97Limitation of liability of limited partners

97 Limitation of liability of limited partners

(1) A limited partner has no liability for the liabilities of the incorporated limited partnership or of a general partner.

(2) Nothing in subsection (1) prevents—

(a) a contribution of capital or property made by a limited partner to the incorporated limited partnership being used; or

(b) an obligation of a limited partner to contribute capital or property to the incorporated limited partnership being enforced by any person to whom the obligation is owed—

in satisfaction of a liability of the partnership or of a general partner.

(3) This section is subject to section 98 (limited partner not to take part in the management of the incorporated limited partnership).

S. 98 inserted by No. 99/2003 s. 4.