South Australian Numbered Acts South Australian Numbered Acts61—Amendment of section 67—Change in partners
(1)
Section 67(1)—after "limited partner" first occurring insert:
(2)
Section 67—after subsection (1) insert:
(1a) A limited partner
in an incorporated limited partnership may, with the consent of the general
partners and the agreement of the transferee, transfer the whole or a
proportion of the limited partner's interest in the limited partnership.
(1b) If the whole of
the limited partner's interest in the incorporated limited partnership is
transferred to the one transferee, the transferee becomes a limited partner in
substitution for the transferor with all the rights and obligations of the
transferor.
(1c) If only a
proportion of the limited partner's interest in the incorporated
limited partnership is transferred to a transferee, the transferee becomes a
limited partner in substitution for the transferor in respect of the
transferred proportion and with all the rights and obligations of the
transferor in respect of it.
(3)
Section 67(2)—after "limited partnership" insert:
or incorporated limited partnership