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538 PARTNERSHIP. [ART. LXXIIIA
1916, ch. 175, sec. 17.
17. (LIABILITY OF INCOMING PARTNER.) A person admitted as a
partner into an existing partnership is liable for all the obligations of
the partnership arising before his admission as though he had been a
partner when such obligations were incurred, except that this liability
shall be satisfied only out of partnership property.
PART IV.
Relation of Partners to One Another.
1916, ch. 175, sec. 18.
18. (RULES DETERMINING. RIGHTS AND DUTIES OF PARTNERS.)
The rights and duties of the partners in relation to the partnership shall
be determined, subject to any agreement between them, by the following
rules:
(a) Each partner shall be repaid his contributions, whether by way
of capital .or advances to the partnership property and share equally in
the profits and surplus remaining after all liabilities, including those to
partners, are satisfied; and must contribute towards the losses, whether
of capital or otherwise, sustained by the partnership according to his
share in the profits.
(b) The partnership must indemnify every partner in respect of
payments made and personal liabilities reasonably incurred by him in
the ordinary and proper conduct of its business, or for the preservation
of its business or property.
(c) A partner, who in aid of the partnership makes any payment
or advance beyond the amount of capital which he agreed to contribute,
shall be paid interest from the date of the payment or advance.
(d) A partner shall receive interest on the capital contributed by
him only from the date when repayment should be made.
(e) All partners have equal rights in the management and conduct
of the partnership business.
(f) No partner is entitled to remuneration for acting in the part-
nership business, except that a surviving partner is entitled to reason-
able compensation for his services in winding up the partnership affairs.
(g) No person can become a member of a partnership without the
consent of all the partners.
(h) Any differences arising as to ordinary matters connected with
the partnership business may be decided by a majority of the partners';
but no act in contravention of any agreement between the partners may
be done rightfully without the consent of all the partners.
1916, ch. 175. sec. 19.
19. (PARTNERSHIP BOOKS.) The partnership books shall be kept,
subject to any agreement between the partners, at the principal place
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