Page:United States Statutes at Large Volume 47 Part 1.djvu/1294

 1270 AsUe, p.1251. Ostensible authority. SEC. 1084. OSTEN$TBLE AUTHORITY .-A factor has ostensible author- ity to deal with the property of his principal as his own, in transac- tions with persons not having notice of the actual ownership. PARTNERSHIP IN GENERAL. What constitutes. C cross REGK EIW ES Dividing profits Implies division of basses, see section 1)9L Poet, p .1272 {general partner ship, ",what, see secti on 1100 . shlpowners . SEC . 10$6. SrurowrrEitsPart owners o f a ship ;do not,, by Bumph using it in a joint enterprise, become partners as to the ship . ne Formation of party SEC . 1087. FonliATION of PARTNERSHIP-A partnership lean he formed only by the consent of all the parties thereto, and therefore no new ilartner can be admitted into a partnership without the Con sent of every existing member thereof . Post, p. 1275. Partnership pror arty. Of what it consists . Partner's interest in . Share in profits and losses. Poet, p. 1271. Wh en division of tosses implied . Application of part- nerstnp property to deb ts. 72d CONGRESS . SESS. II. CH. 128. FEBRUARY 27, 1 933 . 3. To delegate his authority to his partner or servant, but not to any person in an independent employment . Cross REFErENCE Sale on credit by factor, see section 881. CHAP TER 53 .-PAR TNERSHIP IN GEN ERA L WH AT CONSTIIU1> S A PARTNERSHIP SEC. 1085. PARTNERSHIP, WHAT.-Partnership is the association of two or more persons, for the purpose of carrying on business to- gether, and dividing its profits between them. CR OSS REFERENCE Formation of special partnership, see sections 1124 et seq. PARTNERSHIP 'ROPERTY SEC. 1088. PA RTNE Rslnr PROPERTY, WHAT.-The property of a part- nership consists of all that is contributed to the common stock at the formation of the part ners hip, and all that is subsequently ac uired thereby. EQ. 1089 . PARTNER'S INTEREST IN PARTNERSHIP PROPERTY.-The interest of each member of a partnership extends to every portion of its property. SEC. 1090. PARTNER'S SHARE IN PROFITS AND LOSSES .-In the absence of any agreement on the subject the shares of partners in the profit or loss of the business are equal, and the share of each in the part- nership p roperty i s the val ue of his original contribu tion, i ncr ea sed or diminished by his share of profit or loss. CROSS REFF.RRNCE Accoun ting be tween pa rtners, see sec tion 1 va u. SEC. 1091 . WHEN DIVI SION _ OF LOSSE S IMPLIED .-An agreement to divide th e profits of a bus iness implies an agreement for a corre- sponding division of its losses, unless it is otherwise expressly stipulated. SEC. 109Q. PARTNER MAY RE QUI RE APPLICATION OF PARTNERSHIP PROP ERT Y TO PAYMENT OF DEBTS .-Each member of a par tnership ma y require its property to be applied to the discharge of its debts, and has a lien upon the shares of the other partners for this purpose, and for the payment of the general balance, if any, due to him.