Partnership property of firms other than incorporated limited partnerships
24 Partnership property of firms other than incorporated limited partnerships
Subject to section 25, all property, and rights and interests in property, originally brought into the stock of a firm or acquired, whether by purchase or otherwise, on account of a firm or for the purposes, and in the course of the business, of a firm are called in this Act partnership property.
Subject to subsection (3), the partnership property of a firm shall be held and applied by the partners in the firm exclusively for the purposes of the firm and in accordance with the partnership agreement.
A legal estate or interest in land, being an estate or interest that belongs to a firm, shall devolve according to the nature and tenure of, and the general rules of law applicable to, the estate or interest, but in trust so far as is necessary for the persons beneficially interested in the estate or interest under this section.
This section does not apply in relation to an incorporated limited partnership.
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