24A
In forcePartnership property of incorporated limited partnership
Part 4Relations of partners to one another
24A Partnership property of incorporated limited partnership
(1)
All property, and rights and interests in property, acquired, whether by purchase or in another way, on account of an incorporated limited partnership, or for and in the course of the partnership’s business, are for this Act partnership property.
(2)
The partnership property of an incorporated limited partnership must be applied by the partnership exclusively for the partnership.
(3)
A partner in an incorporated limited partnership does not have any legal or beneficial interest in its partnership property only because the partner is a partner in the partnership.
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