Sums raised, how to be applied. Contribution to Principal and interest charged on Revenue. Advances on account. Re-appropriation from and to. 3. All sums by this Act authorised to be raised shall be paid to the Colonial Treasurer, and shall be by him placed to the credit of an account to be called the General Loan Fund, and shall be applied by the Colonial Treasurer to the purposes set forth in this Act, in such amounts and manner as the Governor by any warrants under his hand may from time to time authorise and direct, in conformity with the annual Estimates of the expenditure of Loan moneys sanctioned by Parliament. 4. The contribution to the Sinking Fund for the repayment of the sum by this Act authorised to be raised shall commence to accrue four years from the date of the first issue of the Debentures or Inscribed Stock, and notwithstanding anything contained in the General Loan and Inscribed Stock Act, 1884, or the Local Inscribed Stock Act, 1897, shall be at the rate of one-half per centum per annum. 5. The principal moneys and interest raised and secured by the Stock to be created and sold. under the authority of this Act, shall rank pari passu with the principal moneys and interest raised and secured by the Stock created and sold under the Loan Act 1891 and all subsequent Loan Acts, and are hereby charged upon and shall be payable out of the Consolidated Revenue Fund and Assets of the Government of Western Australia, and shall constitute a charge thereon, subject to the prior charges mentioned in the fourth section of the Loan Act, 1891. 6. The Governor may from time to time, by warrant under his hand, authorise the Colonial Treasurer to advance and apply to the purposes set forth in the First Schedule of this Act, any sums of money not exceeding in the whole the sum hereby authorised to be raised; and any sums of money so advanced and paid shall be retained by the Colonial Treasurer out of any moneys coming to his hands under the authority of this Act. 7. It shall further be lawful for the Governor to appropriate out of the sum of Two hundred and twenty-three thousand nine hundred and fifty pounds set forth in the Second Schedule hereto, from the items therein set forth, and to the items enumerated in the Third Schedule hereto, the sum of Fourteen thousand three hundred and thirty-one pounds five shillings and one penny, to be expended on the works named in the said Third Schedule hereto. FIRST 21 Additions and Improvements to Jetties, Tramways, and Rolling Stock, in the North-West 5,000 45 46 New Roads and Bridges in Country and Goldfields Districts, including Feeders to Railways 56,000 4,000 60,000 BE Limited Partnerships. [Assented to 6th February, 1909.] E it enacted by the King's Most Excellent Majesty. by and with the advice and consent of the Legislative Council and Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows: 1. This Act may be cited as the Limited Partnerships Act, Short title. 1909. 2. This Act shall come into force on the first day of May, Commencement. one thousand nine hundred and nine. Ր. 3. In the construction of this Act the following words and ex- Interpretation. pressions shall have the meanings respectively assigned to them in 7 Edw. VII., c. 24, this section, unless there is something in the subject or context re- s. 3. pugnant to such construction: "Firm," "firm name," and "business" have the same meanings as in the Partnership Act, 1895 "General Definition and con “General partner" shall mean any partner who is not a limited partner as defined by this Act. 4. (1.) From and after the commencement of this Act, limited stitution of limited partnerships may be formed in the manner and subject to the conditions by this Act provided. partnership. Ibid., s. 4. Registration of (2.) A limited partnership shall not consist, in the case of a partnership carrying on the business of banking, of more than ten persons, and, in the case of any other partnership, of more than twenty persons, and must consist of one or more persons called general partners, who shall be liable for all debts and obligations of the firm, and one or more persons to be called limited partners, who shall at the time of entering into such partnership contribute thereto, or undertake to contribute thereto, a sum or sums as capital or property valued at a stated amount, which shall be chargeable with and applicable to the payment of the debts and obligations of the firm, and who shall not otherwise be liable for the debts or obligations of the firm. (3.) A limited partner shall not, during the continuance of the partnership, either directly or indirectly, draw out or receive back any part of his contribution, and if he does so draw out or receive back any such part shall be liable for the debts and obligations of the firm up to the amount so drawn out or received back. (4.) A body corporate may be a limited partner. 5. Every limited partnership must be registered as such in accordlimited partnership ance with the provisions of this Act, or in default thereof it shall be deemed to be a general partnership, and every limited partner shall be deemed to be a general partner. required. Ibid., s. 5. Modifications of 6. (1.) A limited partner shall not take part in the managegeneral law in the ment of the partnership business, and shall not have power to bind the firm : case of limited partnerships. Ibid., s. 6. Provided that the limited partner may, by himself or his agent, at any time inspect the books of the firm and examine into the state and prospects of the partnership business, and may advise with the partners thereon.. If a limited partner takes part in the management of the partnership-business, he shall be liable for all debts and obligations of the firm incurred while he so takes part in the management as though he were a general partner. (2.) A limited partnership shall not be dissolved by the death or bankruptcy of a limited partner, and the lunacy of a limited partner shall not be a ground for dissolution of the partnership by the court. (3.) In the event of the dissolution of a limited partnership its affairs should be wound up by the general partners, unless the court otherwise orders. (4.) |