Paragraph 3

(1)

Accordingly, for the purposes of this Part of this Act a partnership is taken—

(a)

to have done any act that bound the members, and

(b)

to have failed to comply with any obligation of the firm which the members failed to comply with;

but see sub-paragraph (3).

(2)

In sub-paragraph (1), “the members” means those who were the members of the partnership or (in the case of a limited partnership) the general partners of the partnership at the time when the act was done or the failure to comply occurred.

(3)

Where a member of a partnership (“M”) has done, or failed to do, an act at any time (“the earlier time”), the partnership is not treated at any later time as having done, or failed to do, that act unless—

(a)

M, or

(b)

another person who was a member of the partnership at the earlier time,

is a member of the partnership at the later time.

(4)

In this paragraph “firm” has the same meaning as in the Partnership Act 1890.