South Australian Numbered Acts

PARTNERSHIP (VENTURE CAPITAL FUNDS) AMENDMENT ACT 2005 (NO 15 OF 2005) - SECT 39

39—Substitution of section 49

Section 49—delete the section and substitute:

48—Limited partnership or incorporated limited partnership is formed on registration

        (1)         A limited partnership is formed by and on registration of the partnership under this Part as a limited partnership.

        (2)         An incorporated limited partnership is formed by and on registration of it under this Part as an incorporated limited partnership.

49—Composition of limited partnership or incorporated limited partnership

        (1)         A limited partnership or incorporated limited partnership must have—

            (a)         at least one general partner; and

            (b)         at least one limited partner.

        (2)         A corporation may be a general partner or a limited partner in a limited partnership or incorporated limited partnership.

        (3)         A partnership (including an external partnership) may be a general partner or a limited partner in a limited partnership or incorporated limited partnership.