Subject to the partnership agreement, an incorporated limited partnership has the legal capacity and powers of an individual and also all the powers of a body corporate including (for example) the power, whether within or outside Victoria or outside Australia—
(a) to carry on the business of the partnership; and
(b) to do all things necessary or convenient to be done for, or in connection with, the carrying on of the business of the partnership including (for example) the power to—
(i) enter into contracts or otherwise acquire rights or liabilities; or
(ii) create, confer, vary or cancel interests in the partnership; or
(iii) acquire, hold and dispose of real or personal property or of an interest (whether beneficial or legal) in real or personal property; or
(iv) appoint agents and attorneys, and act as agent for other persons; or
(v) form, and participate in the formation of, companies or incorporated limited partnerships; or
(vi) participate in partnerships, trusts, unincorporated joint ventures and other arrangements for the sharing of profits; or
(vii) do such other things as it is authorised to do by or under this Part or the partnership agreement.
S. 96 inserted by No. 99/2003 s. 4.