CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.1 - PRELIMINARY  

Division 2 - Definitions  

SECTION 761F   MEANING OF PERSON - GENERALLY INCLUDES A PARTNERSHIP  

761F(1)   [ Application to partnership]  

This Chapter applies to a partnership as if the partnership were a person, but it applies with the following changes:


(a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;


(b) any contravention of a provision of this Chapter, or a provision of this Act that relates to a requirement in a provision of this Chapter, that would otherwise be a contravention by the partnership is taken (whether for the purposes of criminal or civil liability) to have been a contravention by each partner who:


(i) aided, abetted, counselled or procured the relevant act or omission; or

(ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).

761F(2)   [ Effect of change in partners]  

For the purposes of this Chapter, a change in the composition of a partnership does not affect the continuity of the partnership.

761F(3)   [ Limitation]  

Subsections (1) and (2) have effect subject to:


(a) an express or implied contrary intention in a provision or provisions of this Chapter; and


(b) the regulations, which may exclude or modify the effect of those subsections in relation to specified provisions.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.