Section 17Part 1 — Exempted Limited Partnership Act
Rights, property and proceeds to vest in incom ing partner
←→ Navigate · Click subsection badges to collapse · Press ? for help
On the admission or substitution of any general partner or general partners, in this subsection referred to as an “incoming general partner”, in accordance with the terms of the partnership agreement and this Act , all rights or property of every description of the exempted limited partnership, including all choses in action and any right to make capital calls and receive the proceeds thereof, held or deemed to be held by the general partner or general partners in accordance with the fore going subsection, in this subsection referred to as the “existing general partners”, shall vest without the requirement for further formalities in the incoming general partner and any continuing existing general partners and shall be held by it or them in accordance with this Act .
On the withdrawal of a general partner in accordance with the terms of the partnership agreement and this Act —
all rights or property of every description of the exempted limited partnership, including all choses in action and any right to make capital calls and receive the proceeds thereof, shall vest without the requirement for further actions or formalities in t he remaining general partner or general partners and shall be held by it or them in accordance with this Act ; and
subject to section 10
, the remaining general partner or general partners shall be liable for and the property of the exempted limited partnership held by them in accordance with this Act shall be subject to all mortgages, charges or security interests and all contracts, obligations, claims, debts and liabilities of the exempted limited partnership.