70Change in partners

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.