Partnership. [Ch. 31. No. 2.

(2) A partner who retires from ai firm does not
thereby cease to be liable for partnership debts or obliga-
tions incurred before his retirement.

(3) A retiring partner may be discharged from any
existing Jiabilities by an agreement to that effect between
himself and the members of the firm as newly constituted
and the creditors, and this agreement may be cither express
or inferred as a fact from the course of dealing between the
‘reditors and the firm as newly constituted.

20. A continuing guaranty or cautionary obligation
given either to a firm or to a third person in respect of the
transactions of a firm is, in the absence of agreement to the
contrary, revoked as to future transactions by any change

the constitution of the firm to which, or of the firm in
respect of the transactions of which, the guaranty or
obligation was given.

Relations of partners to one another.

21. The mutual rights and duties of partners, whether
ascertained by agreement or defined by this Ordinance, may
be varied by the consent of all the partners, and such
consent may be either express or inferred from a course of
dealing.

22. (1) All property and rights and interests in property
originally brought into the partnership stock or acquired,
whether by purchase or otherwise, on account of the firm,
ov for the purposes and in the course of the partnership
busine. are called in this Ordinance partnership property,
and must be held and applied by the partners exclusively
lor the purposes of the partnership and in accordance with
the partnership agreement.

(2) Provided that the legal estate or interest In any
land which belongs to the partnership) shall devolve
according to the nature and tenure thereof and the general
Tule. of Jaw applicable thereto, but in trust, so far as
necessary, for the persons beneficially interested in the land
under this section.

(3) Where co-owners of an estate or interest in any
land, not being itself partnership property, are partners as

731

Revocation
of continuing
guaranty by
change in
firin.

Variation by
consent of
terms of
partnership.

Partnership
property.