Partnership Act 1958
116Entitlement to make assumptions
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116 Entitlement to make assumptions
(1) A person is entitled to make the assumptions in section 117 in relation to dealings with an incorporated limited partnership. The incorporated limited partnership is not entitled to assert in proceedings in relation to the dealings that any of the assumptions are incorrect.
(2) A person is entitled to make the assumptions in section 117 in relation to dealings with another person who has, or purports to have, directly or indirectly acquired title to property from an incorporated limited partnership. The incorporated limited partnership and the other person are not entitled to assert in proceedings in relation to the dealings that any of the assumptions are incorrect.
(3) The assumptions may be made even if a partner or agent of the incorporated limited partnership acts fraudulently, or forges a document, in connection with the dealings.
(4) A person is not entitled to make an assumption in section 117 if at the time of the dealings they knew or suspected that the assumption was incorrect.
S. 117 inserted by No. 99/2003 s. 4.