63Powers of partnership

63 Powers of partnership (1) An incorporated limited partnership has: (a) the legal capacity and powers of a natural person; and (b) the powers of a corporation. (2) Without limiting subsection (1), the partnership has the powers to: (a) create, confer, vary or cancel interests in the partnership; and (b) carry on its business; and (c) enter into contracts or otherwise acquire rights or liabilities; and (d) acquire, hold or dispose of property; and

Part 3 Incorporated limited partnerships Division 3 Powers and liabilities of partnership Partnership Act 1997 29 (e) appoint agents and attorneys, and act as an agent for other people; and (f) form, and participate in the formation of, corporations; and (g) participate in partnerships, trusts, joint ventures, other associations and other arrangements for the sharing of profits; and (h) do anything else it is authorised to do under this Part or the partnership agreement. (3) The partnership agreement may limit the partnership's powers.