Section 36: Partnership property

36. Partnership property (1) Partnership property shall be held and applied exclusively for the purposes of the limited partnership and in accordance with the partnership agreement— (a) by the limited partnership itself, where it has legal personality pursuant to section 11; (b) by the general partners, where the limited partnership does not have legal personality. (2) Where co-owners of any estate, or interest therein, which is not partnership property— (a) are partners as to the profits made from the use of such estate or interest; and [Issue 4] L15A – 24 Revised Laws of Mauritius (b) purchase from those profits any other real property to be used in a similar manner, the estate, or interest therein, so purchased shall belong to them, in the absence of any agreement to the contrary, not as partners, but as co-owners with the same respective rights and interests as they had, at the date of the purchase in the estate, or interest therein. (3) Every property which is bought with money belonging to a limited partnership shall, unless otherwise provided in the partnership agreement, or where the contrary intention appears, be deemed to have been bought on behalf of the limited partnership.