51Composition of limited partnership or incorporated limited partnership

51 Composition of limited partnership or incorporated limited partnership

51 Composition of limited partnership or incorporated limited partnership

(1) A limited partnership or incorporated limited partnership must have—

(a) at least one general partner, and

(b) at least one limited partner.

(2) A corporation may be a general partner or a limited partner in a limited partnership or incorporated limited partnership.

(3) A partnership (including an external partnership) may be a general partner or a limited partner in a limited partnership or incorporated limited partnership.

s 51: Ins 1991 No 48, Sch 1. Subst 2004 No 8, Sch 1 [57].