s. 71 (3) The provisions of this section may be varied by the partnership agreement or the consent of the partners. Division 6—Dissolution and cessation of limited partnerships 70 Dissolution not available in certain cases S. 70 inserted by (1) Subject to the terms of any agreement between the No. 43/1992 partners in a limited partnership— s. 5. (a) a limited partner is not entitled to dissolve the partnership by notice; and (b) the general partners or the other limited S. 70(1)(b) amended by partners are not entitled to dissolve the No. 99/2003 partnership because a limited partner has s. 6(10). allowed the limited partner's share of the partnership property to be charged for the limited partner's separate liabilities; and (c) the death, bankruptcy or retirement or, in the case of a body corporate, the dissolution, of a limited partner does not dissolve the partnership. (2) The fact that a limited partner in a limited partnership is declared to be of unsound mind and incapable of managing his or her affairs is not a ground for dissolution of the partnership by a court unless the share and interest of the partner in the partnership cannot be otherwise ascertained or realised. 71 Cessation of limited partnerships S. 71 inserted by No. 43/1992 (1) A partnership ceases to be a limited partnership s. 5. if— (a) none of the partners is a limited partner; or (b) the partners agree that they will carry on the business of the partnership otherwise than as a limited partnership.
(3) The provisions of this section may be varied by the partnership agreement or the consent of the partners. Division 6—Dissolution and cessation of limited partnerships S. 70 inserted by No. 43/1992 s. 5. 70 Dissolution not available in certain cases (1) Subject to the terms of any agreement between the partners in a limited partnership— (a) a limited partner is not entitled to dissolve the partnership by notice; and S. 70(1)(b) amended by No. 99/2003 s. 6(10). (b) the general partners or the other limited partners are not entitled to dissolve the partnership because a limited partner has allowed the limited partner's share of the partnership property to be charged for the limited partner's separate liabilities; and (c) the death, bankruptcy or retirement or, in the case of a body corporate, the dissolution, of a limited partner does not dissolve the partnership. (2) The fact that a limited partner in a limited partnership is declared to be of unsound mind and incapable of managing his or her affairs is not a ground for dissolution of the partnership by a court unless the share and interest of the partner in the partnership cannot be otherwise ascertained or realised. S. 71 inserted by No. 43/1992 s. 5. 71 Cessation of limited partnerships s. 71 (1) A partnership ceases to be a limited partnership if— (a) none of the partners is a limited partner; or (b) the partners agree that they will carry on the business of the partnership otherwise than as a limited partnership.
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