Restrictions on approval of mergers and on relinquishing limited liability limited partnership status.
If a partner of a constituent limited partnership will have personal liability with respect to any organization as a result of a merger, approval and amendment of a plan of merger shall be ineffective without the consent of that partner, unless: The limited partnership’s partnership agreement provides for the approval of the merger with the consent of less than all the partners; and The partner has consented to the provision of the partnership agreement. An amendment to a certificate of limited partnership which deletes a statement that the limited partnership is a limited liability limited partnership shall be ineffective without the consent of each general partner unless: The limited partnership’s partnership agreement provides for the amendment with the consent of less than all the general partners; and Each general partner that does not consent to the amendment has consented to the provision of the partnership agreement. A partner shall not give the consent required by subsection (a) or (b) of this section merely by consenting to a provision of the partnership agreement which permits the partnership agreement to be amended with the consent of fewer than all the partners.
Annotations
July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720 Uniform Law: This section is based on § 1110 of the Uniform Limited Partnership Act (2001 Act). This section is referenced in § 29-701.07, § 29-704.06, and § 29-710.03.
Sourced from the DC Council Open Law Library (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.