Notice of dissolution or cessation
28 Notice of dissolution or cessation
If a limited partnership is dissolved under section 25 or ceases to be a limited partnership under section 27, the persons who were registered as general partners immediately before the dissolution or cessation must lodge with the Commissioner a notice of the dissolution or cessation in accordance with subsection (2).
The notice must —
be lodged as soon as practicable after the dissolution or cessation; and
be in the form approved by the Commissioner; and
contain the particulars required by the form; and
specify the day on which the dissolution or cessation took effect.
As soon as practicable after receiving a notice under subsection (1), the Commissioner must record in the register —
the dissolution or cessation; and
the day on which the dissolution or cessation took effect, being the day specified in the notice under subsection (2)(d).
If subsection (1) is not complied with, each person registered as a general partner in the limited partnership immediately before the dissolution or cessation commits an offence.
Penalty for this subsection: a fine of $1 500.
This Act’s bill:Explanatory memorandumSecond reading speech
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