 48, Sch 2 (2).Part 2, Div 1, headingIns 1991 No 48, Sch 2 (2).Sec 1Am 1991 No 48, Sch 2 (3); 2001 No 34, Sch 4.43 [1];
2004 No 8, Sch 1 [4].Sec 2Am 1970 No 52, Second Sch; 1994 No 32, Sch 3; 2004
No 8, Sch 1 [5].Sec 3Am 1965 No 33, First Sch; 1994 No 32, Sch
3.Sec 4Am 2004 No 8, Sch 1 [6] [7].Part 2, Div 2, headingIns 1991 No 48, Sch 2 (4).Sec 5Am 1994 No 32, Sch 3; 2004 No 8, Sch 1 [8]
[9].Sec 6Am 2004 No 8, Sch 1
[10]–[12]Sec 7Am 1994 No 32, Sch 3; 2004 No 8, Sch 1 [13]
[14].Sec 8Am 2004 No 8, Sch 1 [15] [16].Sec 9Am 1994 No 32, Sch 3; 2004 No 8, Sch 1
[17]–[19].Sec 10Am 1994 No 32, Sch 3; 1998 No 36, Sch 1 [1] [2];
2001 No 34, Sch 4.43 [2]; 2004 No 8, Sch 1
[20]–[22].Sec 11Am 1994 No 32, Sch 3; 2004 No 8, Sch 1 [23]
[24].Sec 12Am 1994 No 32, Sch 3; 2004 No 8, Sch 1 [25]
[26].Sec 13Am 1994 No 32, Sch 3; 2004 No 8, Sch 1 [27]
[28].Sec 14Am 1994 No 32, Sch 3; 2004 No 8, Sch 1 [29]
[30].Sec 15Am 2004 No 8, Sch 1 [31] [32].Sec 16Am 2004 No 8, Sch 1 [33] [34].Sec 17Am 1994 No 32, Sch 3. Subst 2004 No 8, Sch 1
[35].Sec 18Am 2004 No 8, Sch 1 [36].Part 2, Div 3, headingIns 1991 No 48, Sch 2 (5).Sec 20Am 2004 No 8, Sch 1 [37].Sec 20AIns 2004 No 8, Sch 1 [38].Sec 22Am 1994 No 32, Sch 3; 2004 No 8, Sch 1
[39].Sec 23Am 1970 No 52, Second Sch (am 1972 No 41, Second
Sch); 1994 No 32, Sch 3; 2004 No 8, Sch 1 [40].Sec 24Am 1994 No 32, Sch 3; 2004 No 8, Sch 1
[41].Sec 26Am 1994 No 32, Sch 3; 2004 No 8, Sch 1
[42].Sec 27Am 2004 No 8, Sch 1 [43].Sec 28Am 1994 No 32, Sch 3; 2004 No 8, Sch 1 [44]
[45].Sec 29Am 1994 No 32, Sch 3; 2004 No 8, Sch 1
[46].Sec 30Am 1994 No 32, Sch 3; 2004 No 8, Sch 1
[47].Sec 31Am 1994 No 32, Sch 3; 2004 No 8, Sch 1
[48].Part 2, Div 4, headingIns 1991 No 48, Sch 2 (6).Sec 31AIns 2004 No 8, Sch 1 [49].Secs 32, 33Am 1994 No 32, Sch 3.Sec 35Am 1970 No 52, Second Sch; 1994 No 32, Sch
3.Secs 36, 37Am 1994 No 32, Sch 3.Sec 38Am 1970 No 52, Second Sch; 1994 No 32, Sch
3.Sec 39Am 1994 No 32, Sch 3.Sec 40Am 1970 No 52, Second Sch (am 1972 No 41, Second
Sch).Secs 41, 42, 44Am 1994 No 32, Sch 3.Sec 45Rep 1991 No 48, Sch 2 (7).Part 2, Div 5, headingIns 1991 No 48, Sch 2 (8).Sec 48Rep 1991 No 48, Sch 2 (9).Part 3, headingIns 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[50].Part 3Ins 1991 No 48, Sch 1.Part 3, Div 1Ins 1991 No 48, Sch 1.Sec 49Ins 1991 No 48, Sch 1. Am 2002 No 97, Sch 1.8 [1];
2004 No 8, Sch 1 [51]–[53]; 2011 No 44, Sch 3.14
[1].Sec 50Ins 1991 No 48, Sch 1. Subst 2004 No 8, Sch 1
[54].Part 3, Div 2, headingIns 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[55].Part 3, Div 2Ins 1991 No 48, Sch 1.Sec 50AIns 2004 No 8, Sch 1 [56].Sec 51Ins 1991 No 48, Sch 1. Subst 2004 No 8, Sch 1
[57].Sec 52Ins 1991 No 48, Sch 1. Am 2001 No 34, Sch 4.43 [3];
2004 No 8, Sch 1 [58] [59].Sec 53Ins 1991 No 48, Sch 1. Subst 2004 No 8, Sch 1
[60].Secs 53A–53CIns 2004 No 8, Sch 1 [60].Part 3, Div 3, headingIns 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[61].Part 3, Div 3Ins 1991 No 48, Sch 1.Sec 53DIns 2004 No 8, Sch 1 [62]. Am 2007 No 43, Sch 1
[1].Sec 54Ins 1991 No 48, Sch 1. Am 1994 No 32, Sch 3. Subst
2004 No 8, Sch 1 [63]. Am 2007 No 43, Sch 1 [2].Sec 55Ins 1991 No 48, Sch 1. Am 2002 No 97, Sch 1.8 [2];
2004 No 8, Sch 1 [64]–[67]; 2004 No 91, Sch 2.63; 2011 No 44, Sch 3.14
[2].Sec 55AIns 2004 No 8, Sch 1 [68].Sec 56Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[69]–[72].Sec 57Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1 [73]
[74].Sec 58Ins 1991 No 48, Sch 1. Subst 2004 No 8, Sch 1
[75].Sec 59Ins 1991 No 48, Sch 1. Am 2002 No 97, Sch 1.8 [3];
2004 No 8, Sch 1 [76] [77]; 2004 No 91, Sch 2.63; 2011 No 44, Sch 3.14
[3].Part 3, Div 4, headingIns 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[78].Part 3, Div 4Ins 1991 No 48, Sch 1.Sec 60Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1 [79]
[80].Secs 61–63Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[81].Sec 64Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[81]–[84].Sec 64AIns 2004 No 8, Sch 1 [85].Secs 65, 66Ins 1991 No 48, Sch 1.Part 3, Div 4A (secs 66A–66E)Ins 2004 No 8, Sch 1 [86].Part 3, Div 5Ins 1991 No 48, Sch 1.Sec 67Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1 [81]
[88] [89].Sec 67AIns 2004 No 8, Sch 1 [90]. Am 2007 No 43, Sch 1
[3].Sec 67BIns 2004 No 8, Sch 1 [90].Sec 68Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1 [91]
[92].Sec 69Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[92]–[95].Part 3, Div 6, headingIns 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[96].Part 3, Div 6Ins 1991 No 48, Sch 1.Sec 70Ins 1991 No 48, Sch 1. Am 1994 No 32, Sch 3; 2004
No 8, Sch 1 [97] [98].Secs 71–73Ins 1991 No 48, Sch 1.Sec 73AIns 2004 No 8, Sch 1 [99].Secs 73B–73DIns 2004 No 8, Sch 1 [100].Sec 73EIns 2004 No 8, Sch 1 [100]. Am 2007 No 43, Sch 1
[4].Part 3, Div 7Ins 1991 No 48, Sch 1.Sec 74Ins 1991 No 48, Sch 1.Sec 75Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1 [101]
[102].Sec 76Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[103].Sec 77Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[104].Sec 78Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[105].Sec 79Ins 1991 No 48, Sch 1.Sec 80Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1 [106];
2007 No 94, Sch 4.Secs 80A, 80BIns 2004 No 8, Sch 1 [107].Sec 81Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1
[108].Sec 81AIns 2004 No 8, Sch 1 [109].Part 4Ins 1998 No 36, Sch 1 [3].Sec 82Ins 1998 No 36, Sch 1 [3].Sec 83Ins 2004 No 8, Sch 1 [110].Sch 1Ins 2004 No 8, Sch 1 [110]. Am 2007 No 43, Sch 1
[5].Sch 2Ins 2004 No 8, Sch 1 [110]. Am 2007 No 43, Sch 1
[6]–[9].The whole Act (italicised headings before
sections)Am 1991 No 48, Sch 2 (1) (italicised headings
before secs 1, 5, 19, 32 and 45 omitted).