24Partnership property

24 Partnership property (1) The partnership property of a firm consists of property and any rights and interests in property that were originally brought into, or are subsequently acquired for, the firm. (2) The partners of a firm other than an incorporated limited partnership must, in accordance with the partnership agreement, hold and apply the partnership property exclusively for the firm. (3) However, any partnership property of the firm that is an interest in land must devolve: (a) according to its nature and tenure and the general rule of law; and (b) in trust so far as necessary for persons beneficially interested in the land. (4) If: (a) the co-owners of an interest in land (the first interest) are partners in the firm in relation to profits made by the use of the first interest; and (b) the first interest is not partnership property for the firm; and (c) the co-owners use the profits to purchase another interest in land (the second interest) to be used in a similar manner, then, subject to any agreement to the contrary, the co-owners must, from the date of the purchase, hold the second interest in the same manner as the first property is held. (5) An incorporated limited partnership must hold and apply the partnership property of the partnership exclusively for the partnership. Part 2 Partnerships generally Division 3 Relationship between partners Partnership Act 1997 14 (6) A partner in the partnership does not have any legal or beneficial interest in the property only because the partner is the partner. (7) For this section, an interest in land includes an estate in land.