20
CurrentEffect on liability of change in status of partner
Part 3Limited partnerships
Division 4Liability of partner
20 Effect on liability of change in status of partner
(1)
If a general partner becomes a limited partner, the partner remains liable, as if the partner were a general partner, for any liability of the limited partnership that arose before the partner became a limited partner.
(2)
If a limited partner becomes a general partner, the partner remains liable, as if the partner were a limited partner, for any liability of the limited partnership that arose before the partner became a general partner.
This Act’s bill:Explanatory memorandumSecond reading speech
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