104Recognised incorporated limited partnerships under corresponding laws

104 Recognised incorporated limited partnerships under corresponding laws

(1) In this section—

corresponding law means—

(a) a law of another State or of a Territory or of another country or jurisdiction that corresponds to this Part; or

(b) a law declared under subsection (3) to be a corresponding law for the purposes of this Part;

recognised incorporated limited partnership means a partnership formed in accordance with a corresponding law.

(2) A partner in a recognised incorporated limited partnership may only be liable for a liability incurred by the partnership as a result of—

(a) the conduct of the recognised incorporated limited partnership's business in this State; or

(b) the acts in this State of a partner in the recognised incorporated limited partnership or of the partnership itself or of any officer, employee or agent of such a partner or of the partnership—

in circumstances where the partner would be so liable under the corresponding law if the conduct or acts occurred in the place where the recognised incorporated limited partnership was formed.

(3) Subject to subsections (4) and (5), the Governor in Council may, by Order published in the Government Gazette, declare a law of another State, a Territory or another country or jurisdiction to be a corresponding law for the purposes of this Part.

(4) The law of another State or of a Territory may not be declared to be a corresponding law unless the Minister has certified to the Governor in Council that under that law a partner in an incorporated limited partnership formed in accordance with this Part and registered or otherwise recognised under that law may only be liable for a liability incurred by the partnership as a result of—

(a) the conduct in that State or Territory of the business of the partnership; or

(b) the acts in that State or Territory of a partner in the partnership or of the partnership itself or of any officer, employee or agent of such a partner or of the partnership—

in circumstances where the partner would be so liable under this Part if the conduct or acts occurred within the State.

(5) The law of another country or jurisdiction (not being another State or a Territory) may not be declared to be a corresponding law unless the Minister has certified to the Governor in Council that that law provides for the limitation of liability of certain partners in certain partnerships.

(6) This section is additional to, and does not derogate from, any rule of law under which recognition is or may be given to a limitation of liability of a partner in a partnership.