101Change in partners

101 Change in partners

(1) A limited partner may, with the consent of the general partners and the agreement of the transferee, transfer the whole or a portion of the limited partner's interest in the incorporated limited partnership.

(2) 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.

(3) If only a portion 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 portion and with all the rights and obligations of the transferor in respect of that portion.

(4) A person may be admitted as a partner in an incorporated limited partnership without the necessity to obtain the consent of any limited partner.

(5) The provisions of this section may be varied with the consent of the partners.

S. 102 inserted by No. 99/2003 s. 4.