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Partnership Act 1958
62Change in status of partners
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62 Change in status of partners
S. 62(1) amended by No. 99/2003 s. 6(7).
(1) If a general partner becomes a limited partner, the limitation on liability does not extend to any liability of the limited partnership that arose before the partner became a limited partner.
S. 62(2) amended by No. 99/2003 s. 6(7).
(2) If a limited partner becomes a general partner, the limitation on liability no longer extends to any liability of the limited partnership that arose before the partner became a general partner.
S. 63 inserted by No. 43/1992 s. 5, amended by No. 99/2003 s. 6(7).