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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 1891 - onwards
  Version 2 of 2    

13. Improper employment of trust-property for partnership purposes.

If a partner, being, a trustee, improperly employs trust-property in the business or on the account of the partnership, no other partner is liable for the trust-property to the persons beneficially interested therein:

Provided as follows: -

(1) This section shall not affect any liability incurred by any partner by reason of his having notice of a breach of trust; and

(2) Nothing in this section shall prevent trust money from being followed and recovered from the firm if still in its possession or under its control.

Comparing proposed amendment...