66ALimitation of liability of limited partners

66A Limitation of liability of limited partners

66A Limitation of liability of limited partners

(1) A limited partner has no liability for the liabilities of the incorporated limited partnership or of a general partner.

(2) Nothing in subsection (1) or section 66C or 66D prevents—

(a) a contribution of capital or property made by a limited partner to the incorporated limited partnership being used, or

(b) an obligation of a limited partner to contribute capital or property to the incorporated limited partnership being enforced by any person to whom the obligation is owed,

in satisfaction of a liability of the partnership or of a general partner.

(3) This section is subject to section 67A (Limited partner not to take part in the management of incorporated limited partnership).

pt 3, div 4A (ss 66A–66E): Ins 2004 No 8, Sch 1 [86].