Legislation

Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 99
Rights of a limited partner
Partnership (PTR) CHAPTER 39, ARTICLE 8
§ 99. Rights of a limited partner. (1) A limited partner shall have
the same rights as a general partner to

(a) Have the partnership books kept at the principal place of business
of the partnership, and at all times to inspect and copy any of them.

(b) Have on demand true and full information of all things affecting
the partnership, and a formal account of partnership affairs whenever
circumstances render it just and reasonable, and

(c) Have dissolution and winding up by decree of court.

(2) A limited partner shall have the right to receive a share of the
profits or other compensation by way of income, and to the return of his
contribution as provided in sections one hundred and four and one
hundred and five of this article.

(3) When the limited partnership is qualified as an investment company
under the Investment Company Act of 1940, the limited partner shall have
the right to vote: (a) in the election of directors or trustees of the
investment company; (b) to approve or terminate investment advisory or
underwriting contracts; (c) for approval of auditors; and (d) any other
matters that the Investment Company Act of 1940 requires to be approved
by the holders of beneficial interests in the investment company.