South Australian Numbered Acts

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PARTNERSHIP (VENTURE CAPITAL FUNDS) AMENDMENT ACT 2005 (NO 15 OF 2005) - SECT 12

12—Amendment of section 8—Effect of notice that firm will not be bound by acts of partner

        (1)         Section 8—delete "the firm" first occurring and substitute:

a firm other than a firm that is an incorporated limited partnership

        (2)         Section 8—after its present contents as amended by this section (now to be designated as subsection (1)) insert:

        (2)         If it has been agreed by the partners in an incorporated limited partnership that any restrictions are to be placed on the power (if any) of any one or more of them to bind the firm, no act done in contravention of the agreement is binding on the firm with respect to persons having notice of the agreement.



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