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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.1 - PRELIMINARY    View history reference

Division 2 - Definitions    View history reference

SECTION 761F  MEANING OF PERSON - GENERALLY INCLUDES A PARTNERSHIP  

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761F(1)  [Application to partnership]  


This Chapter applies to a partnership as if the partnership were a person, but it applies with the following changes:


(a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners;


(b) any contravention of a provision of this Chapter, or a provision of this Act that relates to a requirement in a provision of this Chapter, that would otherwise be a contravention by the partnership is taken (whether for the purposes of criminal or civil liability) to have been a contravention by each partner who:


(i) aided, abetted, counselled or procured the relevant act or omission; or

(ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).

761F(2)  [Effect of change in partners]  


For the purposes of this Chapter, a change in the composition of a partnership does not affect the continuity of the partnership.

761F(3)  [Limitation]  


Subsections (1) and (2) have effect subject to:


(a) an express or implied contrary intention in a provision or provisions of this Chapter; and


(b) the regulations, which may exclude or modify the effect of those subsections in relation to specified provisions.


 



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