New South Wales Consolidated Acts
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PARTNERSHIP ACT 1892 - SECT 60
Liability of limited partner limited to amount shown in Register
(1) The liability of a limited partner to contribute to the liabilities of the
limited partnership is (subject to this Part) not to exceed the amount shown
in relation to the limited partner in the Register as the extent to which the
limited partner is liable to contribute.
(2) If a limited partner makes a
contribution towards the liabilities of the limited partnership, the liability
of the limited partner is reduced to such part of the amount shown in the
Register as remains unpaid.
(3) If a partnership (the
"investing partnership" ) is a limited partner in a limited partnership (the
"principal partnership" ), a partner in the investing partnership has no
separate liability to contribute to the liabilities of the
principal partnership, but nothing in this subsection affects any liability of
the investing partnership as a limited partner to contribute to those
liabilities.
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