sec.26Partnerships etc.

### sec.26 Partnerships etc. Where the Treasurer is satisfied that a partnership, joint venture or other association has been formed principally for purposes connected with the purposes of financial arrangements or other arrangements entered into by the Corporation, the Governor in Council may declare that this subsection applies to the partnership, joint venture or association, and thenceforth the following provisions have effect— the partnership, joint venture or association shall not, throughout the period from the date of its formation until the date that is 6 months after the date of its formation or, where some other date is prescribed, the prescribed date, be dissolved by reason of any person becoming a member of the partnership, joint venture or association; the partnership, joint venture or association shall, as from the expiration of that period, be deemed to have consisted, throughout that period, of those persons who, at the expiration of that period, are members of the partnership, joint venture or association, in accordance with the interest of each of those members at the expiration of that period, but not so as to affect the liability of any person who ceased to be a member of the partnership during that period. Where the Treasurer recommends to the Governor in Council that a partnership, joint venture or association consisting of more than 20 persons has been formed principally for purposes connected with the purposes of financial arrangements or other arrangements entered into by the Corporation, the Governor in Council may declare that this subsection applies to the partnership, joint venture or association, and thenceforth the following provisions have effect— without limiting any other Act applicable to the partnership, joint venture or association, the partnership, joint venture or association shall be deemed to be and always to have been formed under this Act; the partnership, joint venture or association is, accordingly, not prohibited by the Corporations Act , section 115 . s 26 amd 1995 No. 58 s 4 sch 1 ; 1996 No. 54 s 9 sch ; 2001 No. 45 s 29 sch 3 (sec.26-ssec.1) Where the Treasurer is satisfied that a partnership, joint venture or other association has been formed principally for purposes connected with the purposes of financial arrangements or other arrangements entered into by the Corporation, the Governor in Council may declare that this subsection applies to the partnership, joint venture or association, and thenceforth the following provisions have effect— the partnership, joint venture or association shall not, throughout the period from the date of its formation until the date that is 6 months after the date of its formation or, where some other date is prescribed, the prescribed date, be dissolved by reason of any person becoming a member of the partnership, joint venture or association; the partnership, joint venture or association shall, as from the expiration of that period, be deemed to have consisted, throughout that period, of those persons who, at the expiration of that period, are members of the partnership, joint venture or association, in accordance with the interest of each of those members at the expiration of that period, but not so as to affect the liability of any person who ceased to be a member of the partnership during that period. (sec.26-ssec.2) Where the Treasurer recommends to the Governor in Council that a partnership, joint venture or association consisting of more than 20 persons has been formed principally for purposes connected with the purposes of financial arrangements or other arrangements entered into by the Corporation, the Governor in Council may declare that this subsection applies to the partnership, joint venture or association, and thenceforth the following provisions have effect— without limiting any other Act applicable to the partnership, joint venture or association, the partnership, joint venture or association shall be deemed to be and always to have been formed under this Act; the partnership, joint venture or association is, accordingly, not prohibited by the Corporations Act , section 115 . - (a) the partnership, joint venture or association shall not, throughout the period from the date of its formation until the date that is 6 months after the date of its formation or, where some other date is prescribed, the prescribed date, be dissolved by reason of any person becoming a member of the partnership, joint venture or association; - (b) the partnership, joint venture or association shall, as from the expiration of that period, be deemed to have consisted, throughout that period, of those persons who, at the expiration of that period, are members of the partnership, joint venture or association, in accordance with the interest of each of those members at the expiration of that period, but not so as to affect the liability of any person who ceased to be a member of the partnership during that period. - (a) without limiting any other Act applicable to the partnership, joint venture or association, the partnership, joint venture or association shall be deemed to be and always to have been formed under this Act; - (b) the partnership, joint venture or association is, accordingly, not prohibited by the Corporations Act , section 115 .