South Australian Current Acts South Australian Current Acts64B—Change in status of partners
(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 is unable
to 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 65A(2)) for any liability of the
incorporated limited partnership that arose before the partner became a
general partner.
Note—
Section 65A(2) imposes liability in certain circumstances on a limited
partner who takes part in the management of the business of the incorporated
limited partnership.