Partnership Act 1961 s 22
Text recovered by OCR from a scanned copy — section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.
s 22
(1) 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 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: Provided that the legal estate or interest in any land which belongs to the partnership shall devolve according to the nature and tenure thereof and the general rules of law applicable thereto but in trust, so far as necessary, for the persons beneficially interested in the land under this section.
(2) Where 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, and purchase other land out of the protits to be used in like manner, the land so purchased belongs to them, in the absence of any 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 first mentioned at the date of the purchase. Property bought with partnership money
Malay text (authoritative)
(1) Semua harta dan hak dan kepentingan dalam Harta harta yang pada asalnya dibawa ke dalam stok perkongsian. perkongsian atau diperolehi, sama ada melalui pembelian atau sebaliknya, untuk firma itu atau bagi maksud-maksud dan dalam perjalanan urusan perkongsian itu, adalah dalam Akta ini dipanggil harta perkongsian dan mestilah dipegang dan digunakan oleh pekongsi-pekongsi secara eksklusif bagi maksudmaksud perkongsian dan menurut perjanjian perkongsian: Dengan syarat bahawa harta di sısı undang-undang atau kepentingan di dalam mana-mana tanah kepunyaan perkongsian itu hendaklah turun mengikut jenis dan tempohnya dan kaedah-kaedah am undangundang yang terpakai kepadanya tetapi atas amanah, sejauh mana yang perlu, bagı orang-orang yang mempunyai kepentıngan benetısıal dalam tanah itu di bawah seksyen ini.
(2) Jika tuan punya bersama bagi harta atau kepentingan dalam sesuatu tanah, yang bukan sendirinya harta perkongsian, adalah pekongsi bagi keuntungani yang diperolehi daripada penggunaan tanah itu, dan membeli tanah lain dari keuntungan yang dıgunakan dengan cara yang sama, tanahyang dibeli sedemikian adalah" kepunyaan mereka, jika tidak ada apa-apa perjanjian sebaliknya, bukan sebagai pekongsi-pekongsi, tetapi sebagai tuan punya bersama masing-masingnya bagi harta dan kepentingan yang sama sebagaimana dipegang oleh mereka di dalam tanah yang pertama kali disebutkan pada tarikh pembelian itu.
[Bah. IV, S. 23-25] Harta yang
Read this section in the full act → · Open Part IV →
Find Act 135 on lom.agc.gov.my ↗
Text as at 1 June 2000 (LOM reprint); amendments made after that date may not be incorporated.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
