51Size of limited partnership

51 Size of limited partnership

(1) A limited partnership may have any number of limited partners.

S. 51(2) substituted by No. 44/2001 s. 3(Sch. item 87.3).

(2) The number of general partners must not (if the partnership consisted only of those general partners) exceed—

(a) 20; or

(b) if the partnership is of a particular kind in respect of which a higher number applies in accordance with section 115(2) of the Corporations Act—that higher number.

S. 51(3) inserted by No. 99/2003 s. 6(2).

(3) For the purposes of subsection (2)—

(a) if a general partner is a partnership and no partner in that partnership has, under the law of the place where the partnership is formed, limited liability for the liabilities of the partnership, the number of partners in that partnership is to be counted; and

(b) if a general partner is a partnership and any partner in that partnership has, under the law of the place where the partnership is formed, limited liability for the liabilities of the partnership, the number of partners in that partnership whose liability is not so limited is to be counted but no account is to be taken of the number of partners in that partnership whose liability is so limited.

S. 52 inserted by No. 43/1992 s. 5.