(1) Subject to subsections (2) and (3), all property and rights and interests in property originally brought into the international partnership stock or acquired, whether by purchase or otherwise, on account of the international partnership or for the purposes and in the course of the international partnership business are called in this Act “international partnership property” and shall be held and applied by the international partners exclusively for the purposes of the international partnership and in accordance with the of the international partnership agreement.
(2) The legal estate or interest in any land which belongs to the international partnership shall devolve according to the general rules of law applicable to the international partnership but in trust, so far as necessary for the persons beneficially interested in the land under this section.
(3) Where co-owners of an estate or interest in any land, not being itself international partnership property, are international 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 international partners but as co-owners for the same respective estates and interests as are held by them in the land first mentioned at the date of the purchase.