s. 102 102 Change in status of partners S. 102 inserted by (1) If a general partner becomes a limited partner, the No. 99/2003 partner remains liable for any liability of the s. 4. incorporated limited partnership that arose before the partner became a limited partner. (2) If a limited partner becomes a general partner, the partner remains not liable (subject to section 98(2)) for any liability of the incorporated limited partnership that arose before the partner became a general partner. Note Section 98(2) imposes liability in certain circumstances on a limited partner who takes part in the management of the business of the incorporated limited partnership. 103 Liability in respect of conduct or acts outside the S. 103 inserted by State No. 99/2003 s. 4. A limited partner in an incorporated limited partnership may only be liable for a liability incurred by the partnership as a result of— (a) the conduct of the incorporated limited partnership's business outside the State; or (b) acts outside the State of a general partner, a limited partner or the incorporated limited partnership or of any officer, employee or agent of a general partner or of the incorporated limited partnership— in circumstances where the limited partner would be so liable if the conduct or acts occurred within the State. Note Section 98(2) imposes liability in certain circumstances on a limited partner who takes part in the management of the business of the incorporated limited partnership.
S. 102 inserted by No. 99/2003 s. 4. 102 Change in status of partners (1) If a general partner becomes a limited partner, the partner remains liable for any liability of the incorporated limited partnership that arose before the partner became a limited partner. (2) If a limited partner becomes a general partner, the partner remains not liable (subject to section 98(2)) for any liability of the incorporated limited partnership that arose before the partner became a general partner. Note Section 98(2) imposes liability in certain circumstances on a limited partner who takes part in the management of the business of the incorporated limited partnership. S. 103 inserted by No. 99/2003 s. 4. 103 Liability in respect of conduct or acts outside the State s. 102 A limited partner in an incorporated limited partnership may only be liable for a liability incurred by the partnership as a result of— (a) the conduct of the incorporated limited partnership's business outside the State; or (b) acts outside the State of a general partner, a limited partner or the incorporated limited partnership or of any officer, employee or agent of a general partner or of the incorporated limited partnership— in circumstances where the limited partner would be so liable if the conduct or acts occurred within the State. Note Section 98(2) imposes liability in certain circumstances on a limited partner who takes part in the management of the business of the incorporated limited partnership.
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