52
In forceNature of incorporated limited partnership
Part 3Incorporated limited partnerships
Division 2Formation of incorporated limited partnerships
52 Nature of incorporated limited partnership
(1)
An incorporated limited partnership:
(a)
is a corporation with perpetual succession and legal personality separate from its partners; and
(b)
may have a common seal; and
(c)
may sue and be sued in its firm name.
(2)
The common seal must be kept as the partnership directs and may only be used as authorised by the partnership.
This Act’s bill:Second reading speech
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