International Limited Partnership Order, 2000 · As enacted
9. [1)
Official textFrom Attorney General's Chambers, unchanged
Any property of an ILP which -
ILP
"ILP" means an international limited partnership, within the meaning of section 4;
is conveyed to or vested in or held on behalf of the general partner or, if there is more than one general partner, any one or more of them; or
general partner
"general partner" means a person who has been admitted to a partnership as a general partner in accordance with the partnership agreeinent and who is named as a general partner in the statement:&led with the ILP Registrar pursuant to section 13;
is conveyed to or vested in the name of the ILP, shall be held or, as the case may be, be deemed to be held by the general partner or, if there is more than one, the general partners jointly on trust, as an asset of the
ILP, in accordance with the terms of the partnership agreement.
partnership agreement
"partnership agreement" means a written agreement which is governed by the laws of Brunei Darussalam and which provides for the establishment of a partnership as an ILP and regulates the affairs of the partnership, the conduct of its business and the rights and obligations of the partners, and if such an agreement is amended at any time, the agreement as amended shall be the partnership agreement;
Any debt or obligation incurred by a general partner in the conduct of the business of an ILP shall be a debt or obligation of the ILP.
Any difference arising as to matters connected with the business of an
ILP shall be decided by the general partner or, if there is more than one general partner, by a majority in interest of them.
Subject to any prov1s1on of the partnership agreement, each limited partner shall be entitled, on demand, to receive from a general partner true and full information r~garding th~ stat~ of the business and financial condition of th~
limited partner
"limited partner" means a person who has been admitted to an ILP as a limited partner and who has complied with section 6;
ILP.
(5}
Subj~ct to any provision of the partn~rship agr~ement and to the duty imposed on a general partner by section 4{8), a partner may, with or without interest or security as the general partner may determine, make a loan to, borrow from and transact other business with the ILP (so that an asset, debt or obligation of the ILP is thereby created) and shall have the same rights and obligations with respect thereto as a person who is not a partner; but the obligations of the ILP to repay a debt to a general partner shall at all times be subordinated to the claims of secured and unsecured creditors of the ILP.
Return of capital to limited partner.
Terms defined in s 2
general partner
Defined · s 2"general partner" means a person who has been admitted to a partnership as a general partner in accordance with the partnership agreeinent and who is named as a general partner in the statement:&led with the ILP Registrar pursuant to section 13;
ILP
Defined · s 2"ILP" means an international limited partnership, within the meaning of section 4;
limited partner
Defined · s 2"limited partner" means a person who has been admitted to an ILP as a limited partner and who has complied with section 6;
partnership agreement
Defined · s 2"partnership agreement" means a written agreement which is governed by the laws of Brunei Darussalam and which provides for the establishment of a partnership as an ILP and regulates the affairs of the partnership, the conduct of its business and the rights and obligations of the partners, and if such an agreement is amended at any time, the agreement as amended shall be the partnership agreement;