70Dissolution not available in certain cases

70 Dissolution not available in certain cases

70 Dissolution not available in certain cases

(1) Subject to the terms of any agreement between the partners in a limited partnership—

(a) a limited partner is not entitled to dissolve the partnership by notice, and

(b) the general partners or the other limited partners are not entitled to dissolve the partnership because a limited partner has allowed the partner’s share of the partnership property to be charged for the partner’s separate liabilities, and

(c) the death, bankruptcy or retirement or, in the case of a corporation, the dissolution of a limited partner does not dissolve the partnership.

(2) The fact that a limited partner in a limited partnership or an incorporated limited partnership is declared to be of unsound mind and incapable of managing the partner’s affairs is not a ground for dissolution of the partnership by a Court unless the share and interest of the partner in the partnership cannot be otherwise ascertained or realised.

s 70: Ins 1991 No 48, Sch 1. Am 1994 No 32, Sch 3; 2004 No 8, Sch 1 [97] [98].