Victorian Current Acts

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Dissolution not available in certain cases

    (1)     Subject to the terms of any agreement between the partners in a limited partnership

        (a)     a limited partner is not entitled to dissolve the partnership by notice; and

S. 70(1)(b) amended by No. 99/2003 s. 6(10).

        (b)     the general partners or the other limited partners are not entitled to dissolve the partnership because a limited partner has allowed the limited partner's share of the partnership property to be charged for the limited partner's separate liabilities; and

        (c)     the death, bankruptcy or retirement or, in the case of a body corporate, the dissolution, of a limited partner does not dissolve the partnership.

    (2)     The fact that a limited partner in a limited partnership is declared to be of unsound mind and incapable of managing his or her affairs is not a ground for dissolution of the partnership by a court unless the share and interest of the partner in the partnership cannot be otherwise ascertained or realised.

S. 71 inserted by No. 43/1992 s. 5.

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