64Liability for limited partnerships formed under corresponding laws

64 Liability for limited partnerships formed under corresponding laws

(1) In this section—

corresponding law means a law of another State, a Territory or another country that is declared by Order of the Governor in Council published in the Government Gazette to be a corresponding law for the purposes of this Part;

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

S. 64(2) amended by No. 99/2003 s. 6(7).

(2) Any limitation under a corresponding law on the liability of a limited partner in a recognised limited partnership extends to any liability incurred in connection with the conduct of the partnership's business in this State.

S. 64(3) amended by No. 99/2003 s. 6(7).

(3) The law of 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 under that law the limitation of liability of limited partners in a limited partnership formed in accordance with this Part and registered or otherwise recognised under that law extends to any liability incurred in connection with the conduct of the partnership's business in that State or Territory.

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

S. 64(5) inserted by No. 99/2003 s. 6(8).

(5) 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.

S. 64A inserted by No. 99/2003 s. 7.