South Australian Numbered Acts South Australian Numbered Acts13—Amendment of section 9—Liability of partners
(1)
Section 9—after "a firm" insert:
other than an incorporated limited partnership
(2)
Section 9—after "partner; and" insert:
(if the partner is an individual)
(3)
Section 9—after its present contents as amended by this section (now to
be designated as subsection (1)) insert:
(2) Every general
partner in an incorporated limited partnership is liable jointly with the
incorporated limited partnership for all debts and obligations of the
partnership incurred while the general partner is a general partner; and (if
the general partner is an individual) after the general partner's death the
general partner's estate is also severally liable in a due course of
administration for such debts or obligations so far as they remain unsatisfied
but subject to the prior payment of the partner's separate debts.
(3) Despite
subsection (2), a general partner in an incorporated limited partnership
is only liable for any debts or obligations of the incorporated
limited partnership—
(a) to
the extent the incorporated limited partnership is unable to satisfy the debts
and obligations, or
(b) to a
greater extent provided by the partnership agreement.