Limitation of liability of limited partners
67 Limitation of liability of limited partners
A limited partner has no liability for the liabilities of the incorporated limited partnership or a general partner.
Subsection (1), section 73 (Liability for conduct, acts or omissions outside the ACT) or section 74 (Incorporated limited partnerships formed under corresponding laws) does not prevent—
a contribution of capital or property made by a limited partner to the incorporated limited partnership being used in satisfaction of a liability of an incorporated limited partnership or a general partner; or
an obligation of a limited partner to contribute capital or property to the incorporated limited partnership being enforced by anyone to whom the obligation is owed in satisfaction of a liability of the partnership or a general partner.
This section is subject to section 68.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.