Incorporated limited partnerships formed under corresponding laws
74 Incorporated limited partnerships formed under corresponding laws
A partner in a recognised incorporated limited partnership is liable for a liability incurred by the partnership as a result of either of the following, only in circumstances where the partner would be liable under the corresponding law if the conduct, acts or omissions happened in the place where the partnership was formed:
the conduct of the partnership’s business in the ACT;
the acts or omissions in the ACT of a partner in the partnership, the partnership itself or any officer, employee, agent or representative of the partner or partnership.
The Minister may, in writing, declare a law of a State, another Territory, foreign country or another jurisdiction to be a corresponding law for this part.
However, the Minister may declare a law of a State or another Territory to be a corresponding law only if under that law a partner in an incorporated limited partnership formed in accordance with this part and registered or otherwise recognised under that law is liable for a liability incurred by the partnership as a result of either of the following, only in circumstances where the partner would be liable under this Act if the conduct, acts or omissions happened in the ACT:
the conduct in that State or Territory of the business of the partnership;
the acts or omissions in that State or Territory of a partner in the partnership, the partnership itself or any officer, employee or agent of a general partner or the partnership.
Also, the Minister may declare a law of a foreign country or another jurisdiction to be a corresponding law only if that law provides for the limitation of liability of certain partners in certain partnerships.
A declaration under subsection (2) is a notifiable instrument.
This section is additional to any rule of law under which recognition is or may be given to a limitation of liability of a partner in a partnership.
In this section:
corresponding law means—
a law of a State, another Territory, foreign country or another jurisdiction that substantially corresponds to the provisions of this Act relating to incorporated limited partnerships; or
a law declared under subsection (2) to be a corresponding law for this part.
recognised incorporated limited partnership means a partnership formed in accordance with a corresponding law.
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