69Change in partners

#### 69 Change in partners 69 Change in partners > > (1) A limited partner in a limited partnership may, with the consent of the general partners, assign the limited partner’s share in the limited partnership. In that case the assignee is taken to be a limited partner in substitution for the assignor with all the rights and obligations of the assignor. > > > (1A) A limited partner in an incorporated limited partnership may, with the consent of the general partners and the agreement of the transferee, transfer the whole or a proportion of the limited partner’s interest in the incorporated limited partnership. > > > (1B) If the whole of the limited partner’s interest in the incorporated limited partnership is transferred to the one transferee, the transferee becomes a limited partner in substitution for the transferor with all the rights and obligations of the transferor. > > > (1C) If only a proportion of the limited partner’s interest in the incorporated limited partnership is transferred to a transferee, the transferee becomes a limited partner in substitution for the transferor in respect of the transferred proportion and with all the rights and obligations of the transferor in respect of it. > > > (2) A person may be admitted as a partner in a limited partnership or incorporated limited partnership without the necessity to obtain the consent of any limited partner. > > > (3) The provisions of this section may be varied by the partnership agreement or the consent of the partners. > > Note— > > See section 53C (4). > > **s 69:** Ins 1991 No 48, Sch 1. Am 2004 No 8, Sch 1 \[92\]–\[95\].