[{"id":"9e5fcd64-2e68-4834-a33b-68581690709c","order":1,"text":"PARTNERSHIP AGREEMENT","fontSize":"22","textAlign":"center","bold":true,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"61ce534c-dcfc-46ed-bc24-5dd9b1565ead","order":2,"text":"Constituted under the Partnership Ordinance (Cap. 38) of the Laws of Hong Kong","fontSize":"12","textAlign":"center","bold":false,"underline":false,"marginBottom":"26","cflou":false,"active":true},{"id":"79608b27-8463-4d7d-aa77-3955794735a4","order":3,"text":"THIS AGREEMENT is made on [Date of this Agreement].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"16","cflou":false,"active":true},{"id":"520ef1ce-2de9-4b98-a9ff-9a95482abc4c","order":4,"text":"BETWEEN:","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"d696f732-cb66-4be5-bf77-7f4ac54d3ed6","order":5,"text":"(1) [Full name of the First Partner], an individual holding Hong Kong Identity Card No. [Identity card, passport or business registration number], of [Address] (the "First Partner");","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"f57f3053-8967-40e3-b8a6-f9efe60f726c","order":6,"text":"(2) [Full name of the Second Partner], an individual holding Hong Kong Identity Card No. [Identity card, passport or business registration number], of [Address] (the "Second Partner");","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"5692bcce-eec4-4a78-ac08-1aa2fdfcdc27","order":7,"text":"(3) [Full name of the Third Partner], an individual holding Hong Kong Identity Card No. [Identity card, passport or business registration number], of [Address] (the "Third Partner");","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"223ad99e-e87a-4ff9-a227-b7bfc50879f2","value":"two","type":"remove","operator":"="}]},{"id":"76321593-b0ae-43b7-bd59-3f9704e7e14b","order":8,"text":"(4) [Full name of the Fourth Partner], an individual holding Hong Kong Identity Card No. [Identity card, passport or business registration number], of [Address] (the "Fourth Partner");","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"223ad99e-e87a-4ff9-a227-b7bfc50879f2","value":"two","type":"remove","operator":"="},{"field":"223ad99e-e87a-4ff9-a227-b7bfc50879f2","value":"three","type":"remove","operator":"="}]},{"id":"42d5e4d3-6676-4ec6-9669-926a23968215","order":9,"text":"each of the persons named above being referred to in this Agreement as a "Partner" and together as the "Partners".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"18","cflou":false,"active":true},{"id":"0c3f63f9-c81c-4f29-be77-f012995b1b54","order":10,"text":"WHEREAS:","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"c384961c-1d7e-42ca-b6d1-ea09c4eb7b73","order":11,"text":"(A) The Partners have agreed to carry on a business in common with a view of profit, being a partnership within the meaning of section 3(1) of the Partnership Ordinance (Cap. 38) of the Laws of Hong Kong (the "Ordinance").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"639675ff-2084-437a-9927-854db2050231","order":12,"text":"(B) The Partners have not previously carried on the Business together and now wish to record in writing the terms upon which the Business is to be carried on between them.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"d48eb455-4a00-4a76-9ac2-dc9c64bf793a","value":"new","type":"add","operator":"="}]},{"id":"c9632a6b-155f-4dcc-b4cb-97c88bb91da0","order":13,"text":"(B) The Partners have carried on the Business together since [Date of commencement] without a written partnership agreement and now wish to record in writing the terms upon which the Business has been and is to be carried on between them.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"d48eb455-4a00-4a76-9ac2-dc9c64bf793a","value":"existing","type":"add","operator":"="}]},{"id":"c53cf2ff-4fd3-4161-8139-e4ef7707699d","order":14,"text":"(C) This Agreement is intended to govern the mutual rights and duties of the Partners to the exclusion of the rules implied by the Ordinance, save to the extent that those rules are expressly adopted in this Agreement or cannot be excluded by agreement between partners.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"16","cflou":false,"active":true},{"id":"530da597-9e0a-4b55-83f6-2c19039ca37f","order":15,"text":"NOW IT IS HEREBY AGREED as follows:","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"18","cflou":false,"active":true},{"id":"f8660abe-8d71-49be-89f6-11ae3e86b317","order":16,"text":"1. DEFINITIONS AND INTERPRETATION","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S01"},{"id":"ce5023d2-7cd5-47dd-b791-e5db538def73","order":17,"text":"In this Agreement, unless the context otherwise requires, the following expressions have the following meanings.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"a68ed6f1-a11e-4481-8c50-98ea472d35d7","order":18,"text":""Accounting Date" means [31 March] in each year, or such other date as the Partners may unanimously agree in writing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"8caf3d86-801c-4e9d-9a38-2eed075536cd","order":19,"text":""Accounts" means the annual balance sheet and profit and loss account of the Partnership prepared as at an Accounting Date.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"92e8024d-9a28-43d4-85bd-6fa1b414721f","order":20,"text":""Agreement" means this partnership agreement, as varied from time to time in accordance with the clause headed "General Provisions".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"83eb9d94-029b-4666-9c2c-a73ca4fe6c5e","order":21,"text":""Business" means the business described in the clause headed "The Business", together with any other business which the Partners may unanimously agree to carry on through the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"cd2af8c9-eafa-459e-bdda-d30c099e5bed","order":22,"text":""Business Day" means a day, other than a Saturday, Sunday or general holiday in Hong Kong, on which licensed banks in Hong Kong are open for general business; a day on which tropical cyclone warning signal number 8 or above, or a black rainstorm warning, is hoisted in Hong Kong for four hours or more during banking hours is not a Business Day.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"c7c9b1a7-0739-44d5-abbd-024b2548a8d8","order":23,"text":""Capital Account" means the account maintained in the books of the Partnership for each Partner recording that Partner's Capital Contribution and every subsequent adjustment to it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"a900226c-354b-4697-b4f4-515aec389025","order":24,"text":""Capital Contribution" means, in relation to each Partner, the amount or value of the capital contributed by that Partner as recorded in the clause headed "Capital Contributions", together with any further capital afterwards contributed by that Partner in accordance with this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"6d6cb054-383a-4366-a1f3-9489c72ec46f","order":25,"text":""Commencement Date" means the date on which the Partnership commenced or is to commence, as stated in the clause headed "Commencement and Duration".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"2ecc0708-d7df-444a-8513-6dd476f742eb","order":26,"text":""Confidential Information" means all information of a confidential nature relating to the Partnership, the Business, the Partners, the clients, customers, suppliers or employees of the Partnership, including client lists, pricing, know-how, financial information and the terms of this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"cb841edc-6259-4430-ae28-e2a50142bbd9","order":27,"text":""Continuing Partners" means, at any time, the Partners other than an Outgoing Partner.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"40a5ef17-5c60-4a84-abae-5631d21db4cb","order":28,"text":""Current Account" means the account maintained in the books of the Partnership for each Partner to which that Partner's share of Net Profits, salary if any, interest if any and drawings are credited or debited.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"79cf7678-a625-47c5-a7ab-5fd386e7629d","order":29,"text":""Encumbrance" means any mortgage, charge, pledge, lien, assignment by way of security, option, right of pre-emption or other third-party right or security interest of any kind.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"dac4b560-3f3f-4526-a5e6-595cff9fc251","order":30,"text":""Financial Year" means the period beginning on the day after one Accounting Date and ending on the next following Accounting Date, save that the first Financial Year begins on the Commencement Date.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"25088a2a-e0af-4b44-aa80-05c0f2332cc8","order":31,"text":""Firm Name" means [Name of the firm] or such other name as the Partners may unanimously adopt.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"2a88356a-9141-43bb-be90-51e4ee1dd234","order":32,"text":""HK$" means Hong Kong dollars, the lawful currency of Hong Kong.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b9717d36-b69e-4176-8c16-c7daa6447e9b","order":33,"text":""Net Profits" means the net profits of the Business for a Financial Year as shown by the Accounts, after deduction of all expenses properly attributable to the Business, including any Partners' salaries and any interest on capital or on advances payable under this Agreement, but before any tax payable by a Partner personally; and "losses" is to be construed accordingly.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"36f9f667-d623-4f78-af90-59aedaf8b8b7","order":34,"text":""Outgoing Partner" means a Partner who ceases to be a partner in the Partnership by reason of retirement, expulsion, death, bankruptcy or incapacity.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"42a4fd3d-e0cc-4b3c-a483-74138abda546","order":35,"text":""Partnership" or "Firm" means the partnership constituted by this Agreement and carried on under the Firm Name, the expression "firm" being used in the sense given by section 6 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"c7caf4e2-f57e-4a88-9548-6904ea207aae","order":36,"text":""Partnership Property" means all property, rights and interests originally brought into the Partnership, or acquired on account of the Partnership or for the purposes and in the course of the Business, within the meaning of section 22 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"35fa262d-a02a-4fc9-83f2-0ff7753cbc2a","order":37,"text":""Share" means, in relation to a Partner, that Partner's share and interest in the Partnership, including the balances standing on that Partner's Capital Account and Current Account and that Partner's share of Net Profits.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"d6b3641d-35bc-4069-ace6-d29af1ca73e8","order":38,"text":"Headings are inserted for convenience only and do not affect the construction of this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"c8e289a1-d43d-42bb-b4b5-5c37e2c6f6b9","order":39,"text":"Words importing the singular include the plural and the reverse; words importing one gender include every gender; and a reference to a person includes an individual, a body corporate, a partnership and an unincorporated association.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"a7bec2b6-1818-43b4-9e6f-dc3daeaa976b","order":40,"text":"A reference to a statutory provision is a reference to that provision as amended, extended, consolidated or re-enacted from time to time, and includes any subsidiary legislation made under it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"3823e113-86b8-4b91-ae73-45d6e8c4f86f","order":41,"text":"A reference to a clause by its heading is a reference to the corresponding clause of this Agreement, however that clause may be numbered from time to time.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"286b945f-82a1-4913-a10d-3130a09f0578","order":42,"text":"Where a Partner is a body corporate, an obligation expressed to be personal to a Partner is to be performed by that Partner through the individual duly authorised by it for that purpose and notified in writing to the other Partners, and that body corporate remains fully liable for the performance of the obligation.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"e2bdd9b2-5fb5-4dff-ac9a-b7c3bd4da53d","order":43,"text":"Time is of the essence in relation to any period expressed in this Agreement for the service of a notice of retirement, expulsion or dissolution.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"c5759187-9c5d-4384-94ab-b6a3c7ed6992","order":44,"text":"2. FORMATION, NAME AND STATUS OF THE PARTNERSHIP","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S02"},{"id":"e9c9eae5-c805-4080-b306-d925723ec558","order":45,"text":"The Partners agree to carry on the Business in common with a view of profit as partners under the Firm Name, namely [Name of the firm], upon the terms of this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"aa23e51d-8932-4efa-ab2b-922d7e149cc1","order":46,"text":"The Partnership is a general partnership governed by the Ordinance. It is not a limited partnership registered under the Limited Partnerships Ordinance (Cap. 37) and no Partner enjoys limited liability.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"38cb9cce-ff9d-4e2f-ba26-4bfaacfa2be5","order":47,"text":"Every Partner is liable jointly with the other Partners for all debts and obligations of the Partnership incurred while that person is a partner, in accordance with section 11 of the Ordinance; and every Partner is liable jointly and severally for the wrongful acts and omissions and the misapplications of money or property referred to in sections 12 and 13 of the Ordinance, as provided by section 14 of that Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"bf292dfe-a89d-44ca-858a-147946ab6fad","order":48,"text":"The Partnership comprises the two Partners named above and no other person. The Partners shall not admit any person as a partner if the number of partners would then exceed the maximum permitted by law for an unincorporated partnership carrying on business in Hong Kong.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"22054bee-bc59-4885-b063-828b840132ed","order":49,"text":"Each Partner is the agent of the Firm and of the other Partners for the purpose of the Business, in accordance with section 7 of the Ordinance. No Partner may bind the Firm in any matter falling outside the ordinary course of the Business without the authority required by this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"27b53426-74a6-4334-aa89-ebc62ff00c21","order":50,"text":"The Partners may agree to restrict the power of one or more of them to bind the Firm; such a restriction has no effect against a person dealing with the Firm unless that person has notice of it, as provided by section 10 of the Ordinance, and the Partners shall give that notice to any person with whom the Firm deals where the restriction is material.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b86964bc-c3f4-49f0-abd1-908c1fd5994b","order":51,"text":"The Firm Name may be changed only with the unanimous written consent of the Partners, and the Partners shall then notify the Commissioner of Inland Revenue of the change in accordance with the Business Registration Ordinance (Cap. 310).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"fbe1ce59-3c56-45b0-8662-8f144b23645a","order":52,"text":"The Partnership is not dissolved by the retirement, expulsion, death, bankruptcy or incapacity of a Partner where this Agreement provides for the Partnership to continue between the Continuing Partners, and to that extent the Partners exclude section 35 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"9b57b63e-3afd-45e7-a5d2-892317399893","order":53,"text":"3. REPRESENTATIONS AND WARRANTIES OF THE PARTNERS","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S03"},{"id":"366c60e2-c096-4bc9-b535-a36e10ef2509","order":54,"text":"Each Partner represents and warrants to each of the other Partners that, at the date of this Agreement, that Partner has full power and capacity to enter into this Agreement and to carry on the Business and, being a body corporate, is duly incorporated and validly existing and has obtained every corporate authorisation required for that purpose.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"af555f00-c67e-4b73-8940-c05e651c493c","order":55,"text":"Each Partner represents and warrants that that Partner is not an undischarged bankrupt, is not subject to any individual voluntary arrangement or composition with creditors and, being a body corporate, is not insolvent and is not subject to any winding-up, receivership or similar process.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"54db7c2a-5b76-45ac-90f2-e1c51306ba0f","order":56,"text":"Each Partner represents and warrants that that Partner is not bound by any restrictive covenant, contract of employment, court order or professional rule which would prevent or restrict that Partner from entering into this Agreement or from taking part in the Business, and that that Partner holds every qualification, licence and registration necessary for that purpose.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"e3b55aca-00b5-40a5-820f-4f505d75e858","order":57,"text":"Each Partner represents and warrants that that Partner has not been convicted of any offence involving dishonesty and is not, so far as that Partner is aware, the subject of any pending investigation or disciplinary proceeding which might affect the Business or the reputation of the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"1716bc62-d4cd-4a57-8fe2-0eba6b18db8e","order":58,"text":"Each Partner shall notify the other Partners immediately upon becoming aware that any of these representations and warranties has ceased to be true, and shall indemnify the other Partners against all loss, liability and reasonable costs suffered by them by reason of any of them having been untrue when given.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"4058dee0-ad50-4963-884f-ae92e3c3aa2e","order":59,"text":"4. THE BUSINESS","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S04"},{"id":"0a112bc6-c749-4bbf-91be-f14d7cd29527","order":60,"text":"The business of the Partnership is [Description of the business carried on by the firm], together with every activity reasonably incidental to it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"6eddcb2a-0e15-40a0-b93b-57c31fd6401a","order":61,"text":"No change may be made in the nature of the Business without the consent of all the Partners, in accordance with section 26(h) of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"3f1a42aa-17d0-47a4-9847-4e52620a0cff","order":62,"text":"The Partners shall procure that every licence, permit, registration and consent required for the lawful conduct of the Business in Hong Kong is obtained before the relevant activity is carried on and is maintained in force for so long as the Business is carried on.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"fa0097ba-b03f-4e69-81f1-c204ca79c209","order":63,"text":"The Partnership shall carry on the Business honestly, diligently and in compliance with all applicable laws of Hong Kong, and shall not carry on any business which is unlawful or which would render the Partnership illegal within the meaning of section 36 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"03bb2484-cb28-4fb9-b49c-adc2d61df5bb","order":64,"text":"5. PLACE OF BUSINESS AND BUSINESS REGISTRATION","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S05"},{"id":"7b32baef-bf7e-4868-978a-fc2b18994ca2","order":65,"text":"The principal place of business of the Partnership is [Address of the principal place of business], or such other place in Hong Kong as the Partners may agree.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"bd876317-7232-4357-8d16-19cd97b47b2e","order":66,"text":"The Partners shall procure that application for registration of the Business is made to the Commissioner of Inland Revenue within one month of the commencement of the Business, as required by the Business Registration Ordinance (Cap. 310), and that the business registration certificate is renewed before each expiry.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"19858493-8309-4341-8d72-20c3f1abd5f5","order":67,"text":"The business registration number allocated to the Business is [Business registration certificate number]. Each Partner shall be shown as a partner of the Business in the Business Register maintained under the Business Registration Ordinance (Cap. 310).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"bf5ec20f-c7c3-49b0-b189-e10a94174703","order":68,"text":"A valid business registration certificate shall at all times be displayed at the principal place of business, and a branch registration certificate shall be obtained and displayed at every other place at which the Business is carried on.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"253a5af8-4d16-4fea-9ac9-7cc33bd867c1","order":69,"text":"The Partners shall notify the Commissioner of Inland Revenue in writing within one month of any change in the registered particulars of the Business, including any change in the Firm Name, in the address at which the Business is carried on, in the nature of the Business or in the persons who are partners, and within one month of any cessation of the Business.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"1cc090b9-4348-4efe-b2bf-c834eb99cfbc","order":70,"text":"The Partners acknowledge that the issue of a business registration certificate does not of itself authorise the carrying on of the Business or evidence compliance with any other requirement of law.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"70b633f5-8b6e-494f-adac-28fbf98d0d89","order":71,"text":"6. COMMENCEMENT AND DURATION","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S06"},{"id":"23595fef-2f83-4307-8538-9d969c5409cf","order":72,"text":"The Partnership shall commence on [Date of commencement], which is the Commencement Date.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"d48eb455-4a00-4a76-9ac2-dc9c64bf793a","value":"new","type":"add","operator":"="}]},{"id":"f92900cc-a8c1-42a6-bac8-138de5f51b30","order":73,"text":"The Partnership is treated as having commenced on [Date of commencement], being the date on which the Partners began to carry on the Business in common, and that date is the Commencement Date; the terms of this Agreement apply between the Partners as from the date of this Agreement without prejudice to any right or liability accrued before that date.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"d48eb455-4a00-4a76-9ac2-dc9c64bf793a","value":"existing","type":"add","operator":"="}]},{"id":"f42f08a2-5114-4709-b774-e984c9588260","order":74,"text":"All assets acquired and used for the purposes of the Business before the date of this Agreement, and all rights arising from the conduct of the Business before that date, are Partnership Property; and all debts and liabilities properly incurred in the conduct of the Business before that date are liabilities of the Partnership, to be borne by the Partners in the proportions in which they share Net Profits, unless the Partners have agreed otherwise in writing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"d48eb455-4a00-4a76-9ac2-dc9c64bf793a","value":"existing","type":"add","operator":"="}]},{"id":"e551cc0e-a1b5-4a5f-8ade-3dcbb4c02206","order":75,"text":"The Partners shall, within 30 days after the date of this Agreement, prepare and sign a statement of the assets and liabilities of the Business as at that date; the Capital Account of each Partner shall then be adjusted so as to correspond with that Partner's Capital Contribution as recorded in this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"d48eb455-4a00-4a76-9ac2-dc9c64bf793a","value":"existing","type":"add","operator":"="}]},{"id":"4b4e7488-3c25-422a-a9ba-3a3517961882","order":76,"text":"The Partnership is entered into for an indefinite term and continues until it is determined in accordance with this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"2fd3bafd-4575-4656-9dd4-9df16a39fe43","value":"atwill","type":"add","operator":"="}]},{"id":"f5dba1a1-20e0-462c-8685-d3794dcab924","order":77,"text":"The Partners agree that the right of a Partner to determine the Partnership at any time by notice under section 34 of the Ordinance is excluded, and that a Partner who wishes to cease to be a partner shall retire in accordance with the clause headed "Retirement of a Partner".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"2fd3bafd-4575-4656-9dd4-9df16a39fe43","value":"atwill","type":"add","operator":"="}]},{"id":"3df5da8f-8bf0-4376-9c53-e3e6959a5036","order":78,"text":"The Partnership is entered into for a fixed term expiring on [Expiry date of the fixed term], unless previously determined in accordance with this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"2fd3bafd-4575-4656-9dd4-9df16a39fe43","value":"fixed","type":"add","operator":"="}]},{"id":"28ff7dba-f444-4ede-9a9d-4a42420b00c5","order":79,"text":"If the Partners continue the Business after the expiry of the fixed term without any new agreement, the rights and duties of the Partners remain the same as at the expiry of the term, so far as they are consistent with the incidents of a partnership at will, in accordance with section 29 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"2fd3bafd-4575-4656-9dd4-9df16a39fe43","value":"fixed","type":"add","operator":"="}]},{"id":"baaec566-42ae-4f78-a490-34e6d24680f0","order":80,"text":"The Partnership may at any time be determined by the unanimous written agreement of the Partners, in which case the clause headed "Dissolution and Winding Up" applies.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"f7da101d-58f9-4e5b-b68c-956ffcced7c0","order":81,"text":"7. CAPITAL CONTRIBUTIONS","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S07"},{"id":"af2e46e5-3524-452c-9773-81499f92bc05","order":82,"text":"The capital of the Partnership consists of the contributions of the Partners set out below, which shall be credited to the Capital Account of each Partner.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"2a58883b-adaa-4008-9648-2660b1ae5f54","order":83,"text":"The First Partner contributes in cash the sum of HK$[Amount].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"f06cad92-408d-4492-b34c-6c1cc2e0d17d","order":84,"text":"The Second Partner contributes in cash the sum of HK$[Amount].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"e2ab7064-aaec-4f32-b0d4-6ebe0741b0ab","order":85,"text":"The Third Partner contributes in cash the sum of HK$[Amount].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"223ad99e-e87a-4ff9-a227-b7bfc50879f2","value":"two","type":"remove","operator":"="}]},{"id":"909998af-78e4-4a36-bbd3-b165092435d5","order":86,"text":"The Fourth Partner contributes in cash the sum of HK$[Amount].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"223ad99e-e87a-4ff9-a227-b7bfc50879f2","value":"two","type":"remove","operator":"="},{"field":"223ad99e-e87a-4ff9-a227-b7bfc50879f2","value":"three","type":"remove","operator":"="}]},{"id":"c541ceaf-4f25-4421-8fe7-44e359286d08","order":87,"text":"Each Capital Contribution shall be paid into the bank account of the Partnership, or the relevant assets transferred to the Partnership, on or before the Commencement Date or such later date as the Partners may agree in writing. Property contributed in kind becomes Partnership Property upon transfer and shall be valued at the amount stated above.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"852e83ec-4cfe-4781-a3fa-f6f919112072","order":88,"text":"No Partner may withdraw any part of that Partner's Capital Contribution without the unanimous written consent of the Partners.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"24bd6d11-38c6-4ee5-901e-cfc7323f398e","order":89,"text":"If further capital is required for the Business, it shall be contributed by the Partners in the proportions in which they share Net Profits, unless the Partners unanimously agree otherwise; but no Partner is obliged to contribute further capital without that Partner's written consent, and if a Partner does not contribute, the shares in Net Profits may be adjusted by unanimous agreement to reflect the contributions actually made.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"353f4a38-ce43-48c5-8e69-1a0201747b7d","order":90,"text":"8. INTEREST ON CAPITAL AND PARTNERS' ADVANCES","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S08"},{"id":"f99ea2ce-740c-4c62-aec1-48ab25312ff6","order":91,"text":"No Partner is entitled to interest on that Partner's Capital Contribution or on any balance standing to the credit of that Partner's Capital Account, in accordance with section 26(d) of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"a7de3826-85f0-427e-b356-492cde8971fe","value":"none","type":"add","operator":"="}]},{"id":"bdd006f1-f561-4e88-906b-be058fb7ffc4","order":92,"text":"Interest shall be credited to each Partner on the balance standing to the credit of that Partner's Capital Account at the rate of [Rate] per cent per annum, calculated on a daily basis, and shall be charged as an expense of the Business before the ascertainment of Net Profits.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"a7de3826-85f0-427e-b356-492cde8971fe","value":"interest","type":"add","operator":"="}]},{"id":"2280c265-4610-4d4a-887c-0fdf878042a3","order":93,"text":"A Partner who, with the consent of the other Partners, advances money to the Partnership beyond the amount of that Partner's Capital Contribution is entitled to interest on that advance at the rate of 8 per cent per annum from the date of the advance, in accordance with section 26(c) of the Ordinance, unless the Partners agree a different rate in writing. Such an advance is a debt of the Partnership and does not form part of its capital.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"7f488c88-cb76-4169-85af-54463547ed88","order":94,"text":"An advance is repayable on such terms as the Partners agree in writing at the time it is made or, in the absence of agreement, on the earlier of the dissolution of the Partnership and the expiry of 3 months' written notice given by the lending Partner.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"ce3b4900-c168-4117-b1d4-95f71ffd7969","order":95,"text":"9. CAPITAL ACCOUNTS AND CURRENT ACCOUNTS","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S09"},{"id":"5e3822ed-d5da-418f-ac77-a83c01a310eb","order":96,"text":"A separate Capital Account and a separate Current Account shall be maintained in the books of the Partnership for each Partner.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"f805ddb4-a418-4bd7-ae0e-da46615505d1","order":97,"text":"There shall be credited to a Partner's Current Account that Partner's share of the Net Profits, any salary and any interest payable to that Partner under this Agreement, and any sum properly disbursed by that Partner on behalf of the Partnership; and there shall be debited to it that Partner's drawings, that Partner's share of the losses and any sum properly payable by that Partner to the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"95b1b0f5-137a-40d3-a0fa-79d404180d76","order":98,"text":"No interest is payable on a credit balance and no interest is chargeable on a debit balance on a Current Account, unless the Partners agree otherwise in writing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b8ac97ef-b333-408f-87c7-df70b78a1f3d","order":99,"text":"A Partner whose Current Account stands in debit at an Accounting Date shall make good the deficiency within 30 days after the Accounts for that Financial Year have been signed, unless the Partners agree that the deficiency may be carried forward.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"fc5b2a6c-9023-4d3a-ad4e-d4d5561228bc","order":100,"text":"10. PROFITS AND LOSSES","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S10"},{"id":"fa3007e7-3c8d-43d3-b5f1-784585663c06","order":101,"text":"The Net Profits of the Business shall be divided between the Partners, and the losses of the Business shall be borne by them, in equal shares.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"ea174350-63f3-4a7d-8595-696f777e995a","order":102,"text":"Accordingly each Partner is entitled to an equal share of the Net Profits and must contribute equally towards the losses, whether of capital or otherwise, sustained by the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"f3374fc4-ec5a-4eea-afc3-3ff7a6b46369","value":"in equal shares","type":"add","operator":"="}]},{"id":"6a71abd4-ab8a-4b41-8009-c97719b93e31","order":103,"text":"Accordingly the share of each Partner in the Net Profits and in the losses is at all times the proportion which that Partner's Capital Contribution bears to the aggregate of the Capital Contributions of all the Partners, recalculated whenever a Capital Contribution is increased or reduced in accordance with this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"f3374fc4-ec5a-4eea-afc3-3ff7a6b46369","value":"in proportion to their respective Capital Contributions","type":"add","operator":"="}]},{"id":"d1f10ea4-eabf-46f1-ae7c-e422fff6c033","order":104,"text":"The shares agreed between the Partners, which together amount to 100 per cent — namely [First Partner 40 per cent; Second Partner 35 per cent; Third Partner 25 per cent] — apply to both Net Profits and losses and may be varied only by the unanimous written agreement of the Partners.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"f3374fc4-ec5a-4eea-afc3-3ff7a6b46369","value":"in the proportions agreed between them and recorded below","type":"add","operator":"="}]},{"id":"2a601531-0e96-4982-8633-fc3c8bd8cb3d","order":105,"text":"The Net Profits shall be ascertained from the Accounts and, after deduction of such sums as the Partners may agree to retain as working capital or reserves, shall be credited to the Current Accounts of the Partners within 30 days after the Accounts have been approved.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"c77a998e-c312-4a17-91ef-a598dd2b859f","order":106,"text":"A person who becomes or ceases to be a Partner during a Financial Year is entitled to, or bears, a proportion of the Net Profits or losses of that Financial Year calculated on a time basis, unless the Partners agree that accounts shall be made up to the date of the change.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"9ef695ef-0f59-43b4-a4dc-c931da6aab98","order":107,"text":"No Partner may assign, charge or otherwise deal with any future share of Net Profits without the unanimous written consent of the Partners.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"7e156f4c-a06b-4992-a5e7-f959e6532b3b","order":108,"text":"11. DRAWINGS AND PARTNERS' REMUNERATION","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S11"},{"id":"2b169e56-09fa-48af-9682-14062288de62","order":109,"text":"No Partner is entitled to any salary or other remuneration for acting in the partnership business, in accordance with section 26(f) of the Ordinance, and the Partners are remunerated solely by their shares of the Net Profits.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"60e4db15-8318-4080-8a45-619340975786","value":"none","type":"add","operator":"="}]},{"id":"79d48ffc-fb10-4fd6-8c1e-bc87bb26dd31","order":110,"text":"In addition to their shares of the Net Profits, the Partners are entitled to the monthly salaries agreed between them — namely [First Partner HK$40,000; Second Partner HK$35,000] — which shall be treated as an expense of the Business and charged before the ascertainment of Net Profits.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"60e4db15-8318-4080-8a45-619340975786","value":"salary","type":"add","operator":"="}]},{"id":"9f95223f-0246-4566-98c3-68b670f66246","order":111,"text":"Each Partner may draw on account of that Partner's anticipated share of the Net Profits a sum not exceeding HK$[Monthly drawings limit] in any calendar month, or such other sum as the Partners may agree in writing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"e84caeb3-923e-478a-a614-63711e737126","order":112,"text":"If at an Accounting Date a Partner has drawn more than that Partner's share of the Net Profits for the Financial Year then ended, the excess shall be repaid to the Partnership within 30 days after the Accounts have been signed, or set against that Partner's future entitlements as the Partners may agree.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"0f377fe3-a238-4246-a51c-56c6627a22ac","order":113,"text":"The Partnership shall indemnify every Partner in respect of payments made and personal liabilities incurred by that Partner in the ordinary and proper conduct of the Business, or in doing anything necessarily done for the preservation of the Business or of Partnership Property, in accordance with section 26(b) of the Ordinance. No Partner is entitled to be reimbursed for expenditure incurred otherwise than in the ordinary and proper conduct of the Business.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"e57b6924-a2db-4886-9a36-307326bc9ec5","order":114,"text":"12. BANKING","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S12"},{"id":"d38742fa-b1e6-44fd-a65c-754782844467","order":115,"text":"All money belonging to the Partnership shall be paid without delay into a bank account maintained in the Firm Name with [Name of the bank], or with such other licensed bank in Hong Kong as the Partners may agree.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"c2303184-58ae-43a2-84aa-e4ad4f2e1974","order":116,"text":"Cheques, payment instructions and other instruments drawn on an account of the Partnership shall be signed by any one Partner.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"aff938c1-16ea-47d8-b57c-b939ff1a57ab","order":117,"text":"No Partner may, without the consent of the other Partners, overdraw an account of the Partnership, pledge the credit of the Partnership otherwise than in the ordinary course of the Business, or use the credit of the Firm for a private purpose within the meaning of section 9 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"4cec53ed-7017-4f88-9567-844737afa185","order":118,"text":"Money of the Partnership shall be kept separate from the private money of any Partner, and no Partner may mix Partnership money with that Partner's own.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"adf72b7a-6408-4e4b-8adb-5e507ad270cf","order":119,"text":"13. BOOKS, RECORDS AND ANNUAL ACCOUNTS","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S13"},{"id":"49d925fd-6db9-4ea3-b74d-cb113cfb289d","order":120,"text":"Proper books of account shall be kept at the principal place of business, showing all the transactions, assets and liabilities of the Partnership. Every Partner, and any professional adviser authorised by a Partner, may inspect and take copies of them at any reasonable time, in accordance with section 26(i) of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"c11c731c-00dc-469e-8074-d1be643ddd6d","order":121,"text":"Each Partner shall render true accounts and full information of all things affecting the Partnership to every other Partner and to the legal personal representative of any Partner, in accordance with section 30 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"eb512321-63a6-4cab-b973-6a9d1c7a63b3","order":122,"text":"Accounts shall be prepared as at each Accounting Date within 3 months after that date and shall be signed by every Partner. Once signed, the Accounts are binding on the Partners, save that a manifest error or an error procured by fraud may be corrected if notified within 12 months after signature.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b0f67cf8-4b1a-465a-8535-5b1c60bb2ea3","order":123,"text":"The Partners may unanimously appoint an accountant or auditor to prepare, review or audit the Accounts, whose remuneration shall be an expense of the Business.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"ca081bbc-99bb-4391-8b31-cd9451cd51e0","order":124,"text":"The Partnership shall retain its books, vouchers and records for not less than 7 years, as required by the Inland Revenue Ordinance (Cap. 112).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"556447e9-b521-46ec-a6ea-c0e11025f1b1","order":125,"text":"14. TAXATION AND STATUTORY COMPLIANCE","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S14"},{"id":"997ffab1-c9f3-4225-a5c2-a59ca2af718e","order":126,"text":"The assessable profits of the Business are chargeable to profits tax in the name of the Partnership in accordance with section 22 of the Inland Revenue Ordinance (Cap. 112). The tax so charged is a liability of the Partnership, recoverable out of the Partnership Property, and is borne by the Partners in the proportions in which they share Net Profits.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"0ca204d8-fbaf-40fe-8585-c77fb3c06e76","order":127,"text":"Before any distribution of Net Profits, the Partners shall cause the Partnership to retain such reserve as they consider prudent to meet the profits tax of the Partnership and any provisional tax payable; and any additional tax, surcharge or penalty attributable to the default of a particular Partner shall be debited to that Partner's Current Account.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"661a6f33-947d-410c-934a-fb314f56def2","order":128,"text":"The First Partner shall act as precedent partner and shall be responsible for making and delivering the profits tax returns of the Partnership, for keeping the Commissioner of Inland Revenue informed of the Partners for the time being and for dealing with the Commissioner on behalf of the Partnership. The other Partners shall give the precedent partner all information and assistance reasonably required for that purpose.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"7548febd-968f-45c3-919a-81ebc31fb562","order":129,"text":"Each Partner remains personally responsible for any tax charged on that Partner personally, including salaries tax and tax on income from sources outside the Partnership, and shall indemnify the Partnership and the other Partners against any liability, cost or penalty suffered by them by reason of that Partner's default.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"bbdaefc3-f11a-4209-9bff-fc3791cbe0b0","order":130,"text":"Each Partner who is an individual shall enrol as a self-employed person in a registered scheme under the Mandatory Provident Fund Schemes Ordinance (Cap. 485) and shall make the mandatory contributions required of a self-employed person.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"8874404d-5ff7-4792-8f42-df0ba0e9ffb0","order":131,"text":"The Partnership shall enrol its eligible employees in a registered mandatory provident fund scheme and shall comply with the Employment Ordinance (Cap. 57), the Employees' Compensation Ordinance (Cap. 282), the Minimum Wage Ordinance (Cap. 608) and every other enactment applicable to its employees.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"0f62b2ce-df8c-4087-ac4c-a581bcba43d5","order":132,"text":"Any stamp duty payable under the Stamp Duty Ordinance (Cap. 117) on the transfer into the Partnership of Hong Kong immovable property or Hong Kong stock, or on any transfer of a Partner's interest in such property, shall be borne as the Partners agree or, in the absence of agreement, by the Partnership; and the Partners shall procure that every chargeable instrument is duly stamped within the time allowed.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"317703f6-07ee-4ed8-9b45-dbb4233844da","order":133,"text":"15. MANAGEMENT AND DECISION-MAKING","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S15"},{"id":"af4053fc-945f-479c-b12f-b78149e9bbb4","order":134,"text":"Every Partner may take part in the management of the Business, in accordance with section 26(e) of the Ordinance, and the Partners shall manage the Business jointly, consulting one another on all matters of importance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"3d93844c-ac06-409f-9a1b-fb82c307ee19","value":"joint","type":"add","operator":"="}]},{"id":"a0c41c36-726c-46e1-9ae1-5361a7a6b451","order":135,"text":"The day-to-day management and conduct of the Business is entrusted to the First Partner as managing partner (the "Managing Partner"), who shall devote such time as the Business requires, shall keep the other Partners fully informed and shall comply with every direction given by a decision of the Partners taken in accordance with this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"3d93844c-ac06-409f-9a1b-fb82c307ee19","value":"managing","type":"add","operator":"="}]},{"id":"159323d3-2fb5-43a3-be89-2c6ac4505d3f","order":136,"text":"The appointment of the Managing Partner may be revoked at any time by the unanimous decision of the other Partners, and the Managing Partner may resign that office on one month's written notice without ceasing to be a Partner. The office does not entitle the Managing Partner to any additional share of Net Profits unless the Partners agree otherwise in writing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"3d93844c-ac06-409f-9a1b-fb82c307ee19","value":"managing","type":"add","operator":"="}]},{"id":"9bb0ece2-c3b4-4372-9a05-c02c821b8433","order":137,"text":"Differences arising as to ordinary matters connected with the Business shall be decided by a majority of the Partners; but no change may be made in the nature of the Business without the consent of all the Partners, in accordance with section 26(h) of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"321153f3-bce4-4b42-ba25-8d11a80cb793","order":138,"text":"On a vote of the Partners each Partner has one vote. Where the votes are equally divided the matter is not carried; and if the deadlock continues for more than 30 days after the vote, any Partner may refer the matter to be dealt with under the clause headed "Dispute Resolution".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"6fd305e6-385c-499a-9d5c-8c8183c0ca76","order":139,"text":"The Partners may by unanimous written agreement delegate a specified function of management to one or more of their number or to an employee, and may at any time revoke that delegation.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"a5afb691-1e28-4111-93e9-5e3a12837e1d","order":140,"text":"16. MATTERS REQUIRING UNANIMOUS CONSENT","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S16"},{"id":"265b9acc-de5e-45b7-a2a9-284e84853b8d","order":141,"text":"The following require the prior written consent of all the Partners:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"c1081593-7169-45ad-8938-97cf483bc530","order":142,"text":"— admitting any person as a partner in the Partnership, as contemplated by section 26(g) of the Ordinance;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"b07f4bea-efbb-44d4-9898-b894bc109c4c","order":143,"text":"— changing the Firm Name, the nature of the Business or the principal place of business;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c99958d9-4420-4992-bf63-e21000547d66","order":144,"text":"— borrowing money, creating any Encumbrance over Partnership Property, or giving any guarantee, indemnity or surety, otherwise than in the ordinary course of the Business;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"39e89687-bd0d-45ad-9307-3089582858b7","order":145,"text":"— acquiring or disposing of any asset of the Partnership, or entering into any commitment, of a value exceeding HK$[Amount];","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"653cefa7-71f7-4e68-ba5f-6fcba801cf59","order":146,"text":"— commencing, settling or discontinuing any legal or arbitral proceedings, other than proceedings for the recovery of debts in the ordinary course of the Business;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"7315ebc2-f1ca-4814-acc6-427fd03f6556","order":147,"text":"— engaging or dismissing any employee whose annual remuneration exceeds the amount referred to above, or granting any employee an interest in the profits of the Business;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"72319447-79cf-4025-87bd-dac9f1e37548","order":148,"text":"— varying this Agreement, the Capital Contributions or the shares in which Net Profits and losses are divided and borne;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"b2ce316b-a771-46bd-80b0-b098e07bd8ac","order":149,"text":"— assigning, charging or otherwise dealing with the whole or any part of a Partner's Share;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"52e1ddbc-c7b2-4e0f-bf93-f4611af7ff14","order":150,"text":"— dissolving the Partnership otherwise than in accordance with this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"2857e273-3105-48eb-a6f4-2c1f01c97d5d","order":151,"text":"17. MEETINGS OF THE PARTNERS","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S17"},{"id":"ff8f2927-d71f-4336-a70b-f3845601750f","order":152,"text":"The Partners shall meet at least once in every period of 3 months to review the conduct and finances of the Business.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"5d47c346-c913-41b7-8d75-a93350cc46ce","order":153,"text":"Any Partner may convene a meeting of the Partners by giving not less than 7 days' written notice specifying the business to be transacted, or on shorter notice with the consent of all the Partners.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"e50fd6f9-dfa0-4192-acf0-df07cde2eb91","order":154,"text":"The quorum for a meeting is all the Partners then entitled to attend, present in person or by telephone or video conference. If a quorum is not present within 30 minutes of the appointed time, the meeting stands adjourned to the same time and place 7 days later, when those Partners present constitute a quorum.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"90141f37-bc74-4e29-a141-e47e7cc2d2c4","order":155,"text":"A resolution in writing signed by all the Partners is as valid and effective as a resolution passed at a duly convened meeting, and may be signed in counterparts.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b74defa8-5b0b-42ab-b80b-025d11a2e5da","order":156,"text":"Minutes of every meeting and of every written resolution shall be kept with the books of the Partnership and shall be available to every Partner.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"23ad5f0e-ee86-4ec0-ac8c-399f09e33991","order":157,"text":"18. DUTIES OF THE PARTNERS","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S18"},{"id":"ed178e67-fe19-40a8-aa92-ce8f8d97907e","order":158,"text":"Each Partner shall at all times act towards the other Partners with the utmost good faith and shall be just and faithful to them in all transactions relating to the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"926b8897-f3b1-42fb-a3a9-fc125617aaa2","order":159,"text":"Each Partner shall devote such time, attention and skill to the Business as is necessary for its proper conduct and shall use best endeavours to promote the interests and reputation of the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"f8c6ef13-6f2d-4985-8e61-839d0afad302","order":160,"text":"No Partner may, without the consent of the other Partners, carry on any business of the same nature as, and competing with, the Business; and a Partner who does so shall account for and pay over to the Partnership all profits made in that business, in accordance with section 32 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"2d289bbd-8d30-47ab-bfdd-b2378b524b19","order":161,"text":"Each Partner shall account to the Partnership for any benefit derived without the consent of the other Partners from any transaction concerning the Partnership, or from any use by that Partner of Partnership Property, the Firm Name or the business connection of the Partnership, in accordance with section 31 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"97e940d7-c034-47dd-a8d8-5e071a00e6e6","order":162,"text":"Each Partner shall punctually pay that Partner's own separate debts and shall indemnify the other Partners and the Partnership Property against those debts and against all proceedings, costs and claims in respect of them.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"34359804-0c94-4e62-be8d-30267d54941f","order":163,"text":"Each Partner shall comply with the Prevention of Bribery Ordinance (Cap. 201) and shall not offer, give, solicit or accept any advantage in connection with the Business; and each Partner shall take reasonable steps to ensure that the Partnership is not used in contravention of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"d3842295-c651-48fb-8150-2f14db17f218","order":164,"text":"No Partner may represent, or knowingly allow any person to represent, that any person is a partner in the Firm when that person is not; and the Partners shall take reasonable steps to prevent any person from being held out as a partner, having regard to section 16 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"5810757f-7717-440c-b496-57f472f3c143","order":165,"text":"Each Partner is entitled to such holiday as the Partners may agree, not exceeding in aggregate 20 Business Days in each Financial Year, to be taken at times which do not prejudice the conduct of the Business; and each Partner shall give the others reasonable notice of any intended absence and prompt notice of any unforeseen absence exceeding 5 consecutive Business Days.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"7729436a-6bca-4da1-afa5-f6c0725c0712","order":166,"text":"Each Partner shall give the other Partners prompt written notice of any event which would entitle the other Partners to expel that Partner, of any claim made against that Partner in connection with the Business and of any conflict between that Partner's personal interests and the interests of the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"039fa0ca-d777-42d2-ab85-722f8559859e","order":167,"text":"19. RESTRICTIONS ON THE PARTNERS","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S19"},{"id":"3f5830e0-dbe0-4d9d-94ab-40cdc364303d","order":168,"text":"No Partner may, without the prior written consent of the other Partners, do any of the following:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"045a3086-c837-4f29-8228-dee6943b54fa","order":169,"text":"— assign, charge or otherwise dispose of that Partner's Share or any part of it; and the Partners record that, under section 33 of the Ordinance, an assignee of a share is not entitled to interfere in the management of the Business or to require accounts of the partnership transactions;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"07e6f424-1154-4354-8ebf-6a22a31a5429","order":170,"text":"— lend money or deliver property of the Partnership on credit, otherwise than in the ordinary course of the Business and on the Partnership's usual terms;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"c19705ff-68b1-4da8-ad72-1091f97b83d3","order":171,"text":"— give any guarantee, indemnity or surety in the name of the Partnership, or become surety for any person in a manner which may expose the Partnership to liability;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"bd18ed95-1ff8-43a8-8b62-108a53238fb5","order":172,"text":"— compromise or release any debt owed to the Partnership, otherwise than by accepting payment in full in the ordinary course of the Business;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"29e4b638-17b7-49cb-9c9e-84b004c0205f","order":173,"text":"— employ any money, goods or effects of the Partnership, or allow the Firm Name or credit of the Partnership to be used, otherwise than for the purposes of the Business;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"261c7aed-a22e-454b-bf6c-96596a3bfa19","order":174,"text":"— enter into any bond, or knowingly do any act by which Partnership Property may be taken in execution or otherwise put at risk;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"6f9465f0-09b2-4246-bde9-1a4fbe875745","order":175,"text":"— engage in any activity which would make it unlawful for the Business to be carried on, or which is likely to bring the Partnership into disrepute.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"06cb7b09-9e69-4b4b-92bd-c76c53ec4461","order":176,"text":"Where the Partners consent to a Partner disposing of the whole or any part of that Partner's Share, the other Partners have the right to acquire it, in the proportions in which they then share Net Profits, at the price offered by the proposed transferee or, if they so require, at the value determined in accordance with the clause headed "Continuation of the Partnership and Payment for an Outgoing Partner's Share"; that right shall be exercised by written notice within 30 days after notice of the proposed disposal.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"9b57c080-1d70-4647-887f-aefd721766b8","order":177,"text":"20. PARTNERSHIP PROPERTY AND INTELLECTUAL PROPERTY","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S20"},{"id":"2bff1fb0-cfeb-44ef-a877-01370986394d","order":178,"text":"All Partnership Property shall be held and applied by the Partners exclusively for the purposes of the Partnership and in accordance with this Agreement, as provided by section 22 of the Ordinance. Property bought with money belonging to the Partnership is deemed to have been bought on account of the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"f26d4857-b8c5-45b2-9647-709a487ec9d5","order":179,"text":"The legal title to Partnership Property may be held by one or more Partners as trustee for the Partnership, and each Partner shall execute every document necessary to give effect to the beneficial ownership of the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"4fac3140-6a08-42e7-9be6-1bef72ca9fb7","order":180,"text":"All intellectual property created by a Partner in the course of, or for the purposes of, the Business belongs to the Partnership. Each Partner assigns to the Partnership, by way of present assignment of future rights, all such intellectual property, and waives to the fullest extent permitted by the Copyright Ordinance (Cap. 528) all moral rights in it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"9cbff280-0dcb-4d41-a860-0cc9d5b0a7fd","order":181,"text":"The goodwill of the Business, the Firm Name, the client and customer connection and all records relating to them are Partnership Property. No Partner may use the Firm Name, or represent that that Partner is still a partner in the Partnership, after ceasing to be a Partner.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"3730a48c-0d98-4eb9-a58f-85f5c2882fd9","order":182,"text":"An asset used by the Partnership but owned personally by a Partner remains the separate property of that Partner only if the Partners have so agreed in writing, and the terms on which it is made available to the Partnership shall be recorded in writing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"f147014a-1fb4-4da8-a5af-3b4d82e368cc","order":183,"text":"21. CONFIDENTIALITY","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S21"},{"id":"064de60c-e4e7-45aa-ab1f-ba4e3589c69d","order":184,"text":"Each Partner shall keep the Confidential Information secret, shall use it only for the purposes of the Business and shall not disclose it to any third party, whether during the Partnership or after ceasing to be a Partner.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"8ac58673-c61b-445a-acc5-a9aa08cf1821","order":185,"text":"The obligation does not apply to information which is or becomes public otherwise than by breach of this Agreement, which was lawfully in the possession of the Partner before disclosure by the Partnership, or which is required to be disclosed by law, by a court or by a regulatory authority, in which case the disclosing Partner shall, so far as lawful, give the other Partners prior notice, nor to disclosure by a Partner to that Partner's own professional advisers who are themselves under a duty of confidence.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"f8420eb0-41de-44a1-a7af-ec4d745807be","order":186,"text":"Each Partner shall take reasonable steps to ensure that the employees, agents and advisers of the Partnership observe an equivalent obligation of confidence.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"6a7f6ca0-c071-486b-a22f-1f8e09ef79b9","order":187,"text":"On ceasing to be a Partner, a Partner shall deliver up to the Partnership all documents and materials containing Confidential Information, in whatever medium, and shall permanently delete any electronic copies within that Partner's control, save for one copy which may be retained solely for the purpose of complying with a legal or regulatory requirement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"53a28bec-1e0b-44d5-8f36-4889c65f978f","order":188,"text":"This clause continues in force without limit of time after a Partner ceases to be a Partner and after the dissolution of the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"1fd389a0-1116-4c16-8b4d-c928655e0ecc","order":189,"text":"22. PERSONAL DATA","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S22"},{"id":"7cf946ae-ea51-4e75-860f-3e010d950443","order":190,"text":"The Partnership and each Partner shall comply with the Personal Data (Privacy) Ordinance (Cap. 486) in relation to all personal data collected, held, processed or used in connection with the Business.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"6eb632a1-3a3d-42af-9d91-5aa73a36247e","order":191,"text":"Personal data of the Partners collected for the purposes of this Agreement shall be used only for the administration of the Partnership, for compliance with the Business Registration Ordinance (Cap. 310) and the Inland Revenue Ordinance (Cap. 112), and for such other purposes as the data subject has been informed of and, where required, has consented to.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"becd2224-5569-4c3b-b3a2-99dc6fb8c6ea","order":192,"text":"The Partners shall implement reasonable security measures against unauthorised or accidental access to, processing, erasure, loss or use of personal data held by the Partnership, and shall not transfer personal data outside Hong Kong except in accordance with the Personal Data (Privacy) Ordinance (Cap. 486) and with the notice given to the data subject.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"8642ef2a-c268-4a9f-9e4e-b6a13dda4d96","order":193,"text":"A Partner who ceases to be a Partner shall not retain, use or disclose personal data of clients, customers or employees of the Partnership except as required by law.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"c7c3de3b-1eb8-4080-b83a-e594ac5953e7","order":194,"text":"23. INSURANCE AND INDEMNITY","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S23"},{"id":"ba2298d1-39b6-422f-abb5-5d0e2623cb7d","order":195,"text":"The Partnership shall at all times maintain the employees' compensation insurance required by the Employees' Compensation Ordinance (Cap. 282) in respect of every employee of the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"716a16e8-a3ae-4dc1-923a-cf908f2c6eb8","order":196,"text":"The Partnership shall maintain such public liability, property, professional indemnity and other insurances as the Partners consider appropriate for the Business or as any applicable law, licence or contract requires, and the premiums are an expense of the Business.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"3cf4048e-e197-4518-8924-db6f45f81044","order":197,"text":"No Partner may do or omit anything which would render any policy of insurance of the Partnership void or voidable, or which would increase the premium payable, without the consent of the other Partners.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"3921dacf-a26f-49fb-b149-1c21bcf1993e","order":198,"text":"The Partners may effect and maintain policies of insurance on the life of each Partner, in such amounts as they agree, for the purpose of funding the amount payable to an Outgoing Partner; the premiums are an expense of the Business and the policies are Partnership Property unless the Partners agree otherwise in writing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"d7edbc91-ae31-4452-a4a4-6871d07cb9a3","order":199,"text":"A Partner who acts in breach of this Agreement, or who acts fraudulently, dishonestly or with wilful default, shall indemnify the other Partners and the Partnership against all loss, damage, liability and reasonable costs arising from that conduct; and any sum so payable may be debited to that Partner's Current Account.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"ec65af0a-5f9a-4fd1-ae78-782cf21da032","order":200,"text":"24. ADMISSION OF A NEW PARTNER","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S24"},{"id":"9582f4ae-8f41-4e9f-8a79-8921617888fa","order":201,"text":"No person may be introduced as a partner without the consent of all existing Partners, in accordance with section 26(g) of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"f4b92ee9-eefe-44be-928a-42d28afea44c","order":202,"text":"A person admitted as a partner shall first execute a deed of adherence, in a form approved by the Partners, by which that person agrees to be bound by this Agreement as if an original party to it, and the Partners shall record in writing the incoming partner's Capital Contribution and share of Net Profits and the consequent adjustment to the shares of the existing Partners.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"6d29df2d-3c87-4122-894a-03d574f2052c","order":203,"text":"A person who is admitted as a partner does not thereby become liable to the creditors of the Partnership for anything done before that person became a partner, in accordance with section 19 of the Ordinance, and the existing Partners shall indemnify the incoming partner against those liabilities.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"a2acad17-f229-4c15-83a6-4d31d3a26090","order":204,"text":"Before an admission takes effect, the assets of the Partnership may be revalued at the request of any Partner, and any surplus or deficit on revaluation shall be credited or debited to the Capital Accounts of the existing Partners in the proportions in which they then share Net Profits.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"ea7ff7b7-5072-418e-8b1b-bf850f717e45","order":205,"text":"The Partners shall notify the Commissioner of Inland Revenue of the change in the partners of the Business within one month, as required by the Business Registration Ordinance (Cap. 310).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"ef9ceefd-7cc4-4d19-9b49-3a8ff787e195","order":206,"text":"The Partners record that a continuing guarantee given to or by the Firm is, as to future transactions, revoked by any change in the constitution of the Firm, in accordance with section 20 of the Ordinance, unless the guarantee provides otherwise; and on every admission, retirement or expulsion the Partners shall review the guarantees, mandates and contracts of the Partnership and procure such new documents as are necessary.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"30cd679e-dc2f-4450-8cfc-fc02f3e39681","order":207,"text":"25. RETIREMENT OF A PARTNER","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S25"},{"id":"dec116b8-3276-4200-8a87-5efb0c278820","order":208,"text":"A Partner may retire from the Partnership by giving to each of the other Partners not less than [3] months' written notice expiring on an Accounting Date, or on such other date as the Partners may agree in writing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"4d1db5c7-cd9f-42c9-82eb-cfa57b3aaf47","order":209,"text":"The retirement of a Partner does not dissolve the Partnership as between the Continuing Partners, provided that at least two Partners remain; and the Continuing Partners are entitled to continue the Business under the Firm Name and to use the Partnership Property for that purpose.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"e1b5a30a-f1a2-4be3-b10f-40b87b0ab850","order":210,"text":"A retiring Partner shall, before the retirement takes effect, do everything necessary to transfer to the Continuing Partners that Partner's interest in the Partnership Property, to release the Partnership Property from any Encumbrance created by that Partner and to procure the substitution of another Partner in any guarantee given by that Partner for the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"6af49401-da12-4554-a926-9b6127bbe451","order":211,"text":"The Continuing Partners shall notify the Commissioner of Inland Revenue of the change in the partners of the Business within one month, as required by the Business Registration Ordinance (Cap. 310); and the Partners shall cause notice of the retirement to be published in the Gazette and given to every person having dealings with the Firm, so that the retiring Partner is not treated as an apparent member of the Firm under section 38 of the Ordinance. Any Partner may publicly notify the retirement under section 39 of the Ordinance and the others shall concur in every act necessary for that purpose.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"ac2df07d-f974-4f0f-bd05-74a0286120cd","order":212,"text":"A Partner who ceases to be a Partner remains liable to the creditors of the Partnership for the debts and obligations incurred before the cessation, in accordance with section 19(2) of the Ordinance, unless that Partner is discharged by an agreement between that Partner, the Continuing Partners and the creditors concerned, as contemplated by section 19(3) of the Ordinance. The indemnity given below operates only between the Partners and does not affect the rights of any creditor.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"e518da3f-d8c4-4208-ac30-2360c19bfb89","order":213,"text":"The Continuing Partners shall indemnify the retiring Partner against all debts and liabilities of the Partnership outstanding at the date of retirement and against all liabilities incurred after that date, except any liability arising from that Partner's own fraud or wilful default.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"9566234f-d54f-4716-b783-03378fa9429a","order":214,"text":"The amount payable to a retiring Partner is ascertained and paid in accordance with the clause headed "Continuation of the Partnership and Payment for an Outgoing Partner's Share".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"241539e8-b9cd-479b-a01c-33f3bc48db53","order":215,"text":"26. EXPULSION OF A PARTNER","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S26"},{"id":"8696a78f-d857-49b7-8ff0-4ab84bb4bbf2","order":216,"text":"No majority of the Partners may expel a Partner unless a power to do so has been conferred by express agreement between the Partners; section 27 of the Ordinance so provides, and this clause is that express agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b431d7ac-af18-4d38-8d4c-49318a92cbf9","order":217,"text":"The other Partners may, by written notice signed by all of them, expel a Partner with immediate effect, or with effect from a date stated in the notice, if that Partner does any of the following, or if any of the following occurs:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"7547a668-0446-4a6d-9db4-0151ef0df085","order":218,"text":"— commits a material breach of this Agreement which is incapable of remedy, or which is capable of remedy but is not remedied within 30 days after written notice requiring it to be remedied;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"481c42cd-4b8f-4d8e-987d-6418d648927f","order":219,"text":"— is guilty of conduct which, in the reasonable opinion of the other Partners, is calculated to affect prejudicially the carrying on of the Business, or of any dishonesty, fraud or gross misconduct in relation to the Business;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"a67edeb9-fae4-4fa0-a2ac-5730542312f0","order":220,"text":"— is convicted of an offence involving dishonesty, or of an offence punishable by imprisonment other than a road traffic offence not punished by imprisonment;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"bbaabd9e-e5c9-4fa0-93cb-922f18b808ae","order":221,"text":"— becomes bankrupt, enters into an individual voluntary arrangement or any composition with creditors, or, being a body corporate, becomes insolvent, has a receiver or liquidator appointed or is wound up;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"9bd30c70-1b2a-4a46-930e-e4b38d0af6b3","order":222,"text":"— suffers that Partner's Share to be charged under section 35 of the Ordinance for a separate debt;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"6769b7b7-9462-4b7f-ad93-847329d9c5d7","order":223,"text":"— ceases to hold any qualification, licence or registration necessary for that Partner to take part in the Business, or is prohibited by law from doing so;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"e7070de2-2cde-4101-8fcb-38bea4840ee1","order":224,"text":"— becomes permanently incapable, by reason of illness or mental or physical incapacity, of performing that Partner's part of the partnership contract.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"f70ea035-f2c7-4a90-9775-e59b3d2faf49","order":225,"text":"Before a notice of expulsion is given, the Partner concerned shall be given written particulars of the grounds relied on and a reasonable opportunity, of not less than 14 days, to answer them at a meeting of the Partners. The power of expulsion shall be exercised in good faith and for the benefit of the Partnership as a whole.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"3e12fa0d-250f-45ef-a204-0fb64e8a547c","order":226,"text":"Where a Partner ceases to be a Partner automatically under the clause headed "Death, Bankruptcy or Incapacity of a Partner", no notice of expulsion is required and that clause prevails; the grounds of expulsion set out above apply only where the Partner has not already ceased to be a Partner under that clause.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"07ea498a-5f27-4bab-a710-4c22883ad812","order":227,"text":"Where the other Partners are considering the expulsion of a Partner, they may by written notice suspend that Partner from taking any part in the conduct of the Business, exclude that Partner from the premises, systems and records of the Partnership and revoke that Partner's authority over the bank accounts of the Partnership, until the question of expulsion has been determined. A suspension does not of itself affect that Partner's share of the Net Profits, shall not exceed 60 days and shall be exercised in good faith.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"6036687f-1c9a-418f-b9e7-c03986919602","order":228,"text":"An expelled Partner is an Outgoing Partner, and the clauses headed "Retirement of a Partner" and "Continuation of the Partnership and Payment for an Outgoing Partner's Share" apply, so far as relevant, as if that Partner had retired on the date on which the expulsion takes effect.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"cdc452bd-4231-4c02-af82-1fe8d17ef226","order":229,"text":"27. DEATH, BANKRUPTCY OR INCAPACITY OF A PARTNER","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S27"},{"id":"d03aed72-335c-485c-927e-22ccc2d24fb0","order":230,"text":"The death, bankruptcy or permanent incapacity of a Partner does not dissolve the Partnership as between the Continuing Partners, provided that at least two Partners remain, and to that extent the Partners exclude section 35 of the Ordinance. The Partner concerned is an Outgoing Partner as from the date of the death, of the bankruptcy order or of the determination of incapacity.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"cb6c6b92-8c36-4314-93b9-641bd508c32a","order":231,"text":"The legal personal representative of a deceased Partner is entitled to be paid the amount ascertained under the clause headed "Continuation of the Partnership and Payment for an Outgoing Partner's Share", but is not entitled to take part in the management of the Business or to use the Firm Name.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b39d7886-d696-49c1-99e9-3da75b030453","order":232,"text":"The amount payable to an Outgoing Partner, or to the estate of a deceased Partner, is a debt accruing at the date of the death or of the cessation, in accordance with section 45 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"a57e5672-2d94-410b-8d36-b26feeac9f78","order":233,"text":"A Partner is permanently incapable for the purposes of this Agreement if that Partner is unable, by reason of illness or mental or physical incapacity, to attend to the Business for more than 6 consecutive months, or for more than 9 months in any period of 12 months; and the other Partners shall determine the question acting reasonably and on medical advice.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"ed412e31-1fc7-4516-b521-1afaff5fa3a6","order":234,"text":"If, on the death, bankruptcy or permanent incapacity of a Partner, only one Partner would remain, the Partnership is dissolved and shall be wound up in accordance with the clauses headed "Dissolution and Winding Up" and "Distribution of Assets on Dissolution".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"c7efcfe0-3775-4c5f-bd9f-5b86110816bc","order":235,"text":"28. CONTINUATION OF THE PARTNERSHIP AND PAYMENT FOR AN OUTGOING PARTNER'S SHARE","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S28"},{"id":"f48d8419-6b94-48bd-8f18-d60694fdcdee","order":236,"text":"Where a Partner becomes an Outgoing Partner and at least two Partners remain, the Partnership continues between the Continuing Partners upon the terms of this Agreement, and the share of the Outgoing Partner in the Net Profits accrues to the Continuing Partners in the proportions in which they then share Net Profits, unless they agree otherwise in writing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"ee46a8de-8b65-49b6-b0c7-5f21c3ff25d8","order":237,"text":"If the cessation of a Partner would leave only one Partner, the Partnership is dissolved on the date of that cessation and shall be wound up in accordance with the clauses headed "Dissolution and Winding Up" and "Distribution of Assets on Dissolution"; but the remaining Partner may instead, by written notice given within 30 days, elect to acquire the whole of the Outgoing Partner's Share and to carry on the Business alone, in which case the amount payable to the Outgoing Partner is ascertained and paid in accordance with this clause and the remaining Partner shall notify the Commissioner of Inland Revenue of the change in the constitution of the Business within one month.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"11151d62-3325-4944-942f-07b478c23dde","order":238,"text":"Accounts shall be made up as at the date on which the Outgoing Partner ceases to be a Partner and shall be signed by the Continuing Partners and, where practicable, by the Outgoing Partner or that Partner's legal personal representative.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"79b67b1c-f9fd-4e29-9299-3d982007e472","order":239,"text":"The amount payable to the Outgoing Partner is the aggregate of the balance standing to the credit of that Partner's Capital Account, the balance standing to the credit of that Partner's Current Account and that Partner's share of the Net Profits down to the date of cessation, less every amount owed by that Partner to the Partnership and less any amount for which that Partner is liable to indemnify the Partnership under this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"6188eb5b-4f85-4dcb-833e-f9c6a29ab889","order":240,"text":"In ascertaining that amount, the Outgoing Partner is entitled to a proportionate share of the goodwill of the Business, valued as at the date of cessation by the accountant then acting for the Partnership or, if none is then acting, by an independent certified public accountant agreed between the Partners or, failing agreement within 14 days, nominated on the application of any Partner by the President for the time being of the Hong Kong Institute of Certified Public Accountants; the accountant acts as an expert and not as an arbitrator, the determination is final and binding in the absence of manifest error and the fees are an expense of the Business.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"91008fb5-6d17-4c45-9837-76a7c2ced098","value":"include","type":"add","operator":"="}]},{"id":"44792a27-b2ea-4870-b3bc-d730bad0cecd","order":241,"text":"No value is to be attributed to the goodwill of the Business in ascertaining the amount payable to an Outgoing Partner, the Partners having agreed that, as between themselves, goodwill is not to be treated as a realisable asset of the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"91008fb5-6d17-4c45-9837-76a7c2ced098","value":"exclude","type":"add","operator":"="}]},{"id":"3fe64dfb-a70e-4428-8ce5-47c206f26f54","order":242,"text":"The amount payable shall be paid in four equal quarterly instalments, the first falling due 3 months after the date of cessation, together with interest on the outstanding balance at the rate of 8 per cent per annum from the date of cessation until payment; and the Continuing Partners may at any time pay the balance early without penalty.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"bcb66720-bdc1-4114-9166-f9441dfe40f2","order":243,"text":"Pending payment, the Outgoing Partner is not entitled to any share of the profits made after the date of cessation, nor to interest other than as provided in this clause, and the rights conferred on an outgoing partner by section 44 of the Ordinance are excluded and replaced by this clause.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"4acc8140-5b3f-4d0b-b61d-785584a6d9f9","order":244,"text":"For the purpose of verifying the amount payable, the Outgoing Partner, or the legal personal representative of a deceased Partner, together with one professional adviser nominated by that person, may inspect and take copies of the books and records of the Partnership relating to the period down to the date of cessation, at any reasonable time and on reasonable notice, until the amount payable has been paid in full.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"3dd8f477-3362-4d8e-a573-7bf389a7808d","order":245,"text":"On ceasing to be a Partner, an Outgoing Partner shall deliver up to the Continuing Partners all property of the Partnership in that Partner's possession or under that Partner's control, including keys, equipment, records, client files, seals and payment cards, and shall cease to use the Firm Name, the letterhead, the premises and the electronic accounts of the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"ab15227e-e724-4f2d-8112-4dcc3187be99","order":246,"text":"The Outgoing Partner shall execute every document and do everything reasonably required by the Continuing Partners to vest that Partner's interest in the Partnership Property in them and to give effect to this clause.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"6ccda9f7-5c2f-4371-a379-a5045af8d2ca","order":247,"text":"29. RESTRICTIVE COVENANTS","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","displayConditions":[{"field":"a25be090-e0f2-469b-9cad-0dd523e71909","value":"yes","type":"add","operator":"="}],"sectionNum":"S29"},{"id":"1223c185-74ab-4f1d-8c8d-388e8d5b268b","order":248,"text":"In this clause the "Restricted Period" means the period of [12] months beginning on the date on which a Partner ceases to be a Partner, and the "Restricted Area" means [Hong Kong].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"a25be090-e0f2-469b-9cad-0dd523e71909","value":"yes","type":"add","operator":"="}]},{"id":"5cfa1ad6-98ac-4c15-aab9-83e6d4f3c04f","order":249,"text":"Each Partner covenants with each of the other Partners that, during the Restricted Period and within the Restricted Area, that Partner shall not do any of the following:","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"a25be090-e0f2-469b-9cad-0dd523e71909","value":"yes","type":"add","operator":"="}]},{"id":"21851a42-d3dc-44db-9783-5dad0083edd3","order":250,"text":"— carry on, or be engaged, concerned or interested in, any business which competes with the Business as carried on at the date of cessation, otherwise than as the holder of not more than 3 per cent of the securities of a company listed on a recognised stock exchange;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[{"field":"a25be090-e0f2-469b-9cad-0dd523e71909","value":"yes","type":"add","operator":"="}]},{"id":"75c40994-09e2-476e-8ef0-549d83bbcb85","order":251,"text":"— solicit, canvass or entice away from the Partnership any person who was a client or customer of the Partnership, and with whom that Partner had material dealings, during the 12 months before the date of cessation;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[{"field":"a25be090-e0f2-469b-9cad-0dd523e71909","value":"yes","type":"add","operator":"="}]},{"id":"265f4cab-3e30-4350-93eb-4744ea8efcee","order":252,"text":"— accept instructions or business from any such client or customer in relation to services of the kind supplied by the Partnership;","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true,"displayConditions":[{"field":"a25be090-e0f2-469b-9cad-0dd523e71909","value":"yes","type":"add","operator":"="}]},{"id":"4140c195-826f-4f15-ad33-e65651442f5d","order":253,"text":"— solicit or employ, or engage under a contract for services, any person who was a partner, employee or consultant of the Partnership during the 12 months before the date of cessation and who held a managerial, professional or technical position.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"a25be090-e0f2-469b-9cad-0dd523e71909","value":"yes","type":"add","operator":"="}]},{"id":"727a4f96-a62d-4d3a-8d28-cba3dfd3874f","order":254,"text":"Each Partner enters into the covenants in this clause on that Partner's own behalf and as trustee for each of the other Partners and for the Continuing Partners from time to time, so that they may be enforced by any of them.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"a25be090-e0f2-469b-9cad-0dd523e71909","value":"yes","type":"add","operator":"="}]},{"id":"f3c00f70-410e-48f9-9001-54c5a7070ef4","order":255,"text":"Each of the above restrictions is separate and severable. If any restriction is held to be void or unenforceable but would be valid if some part of it were deleted, or if the Restricted Period or the Restricted Area were reduced, the restriction applies with such modification as is necessary to make it valid and enforceable.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"a25be090-e0f2-469b-9cad-0dd523e71909","value":"yes","type":"add","operator":"="}]},{"id":"a92898ee-a711-4c0b-bba4-cd8ba51dcb95","order":256,"text":"The Partners agree that these restrictions are no wider than is reasonably necessary to protect the goodwill, the Confidential Information and the client and customer connection of the Partnership, and that damages alone would not be an adequate remedy for their breach, so that injunctive relief may be sought.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"a25be090-e0f2-469b-9cad-0dd523e71909","value":"yes","type":"add","operator":"="}]},{"id":"a6041cd3-cb36-45f5-900f-ec2bc74ba8a9","order":257,"text":"30. DISSOLUTION AND WINDING UP","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S30"},{"id":"6b126a16-3052-4a14-9ddd-a8ca3f1d748b","order":258,"text":"The Partnership is dissolved upon the unanimous written agreement of the Partners, upon the expiry of any fixed term for which it was entered into where the Partners do not continue the Business, if fewer than two Partners remain, upon the happening of any event which makes it unlawful for the Business to be carried on as provided by section 36 of the Ordinance, or upon the order of the court under section 37 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"db9a6bef-d80b-4b75-b349-4e0c5a158729","order":259,"text":"After dissolution, the authority of each Partner to bind the Firm, and the other rights and obligations of the Partners, continue so far as is necessary to wind up the affairs of the Partnership and to complete transactions begun but unfinished at the date of dissolution, in accordance with section 40 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b2d1d06b-ad36-4a1e-b7d1-5bf95b050f55","order":260,"text":"Any Partner may publicly notify the dissolution under section 39 of the Ordinance, and the others shall concur in every act necessary for that purpose. The Partners shall notify the Commissioner of Inland Revenue of the cessation of the Business within one month, as required by the Business Registration Ordinance (Cap. 310).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"c9455263-009a-40af-84eb-46f64f73ed0e","order":261,"text":"On dissolution every Partner is entitled to have the Partnership Property applied in payment of the debts and liabilities of the Partnership, and to have the surplus assets applied in payment of what is due to the Partners after deducting what is due from them as partners, in accordance with section 41 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b344cba7-9620-4961-b9db-68ad87018b45","order":262,"text":"The Partners shall wind up the affairs of the Partnership together, or may appoint one of their number or a professional person to do so, on such terms as they agree. The Business may be sold as a going concern, and any Partner may bid for it provided that the terms are approved by the other Partners or determined by an independent valuer.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"c7c7d4a7-c90a-4836-b2fe-3a666543a94d","order":263,"text":"31. DISTRIBUTION OF ASSETS ON DISSOLUTION","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S31"},{"id":"063f24bf-509b-4f5d-b6bb-7acf0778c023","order":264,"text":"In settling accounts between the Partners after a dissolution, the following rules apply, in accordance with section 46 of the Ordinance.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"9038706d-02da-4a26-a5db-7ab49ef01a12","order":265,"text":"— Losses, including losses and deficiencies of capital, shall be paid first out of profits, next out of capital and lastly, if necessary, by the Partners individually in the proportions in which they were entitled to share Net Profits.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"9a6bf7be-5691-4759-97b1-0729f2ae001d","order":266,"text":"— The assets of the Partnership, including any sums contributed by the Partners to make up losses or deficiencies of capital, shall be applied in paying the debts and liabilities of the Partnership owed to persons who are not Partners.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"a2be14f5-66db-4586-845a-96cefa5ae306","order":267,"text":"— The balance shall then be applied in paying to each Partner rateably what is due from the Partnership to that Partner for advances as distinguished from capital.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"1934fdb1-c9f1-433a-97a8-94d9ade22ef6","order":268,"text":"— The balance shall then be applied in paying to each Partner rateably what is due from the Partnership to that Partner in respect of capital.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"6","cflou":false,"active":true},{"id":"28322bcd-ab32-4abd-9aae-685d40a1befa","order":269,"text":"— The ultimate residue, if any, shall be divided between the Partners in the proportions in which Net Profits are divisible.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"1d7df325-14b6-48e3-812b-a134c3c8318f","order":270,"text":"Until the whole of the above has been completed, no Partner may withdraw any asset of the Partnership or apply it to that Partner's own use.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"eb87d68a-f398-4406-9a60-ef13b7cfcc4a","order":271,"text":"32. FORCE MAJEURE","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S32"},{"id":"d3eca022-cfde-44c2-b0b4-a4e17695118e","order":272,"text":"No Partner is in breach of this Agreement, and the Partnership is not liable for any failure or delay in the conduct of the Business, to the extent that the failure or delay results from an event beyond the reasonable control of the Partner or of the Partnership, including typhoon, flood, fire, epidemic, act of government, civil disturbance, failure of public utilities or failure of telecommunications networks.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"dc856753-3eca-405e-b2b0-6c74b4f0c657","order":273,"text":"The affected Partner shall notify the other Partners as soon as reasonably practicable, shall use reasonable endeavours to mitigate the effect of the event and shall resume performance as soon as the event ceases.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b8617ba4-9712-4c95-bccf-80ccdc7f1287","order":274,"text":"If such an event prevents the Business from being carried on substantially in its usual manner for a continuous period of more than 3 months, the Partners shall meet to consider whether the Partnership should be continued, varied or dissolved.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"b5f761a5-890b-4157-9b3c-9a2419b069c8","order":275,"text":"33. NOTICES","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S33"},{"id":"ccb8bfc3-22ae-4ad9-9669-dbe831e19769","order":276,"text":"Every notice under this Agreement shall be in writing in the English language and shall be delivered by hand, sent by prepaid registered post or reputable courier, or sent by electronic mail, to the address of the recipient stated in this Agreement or to such other address as that Partner has notified in writing to the others.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"720992b9-1529-46c1-8acc-163f89d4105f","order":277,"text":"A notice is deemed to have been received when delivered, if delivered by hand or courier during business hours on a Business Day; on the second Business Day after posting, if sent by registered post within Hong Kong, and on the fifth Business Day after posting if sent from or to a place outside Hong Kong; and at the time of transmission, if sent by electronic mail during business hours on a Business Day, provided that no delivery failure message is received.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"56e92572-604e-4829-a192-46150161c65f","order":278,"text":"A notice of retirement, of expulsion or of dissolution shall be delivered by hand or sent by prepaid registered post, and electronic mail alone is not sufficient for such a notice.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"2ec0886a-ee2b-42d4-8041-e9e6ea9e60f8","order":279,"text":"Each Partner shall notify the other Partners in writing of any change in that Partner's address within 7 days after the change.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"e967f1e9-8d9a-4bfa-8873-f550c18788d5","order":280,"text":"34. DISPUTE RESOLUTION","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S34"},{"id":"1a8e0d1b-ce95-4e9a-b592-03f7fa00fc1a","order":281,"text":"If a dispute arises out of or in connection with this Agreement, including any question as to its existence, validity or termination, a Partner may give written notice of the dispute to the others, and the Partners shall then seek in good faith to resolve it by negotiation within 30 days after that notice.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"a775a476-4dd2-4414-83c6-ff9ed3109a93","order":282,"text":"If the dispute is not resolved by negotiation, the Partners shall refer it to mediation administered by the Hong Kong International Arbitration Centre under its mediation rules in force at the relevant time, and a settlement reached at mediation may be enforced in accordance with the Mediation Ordinance (Cap. 620).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"7db477d1-8884-458e-9e25-79975c92ba24","order":283,"text":"If the dispute is not resolved by mediation within 60 days after the appointment of the mediator, it shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre under its Administered Arbitration Rules in force when the notice of arbitration is submitted. The seat of the arbitration is Hong Kong, the tribunal shall consist of one arbitrator and the language of the arbitration is English. The Arbitration Ordinance (Cap. 609) applies and the award is final and binding.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"dbcbf9f8-83f4-4e62-8c23-5b72ebf91368","value":"arbitration","type":"add","operator":"="}]},{"id":"ab4895a8-195a-41d4-b75d-d5d72b73fbf1","order":284,"text":"If the dispute is not resolved by mediation within 60 days after the appointment of the mediator, it shall be subject to the exclusive jurisdiction of the courts of the Hong Kong Special Administrative Region, to which the Partners irrevocably submit.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"dbcbf9f8-83f4-4e62-8c23-5b72ebf91368","value":"courts","type":"add","operator":"="}]},{"id":"f0274b2b-4c70-4465-b175-3e7bb2fb558a","order":285,"text":"Nothing in this clause prevents a Partner from applying to a court of competent jurisdiction for urgent interim or injunctive relief, and the Partners shall continue to perform their obligations under this Agreement while a dispute is being resolved.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"90e79247-cf4d-48fb-809b-f153a8b63afc","order":286,"text":"If a deadlock between the Partners on a matter fundamental to the conduct of the Business is not resolved under this clause within 90 days after written notice of the dispute, any Partner may give written notice to the others requiring the Partnership to be dissolved, and the clauses headed "Dissolution and Winding Up" and "Distribution of Assets on Dissolution" then apply.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"21ef820b-8875-4b72-abaa-67839213579b","order":287,"text":"The costs of any negotiation or mediation shall be borne equally by the Partners concerned, and the costs of any arbitration or litigation shall follow the event unless the tribunal or court orders otherwise.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"44a239c9-3a8a-42ad-8cca-591ff9c02b9a","order":288,"text":"35. GENERAL PROVISIONS","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S35"},{"id":"2f8e201e-687b-4ec6-86ea-466d968160b7","order":289,"text":"This Agreement, together with any document expressly referred to in it, constitutes the entire agreement between the Partners as to the Partnership and supersedes every previous agreement, arrangement and understanding between them relating to it, whether written or oral; but nothing in this clause excludes liability for fraud or fraudulent misrepresentation.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b54f5763-022a-4c75-a831-d1c744a86096","order":290,"text":"No variation of this Agreement, and no variation of the mutual rights and duties of the Partners under section 21 of the Ordinance, is effective unless it is in writing and signed by every Partner; and the Partners exclude any variation to be inferred from a course of dealing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"3a8fbe11-7a77-4d86-b76c-55fca09eb523","order":291,"text":"No failure or delay by a Partner in exercising a right under this Agreement operates as a waiver of it, and no single or partial exercise prevents any further exercise of that or any other right.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"baa28950-88b2-40b9-b8dc-10ce2735cc86","order":292,"text":"If any provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable; if such modification is not possible, the provision shall be deemed deleted, and the deletion does not affect the validity and enforceability of the rest of this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"4dd81346-e242-4866-9854-b6d238d32163","order":293,"text":"This Agreement may be executed in any number of counterparts, each of which is an original and all of which together constitute one instrument. A signature transmitted electronically, and an electronic signature within the meaning of the Electronic Transactions Ordinance (Cap. 553), is as effective as a manuscript signature.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"5dd9e310-884b-4b78-bb98-aeb56d053c57","order":294,"text":"A person who is not a Partner has no right under the Contracts (Rights of Third Parties) Ordinance (Cap. 623) to enforce any term of this Agreement, and the consent of any such person is not required for any variation or rescission of it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"b923db73-e3e8-44a3-8de7-4f99b0f507aa","order":295,"text":"Each Partner shall do everything and execute every further document reasonably required to give full effect to this Agreement. The costs of the preparation and completion of this Agreement are an expense of the Business.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"2ce9b460-ebc6-40e7-b582-c9ccd418d2e7","order":296,"text":"The clauses headed "Confidentiality", "Personal Data", "Restrictive Covenants", "Notices", "Dispute Resolution" and "Governing Law" survive the cessation of any Partner and the dissolution of the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"a25be090-e0f2-469b-9cad-0dd523e71909","value":"yes","type":"add","operator":"="}]},{"id":"160ef0f6-a940-4e93-846a-340f0df911e4","order":297,"text":"The clauses headed "Confidentiality", "Personal Data", "Notices", "Dispute Resolution" and "Governing Law" survive the cessation of any Partner and the dissolution of the Partnership.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"a25be090-e0f2-469b-9cad-0dd523e71909","value":"no","type":"add","operator":"="}]},{"id":"98f9719a-5c60-4ab6-bdfc-12f489f540ff","order":298,"text":"The Partnership and the Continuing Partners may set off against any sum payable to a Partner or to an Outgoing Partner under this Agreement any sum owed by that Partner to the Partnership, whether under this Agreement or otherwise and whether or not then due.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"d57e87b0-e469-4829-93d1-3c75dfb13e3f","order":299,"text":"This Agreement is made in the English language. If it is translated into any other language, the English version prevails in the event of any inconsistency.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"5cc6806f-ceb7-4ef0-be69-c1a787790a71","order":300,"text":"36. GOVERNING LAW","fontSize":"16","textAlign":"left","bold":true,"underline":true,"marginBottom":"12","cflou":false,"active":true,"marginTop":"22","sectionNum":"S36"},{"id":"f7433fb3-1571-4c6c-a95d-14527bee4359","order":301,"text":"This Agreement, and any non-contractual obligation arising out of or in connection with it, is governed by and shall be construed in accordance with the laws of the Hong Kong Special Administrative Region of the People's Republic of China.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"d9829b37-373f-4b61-a7c7-e4926c100b44","order":302,"text":"Every question as to the existence, nature and consequences of the partnership relationship between the Partners is likewise governed by the law of Hong Kong and, so far as not excluded or varied by this Agreement, by the 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