Short Title and Interpretation Nature of Partnership Partner Relations to Other Persons Relations of Partners to One Another Dissolution of Partnership Limited Partnerships Limited Partnerships (2) Miscellaneous Licence Fees Fees Paid to the Registrar

No. 5 of 1996

The Partnership Act, 1996

Virgin Islands

I Assent

D. Mackilligin

Governor

20th June, 1996

VIRGIN ISLANDS

No. 5 of 1996

An Act to declare and amend the law of partnership and to declare the law relating to limited partnerships.

[Gazetted 19th August, 1996 ]

ENACTED by the Legislature of the Virgin Islands as follows:

PART I

Short Title and Interpretation

1. This Act may be cited as the Partnership Act, 1996 and shall come into force on the date which the Governor may appoint by proclamation published in the Gazette. ment.

2. In this Act, unless the contrary intention appears,

"articles" means the articles of partnership of a limited partnership formed under this Act;

"business" includes every trade, occupation or profession;

"court" means the High Court or a Judge thereof;

"firm" means the group of persons who have entered into partnership with one another;

"firm-name" means the name under which the business of a firm is carried on;

"general partner", in relation to a limited partnership, means a partner who is not a limited partner as defined herein;

"general partnership" means any partnership that is not a limited partnership;

"international limited partnership" means the limited partnership referred to in section 49 of this Act;

"limited partnership" means a partnership formed under Part VI of this Act referred to in section 47 of this Act;

"limited partner", in relation to a limited partnership, means a partner who does not take part in the control of the partnership business and whose liability is limited subject to the provisions of this Act.

"local limited partnership" means the limited partnership referred to in section 48 of this Act;

"memorandum" means the memorandum of partnership of a limited partnership formed under this Act;

"Minister" means the Minister responsible for the Administration of this Act;

"partner" in relation to a limited partnership includes a limited partner and a general partner;

"person" includes a natural person, a partnership general or limited, domestic or foreign, a company, trust, estate, association, custodian, nominee or any other individual or entity in its own or any representative capacity;

"register" means the register referred to in section 54 of this Act;

"Registrar" means the Registrar of Limited Partnerships referred to in section 52 of this Act;

"substituted limited partner" means a person who, after becoming an assignee of part or all of the interest of a limited partner, is admitted to the limited partnership pursuant to the provisions of its articles or, if the articles are silent on the issue, is admitted with the unanimous consent of the partners.