ACT
(Acts 23 of 2006, 9 of 2015, 15 of 2016, 24 of 2016, 14 of 2018 and 3 of 2019)
Act 23 of 2006 .. in force 15 July 2008 (S.I. 65/2008)
Amended by Act 9 of 2015 .. in force 10 August 2015
Amended by Act 15 of 2016 .. in force 17 May 2016
Amended by Act 24 of 2016 .. in force 29 December 2016
Amended by Act 14 of 2018 .. in force 12 December 2018
Amended by Act 3 of 2019 .. in force 11 February 2019
ARRANGEMENT OF SECTIONS
PART 1
PRELIMINARY
| 1. | Short title |
| 2. | Interpretation |
| 3. | Application |
PART 2
REGISTRATION
DIVISION 1
REQUIREMENT FOR REGISTRATION, REGISTRAR AND REGISTER
| 4. | Requirement for registration |
| 5. | Effect of failing to continue to satisfy requirements of registration |
| 6. | Registrar |
| 7. | Register |
DIVISION 2
INTERNATIONAL GENERAL PARTNERSHIP
| 8. | Procedure for forming an international general partnership |
| 9. | Repealed by Act 14 of 2018 |
| 10. | Amendment of the memorandum and articles of international general partnership |
| 11. | Name |
| 12. | Reservation of name |
| 13. | Liability for false statements in memorandum |
DIVISION 3
INTERNATIONAL LIMITED PARTNERSHIP
| 14. | Repealed by Act 14 of 2018 |
| 15. | Repealed by Act 14 of 2018 |
| 16. | Amendment of the memorandum and articles of international limited partnership |
| 17. | Name |
| 18. | Reservation of name |
| 19. | Liability for false statements in memorandum |
PART 3
NATURE OF INTERNATIONAL PARTNERSHIP
| 20. | Relationships not international partnership |
| 21. | Restrictions on international partnerships |
| 22. | Nature of international partner's interest in international partnership |
| 23. | Nature of international partnership |
| 24. | Object of international partnership |
| 25. | Registered agent and registered office |
PART 4
RELATIONS OF INTERNATIONAL PARTNERS TO PERSONS DEALING WITH THEM
| 26. | Power of international partner to bind the international partnership |
| 27. | International partners bound by acts on behalf of international partnership |
| 28. | International partner using credit of international partnership for private purposes |
| 29. | Effect of notice that international partnership will not be bound by acts of international partner |
| 30. | Liability of international partners for debts and obligations |
| 31. | Liability of the international partnership for wrongs |
| 32. | Misapplication of money or property received for or in custody of the international partnership |
| 33. | Requirement for registration Liability of international partners for wrongs |
| 34. | Improper employment of trust property for international partnership |
| 35. | Persons liable by “holding out” |
| 36. | Admissions and representations of international partners |
| 37. | Notice to acting international partner to be notice to the international partnership |
| 38. | Liabilities of incoming and outgoing international partners |
| 39. | Revocation of continuing guarantee by change in international partnership |
PART 5
RELATIONS OF INTERNATIONAL PARTNERS TO ONE ANOTHER
| 40. | Variation by consent of terms of international partnership |
| 41. | International partnership property |
| 42. | Property bought with international partnership money |
| 43. | International partnership property treated as personal or movable estate |
| 44. | Procedure against international partnership property for an international partner's separate judgment debt |
| 45. | Rules as to interests and duties of international partners subject to special agreement |
| 46. | Expulsion of international partner |
| 47. | Retirement from international partnership at will |
| 48. | Continuance of old terms presumed |
| 49. | Duty of international partners to render accounts, etc. |
| 50. | Accountability of international partners for private profits |
| 51. | Duty of international partner not to compete with international partnership |
| 52. | Rights of assignee of share in international partnership |
PART 6
DISSOLUTION OF INTERNATIONAL PARTNERSHIP AND ITS CONSEQUENCES
| 53. | Dissolution by expiration or notice |
| 54. | Dissolution by bankruptcy, death or charge |
| 55. | Dissolution by illegality |
| 56. | Dissolution by the court |
| 57. | Rights of persons dealing with international partnership against apparent international partners of international partnership |
| 58. | Right of international partners to notify dissolution |
| 59. | Continuing authority of international partners for purposes of winding-up |
| 60. | Rights of international partners as to application of international partnership property |
| 61. | Apportionment of premium where international partnership prematurely dissolved |
| 62. | Rights where international partnership dissolved for fraud or misrepresentation |
| 63. | Right of outgoing international partner in certain cases to share profits made after dissolution |
| 64. | Retiring or deceased international partner's share to be a debt |
| 65. | Rule for distribution of assets on final settlement of accounts |
PART 7
INTERNATIONAL LIMITED PARTNERSHIP
| 66. | Contribution |
| 67. | Liability of international limited partner to third parties |
| 68. | Admission of additional international limited partners |
| 69. | Rights, powers and liabilities of an international general partner |
| 70. | Rights of an international limited partner |
| 71. | Status of person erroneously believing himself or herself to be an international limited partner |
| 72. | One person both international general and international limited partner |
| 73. | Loans and other business transactions with international limited partner |
| 74. | Relation of international limited partners inter se |
| 75. | Compensation of international limited partner |
| 76. | Withdrawal or reduction of international limited partner's contribution |
| 77. | Liability of international limited partner to international limited partnership |
| 78. | Assignment of international limited partner's interest |
| 79. | Admission as a substituted international limited partner |
| 80. | Effect of retirement, death, incapacity or bankruptcy of an international general partner |
| 81. | Death of international limited partner |
| 82. | Rights of creditors of international limited partner |
| 83. | Distribution of assets |
| 84. | Service of notice on international partners |
| 85. | Service of process, etc., on international limited partnership |
| 86. | Records |
| 87. | Register of Contributions |
| 88. | Registered agent desiring to resign |
| 89. | Powers of international general partners in the event of dissolution |
| 90. | Duties of liquidator |
| 91. | Powers of liquidator |
| 92. | Procedure on winding-up and dissolution |
| |
| 93. | Rescission of dissolution |
| 94. | Winding-up and dissolution of international limited partnership unable to pay claims, etc |
| 95. | Winding-up where dissolution ordered by the court |
PART 8
MISCELLANEOUS
| 96. | Annual registration fees |
| 97. | Fees generally |
| 98. | International partnership struck off liable for fees, etc |
| 99. | Recovery of penalties |
| 100. | Fees payable to Registrar |
| 101. | Exemptions from tax, etc |
| 102. | Form of certificate |
| 103. | Certificate of good standing |
| 104. | Inspection and copies of documents |
| 105. | Appointment and duties of inspector |
| 106. | Minister's power to require production of documents |
| 107. | Privileged information |
| 108. | Provision for security of information obtained |
| 109. | Declaration by the court |
| 110. | Application of International Business Companies Act |
| 111. | Judge in Chambers |
| 112. | Time for prosecution |
| 113. | General penalty |
| 114. | Regulations |
| Schedule | |
AN ACT to provide for the authorisation, regulation and control of international partnerships and for related matters.
Commencement [15 July 2008]