South Australian Numbered Acts South Australian Numbered Acts45—Substitution of section 53
Section 53—delete the section and substitute:
53—Registration of limited partnership or incorporated
limited partnership
(1) If an application
for registration of a limited partnership or incorporated limited partnership
has been duly made, the Commission must register the limited partnership or
incorporated limited partnership.
(2) However, the
Commission—
(a) must
not register the limited partnership or incorporated limited partnership if
any general partner would, because of a conviction of an offence, be
prohibited under Division 7 from carrying on business as a general partner;
and
(b) may,
if the firm-name proposed in an application for registration requires
registration as a business name under the Business Names Act 1996 ,
postpone registration pending registration of the name as a business name
under that Act.
(3) If the Commission
registers a limited partnership or an incorporated limited partnership,
the firm-name of the partnership is its name as recorded in the Register.
(4) On registration of
a limited partnership as an incorporated limited partnership, the
limited partnership ceases to be a limited partnership and the Commission is
to record the cancellation of its registration in the Register; however, in
that case, any liability of the firm or a partner in it that arose before its
registration as an incorporated limited partnership is to be dealt with as if
it were still a limited partnership.
(5) Registration is
effected by recording in the Register the particulars in the statement lodged
with the Commission.
53A—Acts preparatory to registration do not constitute partnership
Any act done in connection with the making of an application for registration
under this Part by or on behalf of persons or partnerships (including external
partnerships) proposing to be the partners in a proposed partnership does not
of itself create a partnership between those persons or partnerships.