LIMITED PARTNERSHIPS ACT 1907 - SECT 6 Modifications of general law in case of limited partnerships.

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LIMITED PARTNERSHIPS ACT 1907 - SECT 6

Modifications of general law in case of limited partnerships.

6.(1) A limited partner shall not take part in the management of the
partnership business, and shall not have power to bind the firm:

Provided that a limited partner may by himself or his agent at any time
inspect the books of the firm and examine into the state and prospects of the
partnership business, and may advise with the partners thereon.

If a limited partner takes part in the management of the partnership business
he shall be liable for all debts and obligations of the firm incurred while he
so takes part in the management as though he were a general partner.

(2) A limited partnership shall not be dissolved by the death or bankruptcy of
a limited partner, and the lunacy of a limited partner shall not be a ground
for dissolution of the partnership by the court unless the lunatic's share
cannot be otherwise ascertained and realised.

(3) In the event of the dissolution of a limited partnership its affairs shall
be wound up by the general partners unless the court otherwise orders.

Subs.(4) rep. by 1908 c.69 s.286 sch.6 Pt.I

(5) Subject to any agreement expressed or implied between the partners

(a)Any difference arising as to ordinary matters connected with the
partnership business may be decided by a majority of the general partners;

(b)A limited partner may, with the consent of the general partners, assign his
share in the partnership, and upon such an assignment the assignee shall
become a limited partner with all the rights of the assignor;

(c)The other partners shall not be entitled to dissolve the partnership by
reason of any limited partner suffering his share to be charged for his
separate debt;

(d)A person may be introduced as a partner without the consent of the existing
limited partners;

(e)A limited partner shall not be entitled to dissolve the partnership by
notice.

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Northern Irish Legislation

LIMITED PARTNERSHIPS ACT 1907 - SECT 6