24—Insertion of section 20A
After section 20 insert:
20A—Partnership property of incorporated limited partnership
(1) All property, and
rights and interests in property, acquired, whether by purchase or otherwise,
on account of an incorporated limited partnership, or for the purposes and in
the course of the business of the partnership, are
called in this Act "partnership property", and must be applied by the
partnership exclusively for the purposes of the partnership.
(2) No partner in an
incorporated limited partnership, by virtue only of being a partner in the
partnership, has any legal or beneficial interest in its partnership property.