Partnership Act (40.36).

This Act provides with respect to partnerships and related matters such as land tenure by partnerships. The estate or interest in any land which belongs to the partnership shall devolve according to the nature and tenure thereof, and the general rules or law thereto applicable, but in trust, so far as necessary, for the persons beneficially interested in the land under this Act. here co-owners of an estate or interest in any land, not being itself partnership property — (a) are partners as to profits made by the use of that land or estate; and (b) purchase other land or estate out of the profits to be used in like manner, the land or estate so purchased belongs to them, in the absence of an agreement to the contrary, not as partners but as co-owners for the same respective estates and interests as are held by them in the land or estate first-mentioned at the date of the purchase. Where land or any heritable interest therein has become partnership property, it shall, unless the contrary intention appears, be treated as between the partners (including the representatives of a deceased partner) and also as between the heirs of a deceased partner and his executors or administrators, as personal or moveable and not real or heritable estate.