South Australian Numbered Acts

PARTNERSHIP (VENTURE CAPITAL FUNDS) AMENDMENT ACT 2005 (NO 15 OF 2005) - SECT 15

15—Amendment of section 11—Misapplication of money or property received for or in custody of the firm

        (1)         Section 11—after "cases" insert:

involving the partners of a firm other than an incorporated limited partnership

        (2)         Section 11—after its present contents as amended by this section (now to be designated as subsection (1)) insert:

        (2)         In the following cases involving general partners in an incorporated limited partnership, namely:

            (a)         where one general partner acting within the scope of the general partner's apparent authority receives the money or property of a third person and misapplies it; or

            (b)         when an incorporated limited partnership in the course of its business receives money or property of a third person, and the money or property so received is misapplied by one or more of the general partners while it is in the custody of the incorporated limited partnership,

the incorporated limited partnership is liable to make good the loss.