Partnership Act 1891

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.

However, the legal estate or interest in any land which belongs to the partnership will devolve according to the nature and tenure of the estate or interest and the general rules of law applicable, but in trust, so far as necessary, for the persons beneficially interested in the land under this section.

When 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 land or 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.

This section does not apply to or in respect of an incorporated limited partnership.