62Change in status of partners

62 Change in status of partners

62 Change in status of partners

(1) If a general partner becomes a limited partner, the limitation on liability does not extend to any liability of the limited partnership that arose before the partner became a limited partner.

(2) If a limited partner becomes a general partner, the limitation on liability no longer extends to any liability of the limited partnership that arose before the partner became a general partner.

ss 61–63: Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1 [81].