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Partnership | |
Utah Revised Uniform Limited Partnership Act | |
Section 301 | Admission of additional limited partners. |
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48-2a-301 (Repealed 07/01/12). Admission of additional limited partners. (1) A person becomes a limited partner on the later of: (a) the date the original certificate of limited partnership is filed; or (b) the date stated in the records of the limited partnership as the date that person becomes a limited partner. (2) After the filing of a limited partnership's original certificate of limited partnership, a person may be admitted as an additional limited partner: (a) in the case of a person acquiring a partnership interest directly from the limited partnership or in the case of an assignee of a partnership interest of a partner who does not have authority, as provided in Section 48-2a-704, to grant the assignee the right to become a limited partner, upon compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners; and (b) in the case of an assignee of a partnership interest of a partner who has the authority, as provided in Section 48-2a-704, to grant the assignee the right to become a limited partner, upon the exercise of that authority and compliance with any conditions limiting the grant or exercise of the authority.
Amended by Chapter 189, 1991 General Session |
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