Northern Territory Numbered Acts

PARTNERSHIP AMENDMENT (VENTURE CAPITAL FUNDS) ACT 2006 (NO 9 OF 2006) - SECT 15

(1)     A firm other than an incorporated limited partnership is liable for any loss arising from the misapplication of a third party's property if –

    (a)     the property was received and misapplied by a partner in the firm acting within the scope of the partner's apparent authority; or

    (b)     the property –

        (i)     was received by the firm in the course of the firm's business; and

        (ii)     was misapplied by one or more partners in the firm while it was in the firm's custody.

(2)     An incorporated limited partnership is liable for any loss arising from the misapplication of a third party's property if –

    (a)     the property was received and misapplied by a general partner in the partnership acting within the scope of that partner's apparent authority; or

    (b)     the property –

        (i)     was received by the partnership in the course of the partnership's business; and

        (ii)     was misapplied by one or more general partners in the partnership while it was in the partnership's custody.

(3)     In this section –

"third party's property", in relation to a firm, means money or other property belonging to someone other than the firm or a partner in the firm.