South Australian Numbered Acts

PARTNERSHIP (VENTURE CAPITAL FUNDS) AMENDMENT ACT 2005 (NO 15 OF 2005) - SECT 18

18—Amendment of section 14—Persons liable by "holding out"

        (1)         Section 14(1)—after "particular firm" insert:

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

        (2)         Section 14—after subsection (1) insert:

        (1a)         Every one who by words spoken or written or by conduct represents himself or herself, or who knowingly suffers himself or herself to be represented, as a general partner in a particular firm that is a limited partnership or an incorporated limited partnership, is liable as a general partner to any one who has on the faith of any such representation given credit to the firm, whether the representation has or has not been made or communicated to the person so giving credit by or with the knowledge of the apparent general partner making the representation or suffering it to be made.