Western Australian Current Acts

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LIMITED PARTNERSHIPS ACT 2016 - SECT 42

42 .         Limited partner must not take part in management of incorporated limited partnership

        (1)         A limited partner in an incorporated limited partnership must not take part in the management of the business of the partnership.

        (2)         Subsection (3) applies if —

            (a)         as a direct result of any wrongful act or omission of a limited partner in taking part in the management of the business of an incorporated limited partnership, the limited partner causes any loss or injury to any person (a third party ) other than a partner in the partnership; and

            (b)         at the time of the act or omission, the third party had reasonable grounds to believe that the limited partner was a general partner in the partnership.

        (3)         The limited partner is liable for the loss or injury to the same extent that the limited partner would have been liable if the limited partner were a general partner in the partnership.

        (4)         The application of this section cannot be varied in relation to an incorporated limited partnership by the partnership agreement or with the consent of the partners in the incorporated limited partnership.



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