South Australian Numbered Acts

PARTNERSHIP (VENTURE CAPITAL FUNDS) AMENDMENT ACT 2005 (NO 15 OF 2005) - SECT 50

50—Amendment of section 58—Liability of limited partner limited to amount shown in Register

        (1)         Section 58(1)—delete "debts or obligations" and substitute:

liabilities

        (2)         Section 58(2)—delete "debts or obligations" and substitute:

liabilities

        (3)         Section 58—after subsection (2) insert:

        (3)         If a partnership (the "investing partnership") is a limited partner in a limited partnership (the "principal partnership ), a partner in the investing partnership has no separate liability to contribute to the liabilities of the principal partnership, but nothing in this subsection affects any liability of the investing partnership as a limited partner to contribute to those liabilities.