Limited Partnerships Act 2016

If a general partner in an incorporated limited partnership being a trustee improperly employs trust property in the business or on account of the partnership, neither the partnership nor any other general partner is liable for the trust property to the persons beneficially interested in it.

Subsection (1) —

does not affect any liability incurred by any general partner by reason of the partner’s having notice of a breach of trust; and

does not prevent trust money from being followed and recovered from the incorporated limited partnership if still in its possession or under its control.

in section  21(1) of that Act a reference to partner were a reference to general partner as defined in section 3; and

in section 24 of that Act —

a reference in subsection (1) to a partner were a reference to a general partner as defined in section 3; and

a reference in subsection (2) to debts or obligations were a reference to the liabilities as defined in section 3; and

the words “as newly constituted” were deleted from subsection (3);

in section 30(1) of that Act a reference to the partners were a reference to the incorporated limited partnership as defined in section 3; and

at the end of section 30 of that Act the following subsection were inserted —

No partner in an incorporated limited partnership, by virtue only of being a partner in the partnership, has any legal or beneficial interest in its partnership property.

in section 39 of that Act the words “Partners are” were deleted and replaced with “An incorporated limited partnership is”.