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                                              <b>
                                              <span style="font-family: Arial">
                                              INCORPORATED PRIVATE PARTNERSHIPS 
                                              ACT, 1962 (ACT 152)</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              As amended </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              ARRANGEMENT OF SECTIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Section</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Preliminary</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              1. Commencement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              2. Interpretation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              3. Meaning of partnership.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Registration</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              4.&nbsp; Registration of partnership 
                                              firms.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              5.&nbsp; Method of registration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              6.&nbsp; Issue and effect of 
                                              certificate of registration.</span></p>
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                                              <span style="font-family: Arial">
                                              7.&nbsp; Registration of changes.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              8.&nbsp; Annual renewal of 
                                              registration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              9.&nbsp; Penalties and disabilities for 
                                              breach of section 4, 5, 7 or 8.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              10. Maintenance of register.</span></p>
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                                              <span style="font-family: Arial">
                                              11. No constructive notice of 
                                              registered documents.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Nature of the Firm</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              12.&nbsp; Corporate personaliyoty of 
                                              the firm.</span></p>
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                                              <span style="font-family: Arial">
                                              Publicity</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              13.&nbsp; Publication of firm name and 
                                              partners' names.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Relations of Firm and Partners to 
                                              Persons Dealing with Them</span></p>
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                                              <span style="font-family: Arial">
                                              14.&nbsp; Power of partners to bind the 
                                              firm.</span></p>
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                                              <span style="font-family: Arial">
                                              15.&nbsp; Acts on behalf of the firm.</span></p>
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                                              <span style="font-family: Arial">
                                              16.&nbsp; Nature of liability of firm 
                                              and partners.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              17.&nbsp; Liabilities of incoming and 
                                              outgoing partners.</span></p>
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                                              <span style="font-family: Arial">
                                              18.&nbsp; Persons liable by 
                                              holding-out.</span></p>
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                                              <span style="font-family: Arial">
                                              19.&nbsp; Revocation of continuing 
                                              guarantees.</span></p>
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                                              <span style="font-family: Arial">
                                              20. Procedure against firm for a 
                                              partner's separate judgment debt.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;Mortgages and Charges</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;21. Power to grant floating 
                                              charges.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;22. Registration of particulars 
                                              of charges.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;23. Charges to secure fluctuating 
                                              amounts.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;24. Charges on property acquired.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;25. Existing charges.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;26. Duty to send particulars for 
                                              registration.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;27. Register of particulars of 
                                              charges.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;28. Entry of satisfaction on 
                                              discharge.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;29. Rectification of register of 
                                              particulars of charges.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;30. Registration of enforcement 
                                              of security.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;31. Registration constituting 
                                              notice.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Accounts</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;32. Keeping of accounts.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;33. Partners' access to accounts.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Relation of Partners to One 
                                              Another</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;34.&nbsp; Fiduciary relationship of 
                                              partners.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;35.&nbsp; Rules applying in absence of 
                                              contrary agreement.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;36.&nbsp; Presumed continuance of 
                                              terms of partnership agreement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;37.&nbsp; Nature of interests of 
                                              partners.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;38.&nbsp; Rights of assignee of 
                                              partner's interest in firm.</span></p>
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                                              <span style="font-family: Arial">
                                              Withdrawal from Firm and 
                                              Consequences Thereof</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;39.&nbsp; Cessation of membership of 
                                              firm.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;40.&nbsp; Withdrawal of a partner not 
                                              to affect the others.</span></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;41.&nbsp; Action by continuing 
                                              partners.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;42.&nbsp; Apportionment of premium.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;43.&nbsp; Rights where partnership 
                                              agreement rescinded for 
                                              misrepresentation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Winding up of Firm</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;44.&nbsp; Modes of winding up.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;45.&nbsp; Continuance of firm until 
                                              dissolution.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;46.&nbsp; Winding up as result of 
                                              joint insolvency proceedings.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;47.&nbsp; Winding up under order of 
                                              Court.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;48.&nbsp; Voluntary winding up.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;49.&nbsp; Notification that firm is 
                                              being wound up.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;50.&nbsp; Application of firm's 
                                              property.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;51.&nbsp; Dissolution after winding 
                                              up.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;52.&nbsp; Dissolution of moribund 
                                              firms.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;53.&nbsp; Dissolution of defaulting 
                                              firms.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;54.&nbsp; Appeals to the Court against 
                                              summary dissolution.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Supplemental</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;55.&nbsp; Applications and appeals to 
                                              the Court.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;56.&nbsp; Fees.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;57.&nbsp; Inspection and copies of 
                                              registered documents.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;58.&nbsp; Saving of rules of equity 
                                              and common law.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;59.&nbsp; Conversion of existing 
                                              companies into partnerships.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &nbsp;60.&nbsp; Rules.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              SCHEDULES</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The First Schedule&#8212;Table of Fees</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Second 
                                              Schedule&#8212;Re-registration under 
                                              this Act of companies registered 
                                              under the Companies Ordinance.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              THE HUNDRED AND FIFTY-SECOND</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              ACT</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              OF THE PARLIAMENT OF THE REPUBLIC 
                                              OF GHANA</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              ENTITLED</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              THE INCORPORATED PRIVATE 
                                              PARTNERSHIPS ACT, 1962</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              AN ACT to provide for the 
                                              incorporation and registration of 
                                              partnerships and, to declare and 
                                              amend the law applicable thereto.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              DATE OF ASSENT: 20th November, 
                                              1962</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              BE IT ENACTED by the President and 
                                              the National Assembly in this 
                                              present Parliament assembled as 
                                              follows:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Preliminary</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 1&#8212;Commencement.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              This Act shall come into operation 
                                              on the first day of January, 1963.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 2&#8212;Interpretation.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              In this Act, unless the context 
                                              otherwise requires,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;business&quot; includes every trade or 
                                              profession;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;charge&quot; includes a mortgage, 
                                              legal or equitable;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Court&quot; means the High Court;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;firm&quot; means a body corporate 
                                              formed by registration of a 
                                              partnership in accordance with 
                                              this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;partner&quot; includes a sole 
                                              surviving or continuing member of 
                                              a firm;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;partnership&quot; shall have the 
                                              meaning assigned to it by section 
                                              3 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;prescribed form&quot; means a form 
                                              prescribed by the Registrar for 
                                              the purposes of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Registrar&quot; means the 
                                              Registrar-General or other 
                                              Registrar appointed for the 
                                              purposes of this Act and includes 
                                              any assistant or deputy registrar.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 3&#8212;Meaning of Partnership.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Partnership means the 
                                              association of two or more 
                                              individuals carrying on business 
                                              jointly for the purpose of making 
                                              profits:&nbsp; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that the association of 
                                              members of,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              Second Sch</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) a company registered under the 
                                              Companies Ordinance, (Cap. 193), 
                                              or any statutory re-enactment 
                                              thereof, unless it is 
                                              re-registered hereunder in 
                                              accordance with section 59 of this 
                                              Act and the Second Schedule 
                                              hereto;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) a company, body corporate, or 
                                              unincorporated association formed 
                                              under any other enactment;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; a body corporate formed in 
                                              accordance with the law of any 
                                              foreign country whether or not 
                                              carrying on business in Ghana; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) a joint venture without a firm 
                                              name for one or more specific 
                                              operations,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              shall not be a partnership within 
                                              the meaning of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Family ownership or 
                                              co-ownership of property shall not 
                                              of itself create a partnership 
                                              whether or not the family or 
                                              co-owners share any profits made 
                                              by the use of that property.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Subject as aforesaid, the 
                                              sharing of the net profits of a 
                                              business shall, prima facie, be 
                                              evidence of a partnership, but,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the remuneration of a servant 
                                              or agent of a person engaged in 
                                              business by a share of profits of 
                                              the business shall not of itself 
                                              make the servant or agent a 
                                              partner; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) a person shall not be deemed 
                                              to be a partner if it is shown 
                                              that he did not participate in the 
                                              carrying on of the business and 
                                              was not authorised so to do.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Registration</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 4&#8212;Registration of 
                                              Partnership Firms.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) After the expiration of three 
                                              months from the commencement of 
                                              this Act, it shall not be lawful 
                                              for a partnership to carry on 
                                              business unless the firm shall 
                                              have been duly registered in 
                                              accordance with section 5 of this 
                                              Act and not struck off the 
                                              register under section 51, 52 or 
                                              53 of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) No partnership consisting of 
                                              more than twenty persons or of 
                                              which any body corporate is a 
                                              member shall be registered under 
                                              this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 5&#8212;Method of Registration.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Registration under this Act 
                                              shall be effected in the manner 
                                              following, that is to say, there 
                                              shall be sent or delivered to the 
                                              Registrar for registration a copy 
                                              of the partnership agreement and a 
                                              statement in the prescribed form 
                                              signed by all the partners 
                                              containing the following 
                                              particulars, namely,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; the firm name of the 
                                              partnership;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b)&nbsp; the general nature of the 
                                              business;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; the address and Post Office 
                                              Box number of,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i)&nbsp; 
                                              the principal place of business of 
                                              the partnership; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii)&nbsp; all other places in Ghana at 
                                              which the business is carried on;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) the names and any former 
                                              names, residential addresses and 
                                              business occupations of the 
                                              partners;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) the date of commencement of 
                                              the partnership, unless the 
                                              partnership has commenced more 
                                              than twelve months prior to the 
                                              date of the statement;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) particulars of any charges 
                                              requiring registration under 
                                              section 25 of this Act or a 
                                              statement that there are no such 
                                              charges,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              and where particulars of any 
                                              charge require registration under 
                                              section 25 of this Act, the 
                                              statement shall be accompanied by 
                                              the documents required by that 
                                              section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Unless in the opinion of the 
                                              Registrar,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the partnership is not one 
                                              which is registrable under this 
                                              Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) any of the businesses which 
                                              the partnership has been carrying 
                                              on or is to carry on is unlawful;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; the name of the firm is 
                                              misleading or undesirable;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) any of the partners is an 
                                              infant or of unsound mind or a 
                                              person who, within the preceding 
                                              five years, has been guilty of 
                                              fraud or dishonesty, whether 
                                              convicted or not, in connection 
                                              with any trade or business or is 
                                              an undischarged bankrupt; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e)&nbsp; the statement is incomplete, 
                                              illegible, inaccurate, irregular, 
                                              or on paper insufficiently durable 
                                              to be suitable for registration,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              the Registrar shall, upon payment 
                                              of the prescribed fee, register 
                                              the said statement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) For the purposes of forming an 
                                              opinion in accordance with the 
                                              immediately preceding subsection, 
                                              the Registrar may call upon any 
                                              partner or former partner to 
                                              supply such information as he 
                                              shall think fit; and may require 
                                              the books and accounts of the 
                                              partnership to be produced for his 
                                              inspection.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where the Registrar refuses 
                                              registration on any of the grounds 
                                              specified in paragraph (a), (b) or 
                                              (d) of subsection (2) of this 
                                              section, any partner or person 
                                              claiming to be a partner shall 
                                              have a right of appeal to the 
                                              Court against the decision of the 
                                              Registrar in accordance with 
                                              subsection (2) of section 55 of 
                                              this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5)&nbsp; The provisions of the 
                                              Registration of Business Names 
                                              Act, 1962 (Act 151) shall not 
                                              apply to any firm registered under 
                                              this Act and not struck off the 
                                              register under section 51, 52 or 
                                              53 of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 6&#8212;Issue and Effect of 
                                              Certificate of Registration.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Upon registration the 
                                              Registrar shall certify under his 
                                              seal that the firm has been 
                                              registered and is incorporated and 
                                              such certificate shall state the 
                                              names of the partners and that 
                                              their liability is unlimited.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Registrar shall insert a 
                                              notice in the Gazette stating the 
                                              issue of the certificate and the 
                                              terms thereof.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3)&nbsp; The certificate, or a copy 
                                              thereof, certified as correct 
                                              under the hand of the Registrar, 
                                              or the Gazette containing the 
                                              notice referred to in the 
                                              immediately preceding subsection, 
                                              shall be conclusive evidence that 
                                              the firm has been duly 
                                              incorporated under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 7&#8212;Registration of Changes.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Wherever any change has been 
                                              made or has occurred in any of the 
                                              particulars registered in 
                                              accordance with the foregoing 
                                              sections, the existing partners 
                                              shall, within twenty-eight days 
                                              after the change, deliver to the 
                                              Registrar for registration a 
                                              statement in the prescribed form 
                                              signed by all the partners or 
                                              their agents authorised in 
                                              writing, containing particulars of 
                                              the change.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Subsections (2), (3) and (4) 
                                              of section 5 of this Act shall 
                                              apply as if such statement were a 
                                              statement delivered for 
                                              registration under that section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where the change is of the 
                                              firm name or of the identity of 
                                              the partners, the Registrar, upon 
                                              registration of the statement, 
                                              shall issue an amended certificate 
                                              of registration and shall insert a 
                                              notice in the Gazette stating the 
                                              issue of such certificate and the 
                                              terms thereof.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 8&#8212;Annual Renewal of 
                                              Registration.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Once in every year the 
                                              partners shall deliver to the 
                                              Registrar for registration a 
                                              statement in the prescribed form 
                                              renewing the registration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) In the case of every 
                                              partnership registered between the 
                                              first day of January and the 
                                              thirtieth day of June in any year 
                                              the notice shall be delivered for 
                                              registration within twenty-eight 
                                              days after the first day of 
                                              January each year: and in the case 
                                              of every partnership registered 
                                              between the first day of July and 
                                              the thirty-first day of December 
                                              in any year the notice shall be 
                                              delivered for registration within 
                                              twenty-eight days after the first 
                                              day of July each year.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The provisions of Subsections 
                                              (2), (3) and (4) of section 5 of 
                                              this Act shall apply as if such 
                                              statement were a statement 
                                              delivered for registration under 
                                              that section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 9&#8212;Penalties and 
                                              Disabilities for Breach of 
                                              Sections 4, 5, 7 or 8.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) In the event of default in 
                                              complying with sections 4,&nbsp; 5, 7 
                                              or 8 of this Act,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) every partner shall be liable 
                                              to a fine not exceeding five 
                                              pounds for each day during which 
                                              the default continues;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the rights of the firm 
                                              concerned and of the partners 
                                              therein arising out of any 
                                              contract made during such time as 
                                              the default continues shall not be 
                                              enforceable by action or other 
                                              legal proceedings:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i) 
                                              the firm may apply to the Court 
                                              for relief against the disability 
                                              imposed by this paragraph; and the 
                                              Court, on being satisfied that it 
                                              is just and equitable to grant 
                                              relief, may grant such relief 
                                              either generally or as respects 
                                              any particular contract and on 
                                              such conditions as the Court may 
                                              impose;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) nothing herein contained 
                                              shall prejudice the rights of any 
                                              other parties as against the firm 
                                              or the partners, or any other 
                                              person, in respect of such 
                                              contract;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (iii) if any action or proceeding 
                                              shall be commenced by any other 
                                              party against the firm or the 
                                              partners to enforce the rights of 
                                              such party in respect of such 
                                              contract, nothing herein contained 
                                              shall preclude the firm or the 
                                              partners from enforcing in that 
                                              action or proceeding by way of 
                                              counter-claim, set-off or 
                                              otherwise, such rights as it or 
                                              they may have against that party 
                                              in respect of that contract.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If there shall be any error or 
                                              omission in any statement or 
                                              notice delivered to the Registrar 
                                              in accordance with sections 5, 7 
                                              or 8 of this Act every partner in 
                                              the firm concerned shall be liable 
                                              to a fine not exceeding fifty 
                                              pounds.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 10&#8212;Maintenance of 
                                              Register.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Registrar shall maintain a 
                                              register and an index of all firms 
                                              registered under this Act, and of 
                                              all statements and notices 
                                              relating to each firm so 
                                              registered.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 11&#8212;No Constructive Notice 
                                              of Registered Documents.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Except as provided by section 31 
                                              of this Act, a person shall not be 
                                              deemed to have knowledge of any 
                                              particulars by reason only that 
                                              such particulars are stated or 
                                              referred to in any statement or 
                                              notice registered in accordance 
                                              with this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Nature of the Firm</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 12&#8212;Corporate Personality 
                                              of the Firm.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) From the date of registration 
                                              mentioned in the certificate of 
                                              registration issued in accordance 
                                              with section 6 of this Act, the 
                                              firm shall be a body corporate 
                                              under the firm name, distinct from 
                                              the partners of whom it is 
                                              composed, and capable forthwith of 
                                              exercising all the powers of a 
                                              natural person of full capacity in 
                                              so far as such powers can be 
                                              exercised by a body corporate.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Notwithstanding any changes in 
                                              the constitution of the 
                                              partnership, the firm shall 
                                              continue to exist as a corporate 
                                              body until dissolved in accordance 
                                              with section 51, 52 or 53 of this 
                                              Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Notwithstanding that the firm 
                                              is a body corporate, each partner 
                                              therein shall be liable, without 
                                              limitation, for the debts and 
                                              obligations of the firm in the 
                                              manner referred to in section 16 
                                              of this Act; but shall be entitled 
                                              to an indemnity from the firm and 
                                              to contribution from his 
                                              co-partners in accordance with his 
                                              rights under the partnership 
                                              agreement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Publicity</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 13&#8212;Publication of Firm 
                                              Name and Partners' Names.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Every firm shall,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) carry on business only under 
                                              the registered firm name, and 
                                              shall paint or affix, and keep 
                                              painted or affixed, the registered 
                                              firm name on the outside of every 
                                              office or place in which its 
                                              business is carried on, in a 
                                              conspicuous position in letters 
                                              easily legible;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) have the registered firm name 
                                              and the present forenames or the 
                                              initials thereof, and any former 
                                              forenames or surnames of all the 
                                              partners in the firm accurately 
                                              mentioned in legible characters at 
                                              the head of all trade circulars 
                                              and business letters of the firm;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) keep exhibited in a 
                                              conspicuous position at the 
                                              principal place of business of the 
                                              firm the firm's latest certificate 
                                              of registration issued under 
                                              section 6 or 7 of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If default is made in 
                                              complying with this section the 
                                              firm shall be liable to a fine not 
                                              exceeding fifty pounds.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Relations of Firm and Partners to 
                                              Persons Dealing with Them</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 14&#8212;Power of Partners to 
                                              Bind the Firm.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Every partner shall be an 
                                              agent of the firm for the purpose 
                                              of the business of the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The acts of every partner 
                                              shall bind the firm if,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) such acts were authorised, 
                                              expressly or impliedly, by his 
                                              other partners or were 
                                              subsequently ratified by them;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) such acts were done for 
                                              carrying on in the usual way 
                                              business of the kind carried on by 
                                              the firm, unless the partner so 
                                              acting has in fact no authority to 
                                              act for the firm in the particular 
                                              matter and the person with whom he 
                                              is dealing knows that he has no 
                                              authority.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where the acts of a partner 
                                              are for a purpose apparently not 
                                              connected with the firm's ordinary 
                                              course of business, the firm shall 
                                              not be bound unless he is in fact 
                                              authorised by his other partners 
                                              or his act is subsequently 
                                              ratified by them.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If it has been agreed between 
                                              the partners that any restriction 
                                              shall be placed on the power of 
                                              any one or more of them to bind 
                                              the firm, no act done in 
                                              contravention of the agreement 
                                              shall be binding on the firm with 
                                              respect to persons having notice 
                                              of the agreement:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that an agreement 
                                              purporting to limit the extent of 
                                              the liability of the firm or the 
                                              partners in respect of any act 
                                              binding the firm shall not be 
                                              effective except as between the 
                                              actual parties to the agreement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 15&#8212;Acts on Behalf of the 
                                              Firm.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) An act or instrument relating 
                                              to the business of a firm and done 
                                              or executed in the firm name, or 
                                              in any other manner showing an 
                                              intention to bind the firm by any 
                                              person thereto authorised, whether 
                                              a partner or not, shall be binding 
                                              on the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) This section shall not affect 
                                              any general rule of law relating 
                                              to the execution of deeds or 
                                              negotiable instruments.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 16&#8212;Nature of Liability of 
                                              Firm and Partners.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Every partner in a firm shall be 
                                              jointly and severally liable with 
                                              the firm and the other partners 
                                              for all debts and obligations of 
                                              the firm incurred while he is a 
                                              partner.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 17&#8212;Liabilities of Incoming 
                                              and Outgoing Partners.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A person who is admitted as a 
                                              partner into an existing firm 
                                              shall not thereby become liable to 
                                              the creditors of the firm for 
                                              anything done before he became a 
                                              partner.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A partner who retires from a 
                                              firm shall not thereby cease to be 
                                              liable for the debts or 
                                              obligations of the firm incurred 
                                              before his retirement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A retiring partner may be 
                                              discharged from any existing 
                                              liability by an agreement to that 
                                              effect between himself and the 
                                              firm and the creditor, and this 
                                              agreement may be either express or 
                                              inferred as a fact from the course 
                                              of dealing between the creditor 
                                              and the firm as newly constituted.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where a person deals with a 
                                              firm after the retirement of any 
                                              partner whom he knew to be a 
                                              partner in the firm, he shall be 
                                              entitled to treat the retired 
                                              partner as still being a partner 
                                              until he has notice of the 
                                              retirement and the retired partner 
                                              shall be liable accordingly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) If any such person had 
                                              dealings with the firm prior to 
                                              the retirement he shall not be 
                                              deemed to have notice of the 
                                              retirement unless he has actual 
                                              knowledge thereof, but an 
                                              advertisement in a daily newspaper 
                                              circulating in the district in 
                                              which is situated the principal 
                                              place of business of the firm 
                                              shall be notice to persons who 
                                              have not had dealings with the 
                                              firm prior to the retirement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) The estate of a partner who 
                                              dies or has an insolvency order 
                                              made against him under the 
                                              Insolvency Act, 1962 (Act 153) or, 
                                              subject as provided by subsections 
                                              (4) and (5) of this section, a 
                                              partner who retires, shall not be 
                                              liable for any debts or 
                                              obligations of the firm contracted 
                                              or incurred after the date of the 
                                              death, insolvency order, or 
                                              retirement respectively.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 18&#8212;Persons Liable by 
                                              Holding Out.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Every person who by words spoken 
                                              or written or by conduct 
                                              represents himself, or who 
                                              knowingly suffers himself to be 
                                              represented, as a partner in a 
                                              particular firm shall be liable as 
                                              a partner to any other person who 
                                              has, on the faith of any such 
                                              representation, allowed the firm 
                                              to incur debts or obligations to 
                                              him whether the representation has 
                                              or has not been made or 
                                              communicated to such other person 
                                              by or with the knowledge of the 
                                              apparent partner making the 
                                              representation or suffering it to 
                                              be made:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that where after a 
                                              partner's death or retirement the 
                                              firm continues to do business in 
                                              the same firm name, the continued 
                                              use of that name or of the former 
                                              partner's name as part thereof, 
                                              shall not of itself make his 
                                              estate or him liable for any debts 
                                              or obligations of the firm 
                                              contracted or incurred after his 
                                              death or retirement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 19&#8212;Revocation of 
                                              Continuing Guarantees.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A continuing guarantee given 
                                              to a third person in respect of 
                                              the transactions of a firm shall, 
                                              in the absence of any agreement to 
                                              the contrary, be revoked as to 
                                              future transactions by any change 
                                              in the partners who are members of 
                                              the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A continuing guarantee given 
                                              to a firm in respect of the 
                                              transactions of a third person 
                                              shall not, in the absence of any 
                                              agreement to the contrary, be 
                                              revoked as to future transactions 
                                              by any change in the partners who 
                                              are members of the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 20&#8212;Procedure against Firm 
                                              for a Partner's Separate Judgment 
                                              Debt.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A writ of execution shall not 
                                              issue against the property of a 
                                              firm except on a judgment against 
                                              the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where judgment has been 
                                              recovered against any partner the 
                                              Court may, on the application of 
                                              the judgment creditor, make an 
                                              order charging the partner's 
                                              interest in the firm with payment 
                                              of the amount of the judgment debt 
                                              and interest thereon, and may, by 
                                              the same or a subsequent order 
                                              appoint a receiver of that 
                                              partner's share of profits, 
                                              whether already declared or 
                                              accruing, and of any other money 
                                              that may be coming to him in 
                                              respect of the partnership, and 
                                              direct all accounts and inquiries, 
                                              and give all other orders and 
                                              directions which might have been 
                                              given or directed if the charge 
                                              had been made in favour of the 
                                              judgment creditor by the partner 
                                              or which the circumstances of the 
                                              case may require.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The other partners may at any 
                                              time redeem the interest charged 
                                              or, in the case of a sale being 
                                              directed, may purchase the same.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Mortgages and Charges</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 21&#8212;Power to Grant Floating 
                                              Charges.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A firm may grant a floating 
                                              charge over the whole or a 
                                              specified part of its undertaking 
                                              and assets.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A floating charge shall be an 
                                              equitable charge on the whole or a 
                                              specified part of the firm's 
                                              undertaking and assets both 
                                              present and future, so however, 
                                              that the charge shall not preclude 
                                              the firm from dealing with such 
                                              assets until,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the security becomes 
                                              enforceable in accordance with the 
                                              provisions of the charge and the 
                                              chargee, pursuant to a power in 
                                              that behalf in the instrument of 
                                              charge, appoints a receiver or 
                                              manager or enters into possession 
                                              of such assets; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the Court appoints a receiver 
                                              or manager of such assets on the 
                                              application of the chargee; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the firm goes into 
                                              liquidation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) On the happening of any such 
                                              event as is specified in the 
                                              immediately preceding subsection, 
                                              the charge shall be deemed to 
                                              crystallise and to become a fixed 
                                              equitable charge on such of the 
                                              firm's assets as are subject to 
                                              the charge; and if a receiver or 
                                              manager is withdrawn with the 
                                              consent of the chargee or the 
                                              chargee withdraws from possession 
                                              before the charge has been fully 
                                              discharged, the charge shall 
                                              thereupon cease to be a fixed 
                                              charge and shall become a floating 
                                              charge.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A fixed charge on any property 
                                              shall have priority over a 
                                              floating charge affecting that 
                                              property unless the terms on which 
                                              the floating charge was granted 
                                              prohibited the firm from granting 
                                              any later charge having priority 
                                              over the floating charge and the 
                                              person in whose favour such fixed 
                                              charge was granted had actual 
                                              notice of that prohibition at the 
                                              time when the charge was granted 
                                              to him.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) After a floating charge has 
                                              been granted over any part of the 
                                              undertaking and assets of a firm 
                                              no payment or return shall be made 
                                              to any partner by the firm out of 
                                              any assets subject to the charge, 
                                              except to the extent agreed by the 
                                              chargee, and if any such payment 
                                              or return is made without such 
                                              agreement the security of the 
                                              chargee shall become immediately 
                                              enforceable.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 22&#8212;Registration of 
                                              Particulars of Charges.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Every charge, other than those 
                                              specified in subsection (3) of 
                                              this section, created after the 
                                              date of registration of the firm 
                                              pursuant to section 5 of this Act 
                                              by a firm, or by any partner in 
                                              the firm to secure any debt or 
                                              obligation of the firm, shall be 
                                              void so far as any security on the 
                                              property of the firm or any 
                                              partner therein is thereby 
                                              conferred, unless the particulars 
                                              hereinafter prescribed, together 
                                              with the original or a certified 
                                              copy of the instrument, if any, by 
                                              which the charge is created or 
                                              evidenced, are delivered in the 
                                              prescribed form to the Registrar 
                                              for registration within 
                                              twenty-eight days after its 
                                              creation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) This section shall not 
                                              prejudice any contract or 
                                              obligation for repayment of the 
                                              money thereby secured and when a 
                                              charge becomes void under this 
                                              section the money secured thereby 
                                              shall immediately become payable 
                                              notwithstanding any provision to 
                                              the contrary in any contract.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) This section shall not apply 
                                              to any pledge of, or possessory 
                                              lien on, goods, or to any charge 
                                              by way of pledge, deposit, letter 
                                              of hypothecation or trust receipt, 
                                              of bills of lading, dock warrants 
                                              or other documents of title to 
                                              goods, or of bills of exchange, 
                                              promissory notes or other 
                                              negotiable securities for money.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The particulars requiring 
                                              delivery for registration under 
                                              this section shall be,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the date of creation of the 
                                              charge;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the nature of the charge;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the amount secured by the 
                                              charge, or the maximum sum deemed 
                                              to be secured thereby in 
                                              accordance with the provisions of 
                                              section 23 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d)&nbsp; short particulars of the 
                                              property charged;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e)&nbsp; the grantor of the charge;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f)&nbsp; the persons entitled to the 
                                              charge; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) in the case of a floating 
                                              charge, the nature of any 
                                              restriction on the power of the 
                                              firm to grant further charges 
                                              ranking in priority to, or pari 
                                              passu with, the charge thereby 
                                              created.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) For the purposes of this 
                                              section a certified copy shall be 
                                              a copy which has endorsed thereon 
                                              a certificate to the effect that 
                                              it is a true and complete copy of 
                                              the original, signed by some 
                                              person interested therein, 
                                              otherwise than on behalf of the 
                                              firm or the partners; and where 
                                              the original is in a language 
                                              other than English the copy shall 
                                              also contain an English 
                                              translation similarly certified to 
                                              the effect that it is an accurate 
                                              translation of the original.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) Nothing in this section 
                                              contained shall affect the 
                                              provisions of any other enactment 
                                              relating to the registration of 
                                              charges.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 23&#8212;Charges to Secure 
                                              Fluctuating Amounts.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Where a charge, particulars of 
                                              which require registration under 
                                              section 22 of this Act, is 
                                              expressed to secure all sums due 
                                              or to become due or some other 
                                              uncertain or fluctuating amount, 
                                              the particulars required under 
                                              paragraph (c) of subsection (4) of 
                                              the said section 22 shall state 
                                              the maximum sum deemed to be 
                                              secured by the charge, being the 
                                              maximum sum covered by the stamp 
                                              duty paid thereon, and the charge 
                                              shall be void, so far as any 
                                              security on the firm's or any 
                                              partner's property is thereby 
                                              conferred, as respects any excess 
                                              over the stated maximum:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that, if,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (a) additional stamp duty is 
                                              subsequently paid on the charge; 
                                              and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (b) at any time thereafter prior 
                                              to the commencement of the winding 
                                              up of the firm amended particulars 
                                              of the charge stating the 
                                              increased maximum sum deemed to be 
                                              secured thereby, together with the 
                                              original instrument by which the 
                                              charge was created or evidenced, 
                                              are delivered to the Registrar for 
                                              registration, then, as from the 
                                              date of such delivery the charge, 
                                              if otherwise valid, shall be 
                                              effective to the extent of the 
                                              increased maximum sum except as 
                                              regards any person who, prior to 
                                              the date of such delivery, has 
                                              acquired any proprietary rights 
                                              in, or a fixed or floating charge 
                                              on, the property subject to the 
                                              charge.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 24&#8212;Charges on Property 
                                              Acquired.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) When a firm acquires any 
                                              property which is subject to a 
                                              charge of such kind that 
                                              particulars of it would, if it had 
                                              been created by the firm after the 
                                              acquisition of the property, have 
                                              been required to be registered 
                                              under section 22 of this Act, the 
                                              firm shall cause particulars of 
                                              the charge together with the 
                                              document, if any, by which the 
                                              charge was created or evidenced or 
                                              a copy thereof, certified as 
                                              provided in subsection (5) of 
                                              section 22 of this Act, to be 
                                              delivered to the Registrar for 
                                              registration within twenty-eight 
                                              days after the date on which the 
                                              acquisition is completed.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The particulars requiring 
                                              registration under this section 
                                              shall be those specified in 
                                              subsection (4) of section 22 of 
                                              this Act with the addition of the 
                                              date of the acquisition of the 
                                              property by the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Failure to comply with this 
                                              section shall not affect the 
                                              validity of the charge.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 25&#8212;Existing Charges.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where, at the date of first 
                                              registration of the firm in 
                                              accordance with section 5 of this 
                                              Act, the firm or any of the 
                                              partners therein has property on 
                                              which there is a charge 
                                              particulars of which would require 
                                              registration if it had been 
                                              created after the date of 
                                              registration of the firm, the firm 
                                              shall cause particulars of the 
                                              charge as required by section 22 
                                              of this Act, together with the 
                                              document, if any, by which the 
                                              charge was created or a copy 
                                              thereof certified as required by 
                                              that section, to be delivered to 
                                              the Registrar for registration in 
                                              accordance with section 5 of this 
                                              Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Failure to comply with this 
                                              section shall not affect the 
                                              validity of the charge.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 26&#8212;Duty to Send 
                                              Particulars for Registration.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) It shall be the duty of the 
                                              firm to send to the Registrar for 
                                              registration the particulars 
                                              required to be sent under sections 
                                              22 to 25 of this Act, but 
                                              registration may be effected on 
                                              the application of any person 
                                              interested therein.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If any firm makes default in 
                                              sending to the Registrar any 
                                              particulars requiring registration 
                                              as aforesaid, then, unless the 
                                              particulars have been duly 
                                              delivered for registration by some 
                                              other person, the firm shall be 
                                              liable to a fine not exceeding 
                                              fifty pounds.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 27&#8212;Register of Particulars 
                                              of Charges.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Registrar shall keep, with 
                                              respect to each firm, a register 
                                              of the particulars duly delivered 
                                              to him pursuant to sections 22 to 
                                              25 of this Act and shall enter the 
                                              particulars therein.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Registrar shall give a 
                                              certificate under his hand of the 
                                              registration of particulars of any 
                                              charge registered in pursuance of 
                                              such sections and the certificate 
                                              shall be conclusive evidence, 
                                              except in favour of the firm or of 
                                              any other person who shall have 
                                              delivered false or incomplete 
                                              particulars or an incorrect copy 
                                              of any document, that the 
                                              requirements of sections 22 to 25 
                                              of this Act have been complied 
                                              with.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) In the case of a charge of the 
                                              type referred to in section 23 of 
                                              this Act the certificate shall 
                                              state the maximum sum deemed to be 
                                              secured by such charge.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The original or certified copy 
                                              of the charge delivered with the 
                                              particulars shall not be 
                                              registered or retained by the 
                                              Registrar.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 28&#8212;Entry of Satisfaction 
                                              on Discharge.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Registrar shall, on 
                                              application being made in the 
                                              prescribed form and on evidence 
                                              being given to his satisfaction 
                                              with respect to any charge of 
                                              which particulars have been 
                                              registered,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) that the debt for which the 
                                              charge was given has been paid or 
                                              satisfied in whole or in part; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) that the whole or part of the 
                                              property has been released from 
                                              the charge, </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              enter on the register a memorandum 
                                              of satisfaction in whole or in 
                                              part or of the fact that the whole 
                                              or part of the property has been 
                                              released from the charge, as the 
                                              case may be.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 29&#8212;Rectification of 
                                              Register of Particulars of 
                                              Charges.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Court, on being satisfied 
                                              that the omission to register 
                                              particulars of a charge within the 
                                              time required by this Act or that 
                                              the omission or misstatement of 
                                              any particulars with respect to 
                                              any such charge was accidental, or 
                                              due to inadvertence or to some 
                                              other sufficient cause, or is not 
                                              of a nature to prejudice the 
                                              position of creditors of the firm, 
                                              or that on other grounds it is 
                                              just and equitable to grant 
                                              relief, may, on the application of 
                                              the firm or any person interested, 
                                              and on such terms as seem to the 
                                              Court just and expedient, order 
                                              that the time for registration 
                                              shall be extended, or as the case 
                                              may be, that the omission or 
                                              misstatement shall be corrected.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) When the Court grants an 
                                              extension of time for 
                                              registration, the charge shall 
                                              not, unless the Court shall 
                                              otherwise order, adversely affect 
                                              any person who, prior to the date 
                                              of actual registration of the 
                                              particulars of the charge, shall 
                                              have acquired any proprietary 
                                              rights in, or a fixed or floating 
                                              charge on, the property subject to 
                                              the charge, and shall be 
                                              ineffective against the Official 
                                              Trustee and any creditors of the 
                                              firm if the winding up of the firm 
                                              commences before the date of 
                                              actual registration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 30&#8212;Registration of 
                                              Enforcement of Security.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) If any person obtains an order 
                                              for the appointment of a receiver 
                                              of any of the property subject to 
                                              a charge particulars of which 
                                              require to be delivered for 
                                              registration pursuant to sections 
                                              22 to 25 of this Act, or appoints 
                                              such a receiver or enters into 
                                              possession of such property under 
                                              any powers contained in such 
                                              charge, notice of the fact in the 
                                              prescribed form shall, within ten 
                                              days from the date of the order of 
                                              appointment or entry into 
                                              possession, be given to the 
                                              Registrar who shall enter the fact 
                                              in the register of the particulars 
                                              of charges relating to such firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If default is made in giving 
                                              the notice required under 
                                              subsection (1) of this section, 
                                              the receiver, the person entering 
                                              into possession, the firm, and any 
                                              partner of the firm who is in 
                                              default shall each be liable to a 
                                              fine not exceeding five pounds for 
                                              every day during which the default 
                                              continues.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where any person appointed 
                                              receiver of the property of the 
                                              firm ceases to act as such 
                                              receiver or where any person 
                                              having entered into possession 
                                              goes out of possession he shall, 
                                              within ten days of so ceasing to 
                                              act or to remain in possession, 
                                              give notice to that effect in the 
                                              prescribed form to the Registrar 
                                              who shall enter the notice in the 
                                              register of particulars of 
                                              charges.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If any person makes default in 
                                              complying with the requirements of 
                                              subsection (3) of this section he 
                                              shall be liable to a fine not 
                                              exceeding five pounds for every 
                                              day during which the default 
                                              continues.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The Registrar shall cause a 
                                              copy of any notice given under 
                                              this section to be published in 
                                              the Gazette.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 31&#8212;Registration 
                                              Constituting Notice.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The registration of any 
                                              particulars on the register of 
                                              particulars of charges shall 
                                              constitute actual notice of such 
                                              particulars, but not of the 
                                              contents of any document referred 
                                              to therein or delivered therewith, 
                                              to all persons and for all 
                                              purposes as from the date of 
                                              registration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Accounts</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 32&#8212;Keeping of Accounts.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Every firm shall cause to be 
                                              kept proper accounts with respect 
                                              to its financial position and 
                                              changes therein, and with respect 
                                              to the control of, and accounting 
                                              for, all property acquired whether 
                                              for resale or for use in the 
                                              firm's business and in particular 
                                              with respect to,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) all sums of money received and 
                                              expended by or on behalf of the 
                                              firm and the matters in respect of 
                                              which the receipt and expenditure 
                                              takes place;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) all sales and purchases by the 
                                              firm of property, goods and 
                                              services;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the assets and liabilities of 
                                              the firm and the interests of the 
                                              partners therein.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Every firm shall, at intervals 
                                              of not more than fifteen months, 
                                              cause to be prepared,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) a profit and loss account 
                                              giving a true and fair view of the 
                                              profit or loss of the firm for the 
                                              period to which it relates; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) a balance sheet giving a true 
                                              and fair view of the assets and 
                                              liabilities and state of affairs 
                                              of the firm and of the value of 
                                              the interest of each of the 
                                              partners therein as at the end of 
                                              the period to which the profit and 
                                              loss account relates.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Registrar may, by order 
                                              published in the Gazette, 
                                              prescribe the form of, or minimum 
                                              information to be given in, 
                                              accounts and balance sheets to be 
                                              kept and prepared in accordance 
                                              with this section and may require 
                                              accounts and balance sheets to be 
                                              audited and may prescribe the 
                                              qualifications of auditors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If there shall be any default 
                                              in maintaining or preparing the 
                                              accounts and balance sheet 
                                              required by this section each 
                                              partner shall be liable to a fine 
                                              not exceeding one hundred pounds.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 33&#8212;Partners Access to 
                                              Accounts.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Notwithstanding any agreement to 
                                              the contrary, each partner in the 
                                              firm shall have a right of access 
                                              to the firm's accounts and may 
                                              inspect and copy any of them and 
                                              each partner or former partner, 
                                              and the personal representative of 
                                              a deceased partner shall be 
                                              supplied with a copy of the profit 
                                              and loss account and balance sheet 
                                              prepared in accordance with the 
                                              immediately foregoing section and 
                                              relating to any period during 
                                              which he was a partner in the 
                                              firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Relation of Partners to One 
                                              Another</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 34&#8212;Fiduciary Relationship 
                                              of Partners.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Partners shall stand in a 
                                              fiduciary relationship towards the 
                                              firm and their co-partners.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Without prejudice to the 
                                              generality of subsection (1) of 
                                              this section,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) every partner shall be bound 
                                              to render to every other partner 
                                              full information of all things 
                                              affecting the firm;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) every partner shall account to 
                                              the firm for any benefit derived 
                                              by him without the consent of the 
                                              other partners from any 
                                              transaction concerning the firm or 
                                              from any use by him of the firm's 
                                              property, name or business 
                                              connection;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) if a partner, without the 
                                              consent of the other partners, 
                                              directly or indirectly carries on 
                                              any business of the same nature 
                                              as, and competing with, that of 
                                              the firm, he shall account for, 
                                              and pay over to the firm, all 
                                              profits made by him in that 
                                              business.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 35&#8212;Rules Applying in 
                                              Absence of Contrary Agreement.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Subject to the provisions of 
                                              this Act the mutual rights and 
                                              duties of the partners whether 
                                              ascertained by agreement or by the 
                                              provisions of this section may be 
                                              varied by the consent of all the 
                                              partners and such consent may be 
                                              either express or inferred from a 
                                              course of dealing.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Subject to any agreement, 
                                              express or implied, the following 
                                              rules shall apply, that is to say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) all the partners shall be 
                                              entitled to share equally in the 
                                              capital and profits of the firm 
                                              and shall&nbsp; contribute equally 
                                              towards the losses sustained by 
                                              the firm;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the firm shall indemnify every 
                                              partner in respect of payments 
                                              made and personal liabilities 
                                              incurred by him,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i)&nbsp; 
                                              in the ordinary and proper conduct 
                                              of the business of the firm; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) in or about anything 
                                              necessarily done for the 
                                              preservation of the business or 
                                              property of the firm;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) a partner, making, for the 
                                              purpose of the firm, any actual 
                                              payment or advance beyond the 
                                              amount of capital which he has 
                                              agreed to subscribe shall be 
                                              entitled to interest at the rate 
                                              of five per centum per annum from 
                                              the date of payment or advance;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) notwithstanding that the 
                                              partnership agreement provides for 
                                              payment of interest on the capital 
                                              subscribed by any partner, a 
                                              partner shall not be entitled to 
                                              payment of such interest before 
                                              the ascertainment of the profits 
                                              of the firm;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) every partner may take part in 
                                              the management of the business of 
                                              the firm;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) &nbsp;no partner shall be entitled 
                                              to remuneration for acting in the 
                                              firm's business;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) no person may be introduced as 
                                              a partner without his consent and 
                                              the consent of all the existing 
                                              partners;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (h) any difference arising as to 
                                              ordinary matters connected with 
                                              the firm's business may be decided 
                                              by a majority of the partners, but 
                                              no change may be made in the 
                                              nature of the firm's business 
                                              without the consent of all the 
                                              existing partners;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">(i)&nbsp; 
                                              the partnership books and accounts 
                                              shall be kept at the place of 
                                              business of the firm or the 
                                              principal place of business if 
                                              there is more than one.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Subject to any express 
                                              agreement, on any partner ceasing 
                                              to be a partner in the firm the 
                                              provisions of subsections (3), (4) 
                                              and (5) of section 41 of this Act 
                                              shall apply.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 36&#8212;Presumed Continuance of 
                                              Terms of Partnership Agreement.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Where a partnership is expressed 
                                              to be for a fixed term, and, after 
                                              the expiration of that term, the 
                                              partners or some of them expressly 
                                              or impliedly agree to remain 
                                              partners in the firm, the rights 
                                              and duties of such partners, in 
                                              the absence of agreement to the 
                                              contrary, shall remain the same as 
                                              they were at the expiration of the 
                                              term so far as is consistent with 
                                              the incidents of a partnership at 
                                              will.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 37&#8212;Nature of Interests of 
                                              Partners.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The interests of the partners in 
                                              the firm shall be personal estate 
                                              and shall not be in the nature of 
                                              real or immovable property.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 38&#8212;Rights of Assignee of 
                                              Partner's Interest in Firm.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) An assignment by any partner 
                                              of his interest in the firm, 
                                              either absolute or by way of a 
                                              charge, shall not, as against the 
                                              other partners, entitle the 
                                              assignee to interfere in the 
                                              management or administration of 
                                              the firm or to require any 
                                              accounts of the firm's 
                                              transactions or to inspect the 
                                              partnership books, but shall 
                                              entitle the assignee only to 
                                              receive the share of profits to 
                                              which the assigning partner would 
                                              otherwise be entitled, and the 
                                              assignee shall accept the account 
                                              of profits agreed to by the 
                                              partners.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) In the event of the assigning 
                                              partner ceasing to be a partner in 
                                              the firm the assignee shall be 
                                              entitled to receive the amount 
                                              which the assigning partner or his 
                                              estate would be entitled to 
                                              receive as between himself and the 
                                              other partners and, for the 
                                              purpose of ascertaining that 
                                              amount, to an account as from the 
                                              date of his ceasing to be a 
                                              partner.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Withdrawal from Firm and 
                                              Consequences thereof</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 39&#8212;Cessation of Membership 
                                              of Firm.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A partner shall cease to be a 
                                              partner in the firm in the event 
                                              of,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) his death;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) his becoming an alien enemy 
                                              during time of war;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) an insolvency order being made 
                                              against him under the provisions 
                                              of the Insolvency Act, 1962 (Act 
                                              153).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If the other partners so elect 
                                              in writing, a partner shall cease 
                                              to be a partner in the firm if he 
                                              suffers his interest in the 
                                              partnership to be charged under 
                                              section 20 of this Act for his 
                                              separate debt.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A partnership agreement may 
                                              validly provide that on the 
                                              occurrence of any of the events 
                                              therein specified any partner 
                                              shall cease to be a partner either 
                                              automatically or at the option of 
                                              the other partners.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) On application by a partner 
                                              the Court may order that any 
                                              partner shall cease to be a 
                                              partner in the firm in any of the 
                                              following cases, that is to say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) when such partner is shown to 
                                              the satisfaction of the Court to 
                                              have become permanently of unsound 
                                              mind;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) when such partner is shown to 
                                              the satisfaction of the Court to 
                                              have become in any other way 
                                              permanently incapable of 
                                              performing his part of the 
                                              partnership agreement;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) when such partner has been 
                                              guilty of such conduct as, in the 
                                              opinion of the Court, regard being 
                                              had to the nature of the firm's 
                                              business, is calculated 
                                              prejudicially to affect the 
                                              carrying on of the business;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) when such partner wilfully or 
                                              persistently commits a breach of 
                                              the partnership agreement, or 
                                              otherwise so conducts himself in 
                                              matters relating to the firm's 
                                              business that it is not reasonably 
                                              practicable for the other partners 
                                              to carry on the business in 
                                              partnership with him;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) whenever circumstances have 
                                              arisen which, in the opinion of 
                                              the Court, render it just and 
                                              equitable that such partner should 
                                              cease to be a partner in the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Application to the Court on 
                                              any of the grounds specified in 
                                              paragraphs (a), (b) and (e) of the 
                                              immediately preceding subsection 
                                              may be made by any partner.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) Application on any of the 
                                              grounds specified in paragraphs 
                                              (c) and (d) of subsection (4) of 
                                              this section may not be made by 
                                              the partner whose conduct is 
                                              alleged to justify the making of 
                                              an order that he shall cease to be 
                                              a partner.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) Subject to any agreement 
                                              between the partners, if the 
                                              partnership is for an undefined 
                                              term or has become a partnership 
                                              at will in accordance with section 
                                              36 of this Act, a partner may at 
                                              any time retire from the firm by 
                                              giving notice in writing to the 
                                              other partners of his intention to 
                                              retire, and thereupon such partner 
                                              shall cease to be a partner in the 
                                              firm as from the date mentioned in 
                                              the notice as the date of 
                                              retirement or, if no date is so 
                                              mentioned, as from the date of the 
                                              communication of the notice.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (8) A partnership agreement may 
                                              validly provide that any partner 
                                              may retire from the partnership in 
                                              the manner therein specified and 
                                              on retirement in accordance with 
                                              such provisions the partner shall 
                                              cease to be a member of the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (9) On any partner ceasing to be a 
                                              partner he or any other partner 
                                              may publicly notify the same, and 
                                              may require the other partner or 
                                              partners to concur for that 
                                              purpose in all necessary or proper 
                                              acts, if any, which cannot be done 
                                              without his or their concurrence.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 40&#8212;Withdrawal of a Partner 
                                              not to Affect the Others.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The fact that a partner has ceased 
                                              to be a partner in the firm shall 
                                              not affect the existence of the 
                                              firm or the mutual rights and 
                                              duties of the other partners.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 41&#8212;Action by Continuing 
                                              Partners.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) If, on any partner ceasing to 
                                              be a partner in the firm there is 
                                              only one surviving or continuing 
                                              partner of the firm the surviving 
                                              or continuing partner shall, 
                                              within six months of the 
                                              cessation, either,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) admit another member or 
                                              members into partnership in the 
                                              firm; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) commence to wind up the firm 
                                              in accordance with section 47 or 
                                              48 of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Subject to any express 
                                              agreement relating to the passing 
                                              or acquisition of the interest in 
                                              the firm of a partner who ceases 
                                              to be a partner and the admission 
                                              in his place of any new partner, 
                                              the provisions of subsections (3), 
                                              (4) and (5) of this section shall 
                                              apply when any partner ceases to 
                                              be a partner and whether there is 
                                              one or more than one, surviving or 
                                              continuing partner of the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Within six months after a 
                                              partner has ceased to be a partner 
                                              in the firm the surviving or 
                                              continuing partners shall either,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) admit into partnership in the 
                                              firm the person or persons (in 
                                              this section called the 
                                              successors) who shall have 
                                              acquired or agreed to acquire or 
                                              succeeded to the interest in the 
                                              firm of such former partner; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) purchase the interest in the 
                                              firm of the former partner at a 
                                              price to be determined in default 
                                              of agreement by a single 
                                              arbitrator appointed by the 
                                              parties or, if they cannot agree 
                                              upon an appointment, nominated by 
                                              the President for the time being 
                                              of the Association of Accountants 
                                              in Ghana; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) commence to wind up the firm 
                                              in accordance with section 47 or 
                                              48 of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If the successors shall be 
                                              admitted into partnership in the 
                                              firm in accordance with paragraph 
                                              (a) of the immediately preceding 
                                              subsection they shall be deemed to 
                                              have become partners in the firm 
                                              in the place of the former partner 
                                              as from the date when he ceased to 
                                              be a partner.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) If the surviving or continuing 
                                              partners elect to purchase the 
                                              interest of the former partner or 
                                              to wind up the firm, the amount 
                                              payable to the former partner, or 
                                              his successors, in respect of his 
                                              interest shall, as between himself 
                                              and the firm in the absence of 
                                              agreement to the contrary, be 
                                              deemed to be a debt due from the 
                                              firm as at the date of his ceasing 
                                              to be a partner and shall carry 
                                              interest therefrom at the rate of 
                                              five per centum per annum.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 42&#8212;Apportionment of 
                                              Premium.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Where one partner has paid a 
                                              premium to another on entering 
                                              into a partnership agreement for a 
                                              fixed term and the firm is wound 
                                              up or the partner paying the 
                                              premium ceases to be a partner of 
                                              the partner to whom the premium 
                                              was paid, the Court may order the 
                                              return of the premium, or such 
                                              part thereof as it thinks just, 
                                              having regard to the terms of the 
                                              partnership agreement, to the 
                                              length of time during which the 
                                              partnership has continued and to 
                                              all the circumstances of the case, 
                                              unless,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the winding up of the firm or 
                                              the cessation of the partnership 
                                              is, in the judgment of the Court, 
                                              wholly or chiefly due to the 
                                              misconduct of the partner who paid 
                                              the premium; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the firm is wound up or the 
                                              partnership ceases as a result of 
                                              an agreement which contained no 
                                              provision for a return of any part 
                                              of the premium.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 43&#8212;Rights Where 
                                              Partnership Agreement Rescinded 
                                              for Misrepresentation.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Where a partnership agreement is 
                                              rescinded on the ground of the 
                                              fraud or misrepresentation of one 
                                              of the parties thereto, the party 
                                              entitled to rescind shall be 
                                              entitled, without prejudice to any 
                                              other right,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) to a lien on the firm's 
                                              assets, after satisfying the 
                                              firm's liabilities, for any sum of 
                                              money paid by him for the purchase 
                                              of his interest in the firm and 
                                              for any capital contributed by 
                                              him;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) to stand in the place of the 
                                              creditors of the firm for any 
                                              payments made by him in respect of 
                                              the firm's liabilities; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) to be indemnified by the 
                                              person guilty of the fraud or 
                                              making the representation against 
                                              all the liabilities of the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Winding up of Firm</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 44&#8212;Modes of Winding up.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The winding-up of a firm may be 
                                              either,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) as a result of insolvency 
                                              proceedings under the Insolvency 
                                              Act, 1962 (Act 153) against all 
                                              the partners jointly; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) under an order of the Court; 
                                              or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) by voluntary liquidation by 
                                              the partners.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 45&#8212;Continuance of Firm 
                                              Until Dissolution.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The firm shall, from the 
                                              commencement of the winding up, 
                                              cease to carry on its business 
                                              except so far as may be required 
                                              for the beneficial winding up 
                                              thereof but the corporate state 
                                              and corporate powers of the firm 
                                              shall continue until it is 
                                              dissolved.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 46&#8212;Winding up as Result of 
                                              Joint Insolvency Proceedings.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Unless the firm is being wound 
                                              up under an order of the Court 
                                              under section 47 of this Act one 
                                              or more of the creditors of the 
                                              firm may institute insolvency 
                                              proceedings under the Insolvency 
                                              Act, 1962 (Act 153) against all 
                                              the partners jointly if the 
                                              conditions specified in section 9 
                                              of that Act are complied with, and 
                                              for the purposes of such section 
                                              anything done by or to a firm 
                                              shall be deemed to be done by or 
                                              to all the partners jointly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If a protection order is made 
                                              against all the partners jointly 
                                              the order shall have the effect of 
                                              appointing the Official Trustee to 
                                              be the liquidator of the firm and, 
                                              pursuant to section 37 of the 
                                              Insolvency Act, 1962 (Act 153), as 
                                              from the date of the order all the 
                                              interests of the partners and all 
                                              the powers and authority of the 
                                              partners in relation to the firm 
                                              shall vest in the Official 
                                              Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A copy of the protection order 
                                              shall be delivered by the Official 
                                              Trustee to the Registrar for 
                                              registration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If an insolvency order is made 
                                              against the partners jointly, all 
                                              the assets of the firm shall be 
                                              administered by the Official 
                                              Trustee in accordance with the 
                                              provisions of the Insolvency Act, 
                                              1962 (Act 153) as if they were the 
                                              joint estate of the partners but 
                                              the creditors of the firm shall be 
                                              entitled to prove for such debts 
                                              as are provable under the 
                                              provisions of the Insolvency Act, 
                                              1962 (Act 153) against both the 
                                              firm's assets and the separate 
                                              estate of each partner liable 
                                              therefor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 47&#8212;Winding up Under order 
                                              of Court.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A firm, notwithstanding that 
                                              it is being wound up voluntarily, 
                                              may be wound up under an order of 
                                              the Court on the application of,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; any partner of the firm;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) any former partner, or his 
                                              legal representative, who has not 
                                              been paid the amount due in 
                                              respect of such former partner's 
                                              interest in the firm; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; the Registrar.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) No application under 
                                              subsection (1) of this section 
                                              shall be made after insolvency 
                                              proceedings under the Insolvency 
                                              Act, 1962 (Act 153) have been 
                                              commenced by or against all the 
                                              partners jointly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Court may order the 
                                              winding up of a firm on an 
                                              application being made under 
                                              subsection (1) of this section if,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the firm does not commence 
                                              business within a year from its 
                                              registration or suspends its 
                                              business for a whole year;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b)&nbsp; the firm carries on business 
                                              for more than six months with 
                                              fewer than two partners;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; the firm is unable to pay its 
                                              debts as they fall due; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) the Court is of the opinion 
                                              that it is otherwise just and 
                                              equitable that the firm should be 
                                              wound up by the Court.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Before making a winding up 
                                              order the Court shall enquire as 
                                              to the solvency of the firm; and 
                                              unless the Court is satisfied that 
                                              the debts and liabilities of the 
                                              firm will be paid in full within a 
                                              period of six months from the 
                                              commencement of the winding up, if 
                                              the Court orders the winding up of 
                                              the firm, the order shall be 
                                              deemed to be a protection order 
                                              under the Insolvency Act, 1962 
                                              (Act 153) made against all the 
                                              partners jointly and accordingly 
                                              subsections (2), (3) and (4) of 
                                              the immediately preceding section 
                                              shall apply.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Except as provided in 
                                              subsection (4) of this section 
                                              when the Court makes a winding up 
                                              order it shall appoint the 
                                              Official Trustee, the Registrar or 
                                              such other person as it thinks fit 
                                              as liquidator to wind up the 
                                              affairs of the firm and within 
                                              forty-eight hours of the drawing 
                                              up of the winding up order a copy 
                                              thereof shall be delivered by the 
                                              liquidator to the Registrar for 
                                              registration and the Registrar 
                                              shall cause notice thereof to be 
                                              published in the Gazette.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) Where, before the making of 
                                              the winding up order, the partners 
                                              have commenced to wind up 
                                              voluntarily, the winding up shall 
                                              be deemed to have commenced at the 
                                              date of the commencement of the 
                                              voluntary winding up and, unless 
                                              the Court otherwise directs, all 
                                              proceedings taken in the voluntary 
                                              winding up shall be deemed to have 
                                              been validly taken; and in any 
                                              other case the winding up shall be 
                                              deemed to commence at the date of 
                                              the making of the winding up 
                                              order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) As from the date of the 
                                              winding up order all the powers 
                                              and authority of the partners in 
                                              relation to the firm shall cease 
                                              and shall vest in the liquidator.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 48&#8212;Voluntary Winding up.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A firm may be wound up by way 
                                              of voluntary liquidation by the 
                                              partners if all the partners 
                                              therein so agree and send 
                                              notification thereof in the 
                                              prescribed form to the Registrar 
                                              for registration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The winding up shall be deemed 
                                              to commence at the date of the 
                                              registration by the Registrar of 
                                              such notification and notice 
                                              thereof shall be published by him 
                                              in the Gazette.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The authority of each partner 
                                              to bind the firm and the other 
                                              rights and obligations of the 
                                              partners shall continue, 
                                              notwithstanding the winding up 
                                              until the firm is dissolved or a 
                                              protection order under the 
                                              Insolvency Act, 1962 (Act 153) is 
                                              made against all the partners 
                                              jointly or an order is made for 
                                              the winding up of the firm under 
                                              an order of the Court, so far as 
                                              may be necessary to wind up the 
                                              affairs of the firm and to 
                                              complete transactions begun but 
                                              unfinished at the time of the 
                                              commencement of the winding up, 
                                              but not otherwise.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If at any time a partner is of 
                                              the opinion that the firm shall 
                                              not be able to pay its debts in 
                                              full within six months from the 
                                              commencement of the winding up, he 
                                              shall forthwith give notice in the 
                                              prescribed form to the Registrar 
                                              who shall register such notice and 
                                              cause a copy thereof to be 
                                              published in the Gazette.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Within twenty-one days from 
                                              the expiration of six months from 
                                              the commencement of the winding 
                                              up, the partners shall send to the 
                                              Registrar a statement in the 
                                              prescribed form stating whether or 
                                              not all the debts of the firm have 
                                              been paid in full, and the 
                                              Registrar shall register such 
                                              statement and cause a copy thereof 
                                              to be published in the Gazette.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) If any partner shall wilfully 
                                              default in complying with 
                                              subsection (4) or (5) of this 
                                              section or shall wilfully make any 
                                              misstatement in any statement sent 
                                              thereunder he shall be liable on 
                                              conviction to a term of 
                                              imprisonment not exceeding six 
                                              months.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">&nbsp;</p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 49&#8212;Notification that Firm 
                                              is Being Wound up.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              When a firm is being wound up 
                                              otherwise than voluntarily by the 
                                              partners, every invoice, order, or 
                                              business letter issued by or on 
                                              behalf of the firm, being a 
                                              document in or on which the name 
                                              of the firm appears, shall contain 
                                              a statement that the firm is being 
                                              wound up and shall state the name 
                                              or official title of the 
                                              liquidator.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 50&#8212;Application of Firm's 
                                              Property.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) On the winding up of a firm 
                                              every partner, and every former 
                                              partner, or his legal 
                                              representative, who has not been 
                                              paid the amount due in respect of 
                                              such former partner's interest in 
                                              the firm, shall be entitled, as 
                                              against the other partners in the 
                                              firm and the persons claiming 
                                              through them in respect of their 
                                              interests as partners, to have the 
                                              undertaking and assets of the firm 
                                              sold (the business being sold as a 
                                              going concern if practicable) and 
                                              the proceeds applied in payment of 
                                              the debts and liabilities of the 
                                              firm and the surplus applied in 
                                              payment of what may be due to the 
                                              partners respectively after 
                                              deducting what may be due from 
                                              them as partners to the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) In settling accounts between 
                                              the partners the following rules 
                                              shall, subject to any agreement, 
                                              be observed, that is to say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) losses, other than 
                                              deficiencies of capital, shall be 
                                              paid first out of profits, next 
                                              out of capital and lastly, if 
                                              necessary, by the partners 
                                              individually in the proportion in 
                                              which they were entitled to share 
                                              profits;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) deficiencies of capital shall 
                                              not be made up but shall be borne 
                                              by the partners in the proportion 
                                              in which they were entitled to 
                                              capital;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; the assets of the firm shall 
                                              be applied in the following manner 
                                              and order, that is to say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i)&nbsp;&nbsp; 
                                              in paying the debts and 
                                              liabilities of the firm to persons 
                                              who are not partners therein;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii)&nbsp; in paying to each partner 
                                              rateably what is due from the firm 
                                              to him for advances as opposed to 
                                              his agreed share of capital;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (iii)&nbsp; in paying to each partner 
                                              rateably what is due from the firm 
                                              to him in respect of capital;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (iv) the ultimate residue, if any, 
                                              shall be divided among the 
                                              partners in the proportion in 
                                              which profits are divisible.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) If, in a voluntary winding up 
                                              by the partners, the debts and 
                                              liabilities of the firm are not 
                                              paid in full, and an insolvency 
                                              order under the Insolvency Act, 
                                              1962 (Act 153) is made against all 
                                              the partners jointly as a result 
                                              of insolvency proceedings 
                                              commenced within one year after 
                                              the commencement of the voluntary 
                                              winding up, any sum paid in the 
                                              voluntary winding up to a creditor 
                                              which would not have been paid had 
                                              the debts been paid in the order 
                                              prescribed by section 47 of the 
                                              Insolvency Act, 1962 (Act 153) in 
                                              accordance with section 54 of that 
                                              Act, the creditor shall, on 
                                              receipt of a notice given in that 
                                              behalf by the Official Trustee, 
                                              restore that sum to the Official 
                                              Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 51&#8212;Dissolution after 
                                              Winding Up.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) When the Registrar is 
                                              satisfied that the winding up of 
                                              the affairs of the firm is 
                                              complete then, unless the 
                                              undertaking of the firm has been 
                                              disposed of as a going concern to 
                                              another partnership and the change 
                                              duly registered in accordance with 
                                              section 7 of this Act, the 
                                              Registrar shall strike the firm 
                                              off the register and notify the 
                                              same in the Gazette.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The firm shall thereupon be 
                                              deemed to be dissolved as at the 
                                              date of the publication in the 
                                              Gazette.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) If any property of the firm 
                                              has not in fact been effectually 
                                              disposed of in the winding up, it 
                                              shall be deemed to be vested, in 
                                              the case of a voluntary winding 
                                              up, in the partners and, in any 
                                              other case, in the Official 
                                              Trustee upon trust to pay thereout 
                                              any outstanding debts and 
                                              liabilities of the firm and 
                                              subject thereto for the former 
                                              partners in accordance with their 
                                              rights under the partnership 
                                              agreement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Notwithstanding the 
                                              dissolution of the firm the former 
                                              partners shall remain jointly and 
                                              severally liable to pay the debts 
                                              and liabilities of the firm in so 
                                              far as these have not been fully 
                                              discharged in the winding up or 
                                              otherwise.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 52&#8212;Dissolution of Moribund 
                                              Firms.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where the Registrar, of his 
                                              own knowledge or upon information 
                                              supplied by any partner or 
                                              creditor of a firm, has reasonable 
                                              cause to believe that a firm is 
                                              not carrying on business whether 
                                              by reason of the fact that the 
                                              business has ceased or has been 
                                              transferred to a company 
                                              incorporated under the Companies 
                                              Code or to some other person, he 
                                              may send to the last registered 
                                              principal place of business of the 
                                              firm a letter by registered post 
                                              enquiring whether the firm is 
                                              carrying on business, and stating 
                                              that if it is not so carrying on 
                                              business or if no reply is 
                                              received within two months from 
                                              the date thereof a notice will be 
                                              published in the Gazette with a 
                                              view to striking the firm off the 
                                              register.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If the Registrar either 
                                              receives a reply from the firm to 
                                              the effect that it is not so 
                                              carrying on business or does not 
                                              within the specified time receive 
                                              any answer thereto, the Registrar 
                                              may publish in the Gazette and 
                                              send by registered post to the 
                                              last registered principal place of 
                                              business of the firm, a notice 
                                              that at the expiration of two 
                                              months from the date of that 
                                              notice the firm shall, unless 
                                              cause be shown to the contrary, be 
                                              struck off the register and 
                                              dissolved.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) At or after the expiration of 
                                              the time mentioned in the notice 
                                              the Registrar may, unless cause is 
                                              shown, strike the firm off the 
                                              register and shall publish notice 
                                              thereof in the Gazette and on such 
                                              publication in the Gazette the 
                                              firm shall be dissolved:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i) 
                                              the joint and several liability of 
                                              every partner in the firm for the 
                                              firm's debts and obligations shall 
                                              continue and may be enforced as if 
                                              the firm had not been dissolved;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) nothing in this section shall 
                                              affect the power of the Court to 
                                              order the winding up of the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If the Registrar is satisfied 
                                              that a firm dissolved in 
                                              accordance with the foregoing 
                                              provisions of this section is 
                                              carrying on business he may at any 
                                              time restore the firm to the 
                                              register and publish notice 
                                              thereof in the Gazette and 
                                              thereupon the firm shall be deemed 
                                              never to have been dissolved, but 
                                              for the purposes of section 9 of 
                                              this Act the partners shall be 
                                              deemed to remain in default until 
                                              the date of publication of the 
                                              notice in the Gazette.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 53&#8212;Dissolution of 
                                              Defaulting Firm.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Registrar may strike a 
                                              firm off the register if, in his 
                                              opinion,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the business of the firm is 
                                              unlawful or the firm is being 
                                              operated for any illegal purpose;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the firm has committed a 
                                              breach of any of the provisions of 
                                              this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Registrar shall not strike 
                                              a firm off the register on the 
                                              grounds specified in paragraph (b) 
                                              of subsection (1) of this section 
                                              unless,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) he shall have sent by 
                                              registered post to the last 
                                              registered principal place of 
                                              business of the firm a letter 
                                              specifying the breach and 
                                              requiring it to be remedied or 
                                              ended to his satisfaction within 
                                              the time therein specified and 
                                              stating that if not so remedied or 
                                              ended the firm may be struck off 
                                              the register and dissolved; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the breach is not, within the 
                                              time so specified, remedied or 
                                              ended to his satisfaction.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) On striking the firm off the 
                                              register the Registrar shall 
                                              publish in the Gazette and send by 
                                              registered post to the last 
                                              registered principal place of 
                                              business of the firm a notice that 
                                              the firm has been struck off the 
                                              register and dissolved and on such 
                                              publication in the Gazette the 
                                              firm shall be dissolved:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i) 
                                              the joint and several liability of 
                                              every partner in the firm to pay 
                                              the firm's debts and obligations 
                                              shall continue and may be enforced 
                                              as if the firm had not been 
                                              dissolved;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) nothing in this section shall 
                                              affect the power of the Court to 
                                              order the winding up of the firm.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 54&#8212;Appeals to the Court 
                                              Against Dissolution.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Any firm struck off the 
                                              register under section 52 or 53 of 
                                              this Act shall have a right to 
                                              appeal to the Court against the 
                                              decision of the Registrar in 
                                              accordance with subsection (2) of 
                                              section 55 of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) When the Court allows such 
                                              appeal the firm shall, subject to 
                                              compliance with any terms and 
                                              conditions specified in the order, 
                                              be restored to the register and be 
                                              deemed never to have been 
                                              dissolved and the Registrar shall 
                                              publish notice thereof in the 
                                              Gazette but, unless the Court 
                                              otherwise orders, the partners 
                                              shall, for the purposes of section 
                                              9 of this Act, be deemed to remain 
                                              in default until the date of 
                                              publication of the notice in the 
                                              Gazette.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Supplemental</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 55&#8212;Applications and 
                                              Appeals to the Court.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Registrar may apply to the 
                                              Court for directions in relation 
                                              to any matter arising in 
                                              connection with his functions 
                                              under this Act, and on any such 
                                              application the Court may give 
                                              such directions or make such order 
                                              as the Court thinks fit.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where any section of this Act 
                                              provides that there shall be a 
                                              right of appeal to the Court 
                                              against a decision of the 
                                              Registrar written notice of any 
                                              appeal shall be given by the 
                                              appellant to the Registrar at 
                                              least twenty-eight days prior to 
                                              the hearing and the Registrar may 
                                              appear at the hearing and give 
                                              evidence and call witnesses and 
                                              draw the attention of the Court to 
                                              any relevant matters.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) On such appeal the Court may 
                                              make such order as it thinks fit 
                                              either confirming or rescinding or 
                                              varying such decision and on such 
                                              terms and conditions as it thinks 
                                              fit.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 56&#8212;Fees.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              First Sch.</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) In respect of the several 
                                              matters set out in the first 
                                              column of the Table in the First 
                                              Schedule to this Act there shall 
                                              be paid to the Registrar the fees 
                                              specified in the second column of 
                                              that Table but except as provided 
                                              in the Schedule no fee shall be 
                                              payable on the registration of any 
                                              document under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where a fee is payable on the 
                                              registration of any document the 
                                              document shall not be deemed to 
                                              have been delivered to the 
                                              Registrar for registration until 
                                              the appropriate fee has been paid 
                                              to the Registrar.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 57&#8212;Inspection and Copies 
                                              of Registered Documents.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Any person may inspect the 
                                              register of particulars of charges 
                                              and any document registered by the 
                                              Registrar upon payment of one 
                                              shilling for each inspection of 
                                              the register and documents 
                                              relating to one firm, and may 
                                              require a copy of, or extract 
                                              from, any document registered by 
                                              the Registrar on payment of such 
                                              fee as the Registrar may 
                                              prescribe, not exceeding one pound 
                                              for each page.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 58&#8212;Saving of Rules of 
                                              Equity and Common Law.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The rules of equity and common law 
                                              applicable to partnership shall 
                                              continue in force except in so far 
                                              as they are inconsistent with the 
                                              express provisions of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 59&#8212;Conversion of Existing 
                                              Companies into Partnerships.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Second Sch.</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">A 
                                              company, limited or unlimited, 
                                              registered under the Companies 
                                              Ordinance (Cap. 193), may be 
                                              re-registered under this Act in 
                                              the manner set forth in the Second 
                                              Schedule to this Act upon making 
                                              application in accordance with the 
                                              said Schedule within three months 
                                              after the commencement of this 
                                              Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 60&#8212;Rules.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Minister responsible for 
                                              Justice may, by legislative 
                                              instrument, make Rules, other than 
                                              rules of court, relating to 
                                              procedure under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              SCHEDULES</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;FIRST SCHEDULE</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              TABLE OF FEES TO BE PAID TO THE 
                                              REGISTRAR</span></p>
                                              <table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: medium none">
                                                <tr>
                                                  <td width="475" valign="top" style="width: 356.4pt; border: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; padding-bottom: 0cm">
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  Matters in Respect of which 
                                                  Fees are Payable</span></td>
                                                  <td width="115" valign="top" style="width: 86.4pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.0pt solid windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; padding-bottom: 0cm">
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  Amount of Fee in Cedis</span></td>
                                                </tr>
                                                <tr>
                                                  <td width="475" valign="top" style="width: 356.4pt; border-left: 1.0pt solid windowtext; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; padding-bottom: 0cm">
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  (i) For registration of 
                                                  partnership under section 5</span></p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  (ii) For filing a change of 
                                                  partnership name or 
                                                  composition or partnership 
                                                  under section 7</span></p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  (iii) For each annual renewal 
                                                  under section 
                                                  8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>
                                                  </p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  (iv) For filing particulars of 
                                                  charges for registration under 
                                                  section 22 in respect of each 
                                                  charge.</span></p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  (v) For filing a memorandum of 
                                                  satisfaction for registration 
                                                  under section 
                                                  28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span>
                                                  </p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  (vi) For restoration of a firm 
                                                  to the register under section 
                                                  52(4).</span></p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  &nbsp;</span></td>
                                                  <td width="115" valign="top" style="width: 86.4pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0cm; padding-bottom: 0cm">
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  300,000.00</span></p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  100,000.00</span></p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  &nbsp;</span></p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  150,000.00</span></p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  40,000.00</span></p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  &nbsp;</span></p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  40,000.00</span></p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  &nbsp;</span></p>
                                                  <p class="MsoNormal" style="text-align: justify">
                                                  <span style="font-family: Arial">
                                                  100,000.00</span></td>
                                                </tr>
                                              </table>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              [As substituted by The 
                                              Incorporated Private Partnerships 
                                              (Amendment) Act, 2001 (Act 605) s. 
                                              1].</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              THE SECOND SCHEDULE</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (Section 59)</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              RE-REGISTRATION UNDER THIS ACT OF 
                                              COMPANIES REGISTERED UNDER THE 
                                              COMPANIES ORDINANCE</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              1. At any time within three months 
                                              after the commencement of this Act 
                                              the members of a company 
                                              registered under the Companies 
                                              Ordinance (Cap. 193) may apply to 
                                              the Registrar for re-registration 
                                              of the company as an Incorporated 
                                              Private Partnership under this 
                                              Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              2. The application shall be signed 
                                              by all the members of the company 
                                              and shall be accompanied by the 
                                              following documents:&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) a copy of the partnership 
                                              agreement which will replace the 
                                              memorandum and articles of 
                                              association of the company if the 
                                              company is re-registered under 
                                              this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the statement referred to in 
                                              section 5 of this Act, together 
                                              with any documents which are 
                                              required to accompany that 
                                              statement;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) a statutory declaration by a 
                                              legal practitioner to the effect 
                                              that all the members are of full 
                                              age and sound mind and that the 
                                              legal practitioner has explained 
                                              to them the effect of 
                                              re-registration under this Act and 
                                              that he is satisfied that they 
                                              understand and agree. If the 
                                              liability of members of the 
                                              company is limited the statutory 
                                              declaration shall expressly 
                                              declare that the legal 
                                              practitioner has explained to the 
                                              members that after re-registration 
                                              their liability for the existing 
                                              debts and obligations of the 
                                              company and for the debts and 
                                              obligations of the firm will be 
                                              unlimited and that they understand 
                                              and agree.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              3. The Registrar shall cause to be 
                                              published in the Gazette a notice 
                                              to the effect that application has 
                                              been made for re-registration of 
                                              the company under this Act and 
                                              inviting anyone who wishes to show 
                                              cause why it should not be so 
                                              re-registered to make 
                                              representations to him within the 
                                              time specified in the notice not 
                                              being less than twenty-eight days 
                                              from the date of publication of 
                                              such notice.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              4. The Registrar, after 
                                              considering any such 
                                              representations, may in his 
                                              absolute discretion and on payment 
                                              of a fee of two pounds register 
                                              the said statement referred to in 
                                              sub-paragraph (b) of paragraph (2) 
                                              hereof.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              5. Thereupon all the provisions of 
                                              this Act shall apply as if 
                                              registration of a firm had been 
                                              effected in accordance with 
                                              section 5 of this Act except that 
                                              it shall be stated on the register 
                                              and in the certificate of 
                                              registration referred to in 
                                              section 6 of this Act that the 
                                              firm was formerly registered as a 
                                              company under the Companies 
                                              Ordinance and shall give the name 
                                              and number under which it was so 
                                              registered.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              6. Upon such registration the 
                                              Registrar shall strike the company 
                                              off the register of companies 
                                              registered under the Companies 
                                              Ordinance and endorse on such 
                                              register a notice to the effect 
                                              that the company has re-registered 
                                              under this Act and give the name 
                                              and number under which it is so 
                                              registered.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              7. The firm shall thereupon be 
                                              deemed to have been duly 
                                              registered and incorporated under 
                                              this Act and shall cease to be a 
                                              company registered and 
                                              incorporated under the Companies 
                                              Ordinance and the firm and the 
                                              members thereof shall thenceforth 
                                              be jointly and severally liable 
                                              for the debts and obligations of 
                                              the firm and for the debts and 
                                              obligations of the former company 
                                              as if such debts and obligations 
                                              had been incurred by the firm, but 
                                              subject as aforesaid 
                                              re-registration in accordance with 
                                              the provisions of this Schedule 
                                              shall not affect any rights or 
                                              obligations of the former company 
                                              or render defective any legal 
                                              proceedings by or against the 
                                              former company, and any 
                                              proceedings which might have been 
                                              continued or commenced by or 
                                              against it by its former name and 
                                              status as a company registered 
                                              under the Companies Ordinance may 
                                              be continued or commenced by or 
                                              against it under its new name and 
                                              status as an incorporated 
                                              partnership registered under this 
                                              Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">&nbsp;</p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              amended by</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              THE INCORPORATED PRIVATE 
                                              PARTNERSHIPS (AMENDMENT) ACT, 1980 
                                              (ACT 423)1.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              THE INCORPORATED PRIVATE 
                                              PARTNERSHIPS (AMENDMENT) ACT, 1997 
                                              (ACT 532)2.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              THE INCORPORATED PRIVATE 
                                              PARTNERSHIPS (AMENDMENT) ACT, 2001 
                                              (ACT 605)3.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">&nbsp;</p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></td>
                </tr>
              </tbody>
            </table>
          </td>
        </tr>
<tr>
  <td width="76" height="50" bgcolor="#003366"></table></td>
        </tr>
