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§ 10-301. Admission of limited partners

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 10. Limited Partnership Act (Refs & Annos)
Subtitle 3. Limited Partners
MD Code, Corporations and Associations, § 10-301
§ 10-301. Admission of limited partners
Currentness
When admitted
(a) A person acquiring a partnership interest is admitted as a limited partner upon the later to occur of:
(1) The formation of a limited partnership; or
(2) The time provided in a partnership agreement, or if no time is provided in the agreement, then when the person's admission is reflected in the records of the limited partnership.
Admission as additional limited partner
(b) After the filing of the initial certificate, a person may be admitted as an additional limited partner:
(1) In the case of a person acquiring a partnership interest directly from the limited partnership:
(i) On compliance with the partnership agreement; or
(ii) With the consent of all partners; and
(2) In the case of an assignee of a partnership interest of a partner who has the power, under § 10-703 of this title, to grant the assignee the right to become a limited partner, upon the exercise of that power and compliance with any conditions limiting the grant or exercise of the power.

Credits

Added by Acts 1981, c. 801, § 2. Amended by Acts 1989, c. 568.
MD Code, Corporations and Associations, § 10-301, MD CORP & ASSNS § 10-301
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document