No. XIV.
An Act to amend the Law of Partnership. October, 1866.] [10th

H E R E A S it is expedient to amend the Law relating to Partner ship Be it therefore enacted by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled and by the authority of the same as follows :-- 1. The advance of money by way of loan to any person engaged or about to engage in any trade or undertaking upon a contract in writing with such person that the lender shall receive a rate of interest varying

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varying with the profits or shall receive a share of the profits arising from carrying on such trade or undertaking shall not of itself constitute the lender a partner with the person or persons carrying on such trade or undertaking or render him responsible as such. 2. No contract for the remuneration of a servant or agent of any person engaged in any trade or undertaking by a share of the profits of such trade or undertaking shall of itself render such servant or agent responsible as a partner therein nor give him the rights of a partner. 3. No person being the widow or child of the deceased partner of a trader and receiving by way of annuity a portion of the profits made by such trader in his business shall by reason only of such receipt be deemed to bo a partner of or to be subject to any liabilities incurred by such trader. 4. No person receiving by way of annuity or otherwise a portion of the profits of any business in consideration of the sale by him of the good-will of such business shall by reason only of such receipt be deemed to be a partner of or be subject to the liabilities of the person carrying on such business. 5. In the event of any such trader as aforesaid having his estate placed under sequestration or entering into an arrangement to pay his creditors less than twenty shillings in the pound or dying in insolvent circumstances the lender of any such loan as aforesaid shall not be entitled to recover any portion of his principal or of the profits or interest payable in respect of such loan nor shall any such vendor of a good-will as aforesaid be entitled to recover any such profits as aforesaid until the claims of the other creditors of the said trader for valuable consideration shall have been satisfied. G. Nothing in this A c t contained shall be deemed to affect any of the provisions of the Insolvent Laws for the time being. 7. In the construction of this A c t the word " person" shall include a partnership firm a joint stock company and a corporation. 8. This A c t may be cited as the "Partnership Amendment A c t . "