20A
In forcePartnership property of incorporated limited partnership
Part 2Partnerships generally
Division 3Relationship between partners
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.
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