Section 18Part 1 — Exempted Limited Partnership Act
Transactions with the exempted limited partnership
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Subject to any express or implied term of the partnership agreement to the contrary and to the duty imposed upon a general partner by section 19
, a partner may lend money to, borrow from and transact other business with the exemp ted limited partnership so that an asset, debt or obligation of the exempted limited partnership shall thereby be created and with or without interest or security as the general partner shall determine, and shall have the same rights and obligations with r espect thereto as a person who is not a partner, but the obligations of the exempted limited partnership to repay a debt to a general partner shall, at all times, be subordinated to the claims of secured and unsecured creditors of the exempted limited partnership.