60Liability of limited partner limited to amount shown in Register

60 Liability of limited partner limited to amount shown in Register

S. 60(1) amended by No. 99/2003 s. 6(5).

(1) The liability of a limited partner to contribute to the liabilities of the limited partnership is (subject to this Part) not to exceed the amount shown in relation to the limited partner in the Register as the extent to which the limited partner is liable to contribute.

(2) If a limited partner makes a contribution towards the amount of any capital or the value of any property that the limited partner has agreed to contribute to the limited partnership, the liability of the limited partner is reduced to such part of the amount shown in the Register as remains outstanding.

S. 60(3) inserted by No. 99/2003 s. 6(6).

(3) If a partnership (the investing partnership) is a limited partner in a limited partnership (the principal partnership), a partner in the investing partnership has no separate liability to contribute to the liabilities of the principal partnership, but nothing in this subsection affects any liability of the investing partnership as a limited partner to contribute to those liabilities.

S. 61 inserted by No. 43/1992 s. 5.