ADVOKS GLOBAL · KENYA
Partnerships Act
2. Interpretation.
Edition: 2022-12-31 · In force
2. Interpretation.
(1)In this Act, unless the context otherwise requires—"address", means—(a)for an individual, the usual residential and postal address of that individual;(b)for a company or a limited partnership, means the registered office of the company or limited partnership; and(c)for a partnership which is not a limited partnership, the principal place of business of the partnership;"business" includes any trade, profession or occupation;"Cabinet Secretary" means the Cabinet Secretary responsible for matters relating to partnerships;"Court" means the High Court or, where the gross assets of a partnership do not exceed three hundred thousand shillings, the Resident Magistrate’s Court;"default rule" means a rule that applies in relation to a partnership if the rule is not dealt with in the partnership agreement;"foreign limited partnership" means a partnership—(a)constituted under the law of a country other than Kenya; and(b)in which one or more of the partners has limited liability in respect of a partnership obligation;"partnership" means the relationship which exists between persons who carry on business in common with a view to making a profit;"partnership agreement" means an agreement between, persons carrying on business in common with a view to making a profit;"partnership document" in relation to a partnership, includes—(b)a written order for goods or services to be supplied to the partnership;(c)an invoice or receipt issued in the course of the partnership business; or(d)a written demand for payment of a debt arising in the course of the partnership business;"partnership loss" in relation to a person who is a partner, means the loss incurred by the relevant partnership business incurred while the person is a partner and includes a loss of a capital nature;"partnership obligation" means—(a)a partnership debt; or(b)any partnership liability;"partnership of defined duration" means a partnership in respect of which the partnership agreement provides that the partnership is to end—(a)on the expiry of a specified period; or(b)on the completion of a venture that the partnership was formed to undertake;"partnership profit" in relation to a person who is a partner, means the profit of a partnership business derived while the person is a partner;"partnership property" means property to which the partnership is beneficially entitled, whether or not the property is held in the partnership name;"person interested in winding up of a partnership" means—(a)a person who ceases to be a partner on or after the break up;(b)in the case of a deceased partner, the partner’s personal representative;(c)if a person ceases to be a partner by virtue of his bankruptcy, the insolvency practitioner appointed in relation to the partner;"profits" includes profits of a capital nature;"property" includes money and all other property, real or personal, heritable or moveable, including things in action and other intangible or incorporeal property;"relevant capital contribution" means a capital contribution consisting of—(a)a sum or sums of money; or(b)property which has an agreed capital value;"Repealed Act" means the Partnership Act repealed by section 77;"the Registrar" means the Registrar of Companies;"the regulations" means regulations made and in force under this Act;"trust property" means property which is held in the name of a partnership but to which a partnership is not beneficially entitled.(2)In this Act, any reference to an agreement or to the terms of an agreement includes a reference to an agreement or to terms established by conduct.