102Change in status of partners

102 Change in status of partners

(1) If a general partner becomes a limited partner, the partner remains liable for any liability of the incorporated limited partnership that arose before the partner became a limited partner.

(2) If a limited partner becomes a general partner, the partner remains not liable (subject to section 98(2)) for any liability of the incorporated limited partnership that arose before the partner became a general partner.

Section 98(2) imposes liability in certain circumstances on a limited partner who takes part in the management of the business of the incorporated limited partnership.

S. 103 inserted by No. 99/2003 s. 4.