37. General Partnership Property

Unless otherwise agreed by all the partners of a General Partnership:

• (a) all General Partnership Property must be held and applied by the partners exclusively for the purposes of the partnership and in accordance with the partnership agreement; and
• (b) all General Partnership Property must be held jointly and severally.

38. Judgement debt procedure against partner of General Partnership

(1) If a proceeding is instituted against a partner of a General Partnership in relation to General Partnership Property, the Court may, on the application of a creditor of the partner, make the orders that it considers appropriate in the circumstances to release the partner’s interest in the partnership for satisfaction of the judgement debt.

(2) A partner of a General Partnership aggrieved by an application or orders made under subsection (1) may apply to the Court to make orders to preserve rights in relation to General Partnership Property and to make the other orders the Court considers appropriate.

39. General Partnership rules in relation to interest

Unless otherwise agreed by all the partners of a General Partnership, the interest of partners in General Partnership Property, and their rights and duties in relation to the partnership, are to be decided by the following provisions:

• (a) all the partners are entitled to share equally in the capital and profits of the business, purpose or activity, and must contribute equally towards the losses, whether of capital or otherwise, sustained by the partnership;
• (b) the partnership must indemnify every partner in relation to payments made from the partner’s own money or property and personal liabilities incurred by the partner:

(i) in the ordinary and proper conduct of the business, purpose or activity of the partnership; or

(ii) in or about anything necessarily done for the preservation of the business, purpose or activity or the property of the partnership;

• (c) if a partner makes, for the purpose of the partnership, any actual payment or advance beyond the amount of capital that the partner has agreed to subscribe, the partner is entitled to interest at the National Bank of the Republic of Kazakhstan 90 day deposit rate.