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Partnership Act 1997
70Change in partners
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70 Change in partners
(1) A limited partner (the transferor) in an incorporated limited
partnership may transfer all or part of that partner's interest in the
partnership to an entity (the transferee) with:
(a) the consent of the general partners in the partnership; and
(b) the agreement of the transferee.
(2) If all the interest is transferred, the transferee replaces the
transferor as a limited partner in the partnership.
Part 3 Incorporated limited partnerships
Division 3 Powers and liabilities of partnership
Partnership Act 1997 36
(3) If part of the interest is transferred and that interest is or includes
any of the transferor's legal interest in the partnership, the
transferee becomes a limited partner in the partnership in relation to
so much of that legal interest as is transferred.
(4) An entity may be admitted as a partner in the partnership without
the consent of any limited partner in the partnership.
(5) The operation of this section may be varied with the consent of all
of the partners in the partnership.