Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) If a general partner becomes a limited partner, the partner remains liable for any liability of the incorporated limited partnership that arose before the partner became a limited partner to the extent that the partnership cannot satisfy the liability or to the greater extent provided by the partnership agreement.
(2) If a limited partner becomes a general partner, the partner remains not liable (subject to section 68 (2) and (3)) for any liability of the incorporated limited partnership that arose before the partner became a general partner.
Note Section 68 (2) and (3) imposes liability in certain circumstances on a limited partner who takes part in the management of the business of the incorporated limited partnership .