Hong Kong Ordinances

PARTNERSHIP ORDINANCE - SECT 22

Partnership property

(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 Ordinance 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 profits 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.