§ Report of Amendments received.
§ THE EARL OF GRANARDmoved to delete from Clause 3 the words—
'Prescribed' means prescribed by rules made in pursuance of this Act.'The word "prescribed" did not appear anywhere else in the Bill and the interpretation was therefore unnecessary.
§
Amendment moved—
In page 1, line 16, to leave out from the word 'Act' to the end of the clause.'—(The Earl of Granard.)
§ On Question, Amendment agreed to.
470§ Drafting Amendment agreed to.
§ Consequential Amendment agreed to.
§ THE EARL OF GRANARDexplained that the next Amendment was consequential on an Amendment which had been inserted on the Motion of Lord Avebury.
§
Amendment moved—
In page 2, line II, to leave out from the word "firm" to the end of subsection (3) and to insert the words 'up to the amount so drawn out or 'received back.' '—(The Earl of Granard.)
§ On Question, Amendment agreed to.
§ THE EARL OF GRANARDmoved to omit from Clause 4, subsection (4)—
(4) The firm name must contain the words 'limited firm' as the last words in the name.The omission of this subsection had been very carefully considered by the Board of Trade. They had approached business experts in the matter, and these experts were of opinion that if the provision remained in the Bill a great many of its effects would be destroyed. The words "limited firm" had no place in the laws of foreign countries where the system of limited partnerships was in force. He understood that Lord Avebury was in favour of the Amendment.
§
Amendment moved—
In page 2, lines 15 and 16, to leave out subsection (4).''—(The Earl of Granard.)
§ LORD AVEBURYsaid he had also done what he could to ascertain the opinion of the commercial community, and he confirmed what the noble Earl had said. He mentioned that the subsection was not in the Bill as drafted by the Chambers of Commerce or as passed by their Lordships last year. He agreed that the Bill would be greatly improved by the omission of these words.
§ On Question, Amendment agreed to.
§ THE EARL OF GRANARDsaid it seemed necessary to declare what the procedure should be after the Court had made a winding-up order against a limited partner, and the simplest procedure was that of the Acts relating to the winding-up of companies. The object of his next Amendment was to secure this.
§
Amendment moved—
In page 3, line 2, after '1900' to insert the words 'and the provisions of those Acts
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relating to the winding-up of companies by the Court and of the rules made there under (including provisions as to fees) shall, subject to such modifications (if any) as the Lord Chancellor, with the concurrence of the President of the Board of Trade, may by rules provide, apply to the winding-up by the Court of limited partnerships, with the substitution of general partners for directors."—(The Earl of Granard.)
§ On Question, Amendment agreed to.
§ Consequential Amendments agreed to.
§ THE EARL OF GRANARDmoved to amend Clause 9 by requiring that a statement signed by the firm specifying the nature of the change should be forwarded if, during the continuance of a limited partnership, any change were made or occurred in the term "or character" of the partnership. He said it was obviously desirable that changes in the character of a partnership should also be registered.
§
Amendment moved—
In page 4, line 10, after the word 'term' to insert the words 'or character."—(The, Earl of Granard.)
§ On Question, Amendment agreed to.
§ Consequential Amendment agreed to.
§ THE EARL OF GRANARDexplained that the new paragraph which he proposed to insert in Clause 9 was necessary in the event of a general partner becoming a limited partner, or vice versa.
§
Amendment moved—
In page 4, line 12, after the word 'partner' to insert '(g) the liability of any partner by reason of his becoming a limited instead of a general partner or a general instead of a limited partner.' "— (The Earl of Granard.)
§ On Question, Amendment agreed to.
§ THE EARL OF GRANARDmoved to amend subsection (2) of Clause 9—
(2) If default is made in compliance with | the requirements of this section each of the partners shall on conviction under the Summary Jurisdiction Acts be liable to a fine not exceeding £1 for each day during which the default continues,by inserting before the word "partners" the word "general." The object of the Amendment was to make it quite clear 472 that the penalty provision was only-applicable to general partners.
§
Amendment moved—
In page 4, line 18, after the first 'the' to insert the word 'general.' "—(The Earl of Granard.)
§ On Question, Amendment agreed to.
§ THE EARL OF GRANARDmoved to leave out Clause 10 (publication of name of limited partnership), which had been rendered unnecessary by a previous-Amendment.
§
Amendment moved—
To leave out Clause 10."—(The Earl of Granard.)
§ On Question, Amendment agreed to.
§ Drafting Amendments agreed to.
§ THE EARL OF GRANARDmoved the insertion of a new Clause 10, the object of which was, he said, to safeguard persons dealing with a limited partnership and to bring to their knowledge any change in the status of the partners.
§
Amendment moved—
After Clause 9 to insert the following new clause:—'(1) Notice of any arrangement or transaction under which any person will cease to be a general partner in any firm and will become a limited partner in that firm, or under which the share of a limited partner in a firm will be assigned to any person, shall be forthwith advertised in the Gazette, and until notice of the arrangement or transaction is so advertised, the arrangement or transaction shall, for the purposes of this Act, be deemed to be of no effect. (2) For the purposes of this section, the expression 'the Gazette' means— In the case of a limited partnership registered in England, the London Gazette; in the case of a limited partnership registered in Scotland, the Edinburgh Gazette; in the case of a limited partnership registered in Ireland, the Dublin Gazette.' "—(The Earl of Granard.)
§ On Question, Amendment agreed to.
§ Bill to be read 3a on Thursday next; and to be printed as amended. (No. 115.)