Limited Partnership Amendment Act 1995

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/1995/Acts/Limited%20Partnership%20Amendment%20Act%201995.pdf

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Limited Partnership Amendment Act 1995
The Laws of Bermuda
Annual Volume of Public Acts 1995 : 35

1

195

BERMUDA
1995 : 35

LIMITED PARTNERSHIP AMENDMENT ACT 1995

[Date of Assent 14 July 1995]

[Operative Date 14 July 1995]

WHEREAS it is expedient to amend the Limited Partnership Act
1883:

Be it enacted by The Queen's Most Excellent Majesty, by and
with the advice and consent of the Senate and the House of Assembly of
Bermuda, and by the authority of the same, as follows:

Citation
1 This Act which amends the Limited Partnership Act 1883
(hereinafter referred to as "the principal Act") may be cited as the Limited
Partnership Amendment Act 1995.

Amends section 2 of principal Act
2 Section 2 of the principal Act is amended by inserting next after
subsection (2) the following—

"(3) Within thirty days after a limited partner makes, or
undertakes to make, a capital contribution to a limited partnership, a
general partner shall—

LIMITED PARTNERSHIP AMENDMENT ACT 1995

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196

(a) deliver a notice thereof, containing the particulars
specified in subsection (4), to the Registrar for
registration by him in the register; and

(b) deliver a copy of such notice to the Bermuda Monetary
Authority.

(4) The notice referred to in subsection (3) shall contain the
following particulars, that is to say,—

(a) the name of the limited partnership;

(b) the name and address of the limited partner that made,
or undertook to make, the capital contribution; and

(c) the amount of the capital contribution made or
undertaken to be made and the date of such making or
undertaking.

(5) The Minister may on application in writing made by a
general partner exempt—

(a) a limited partnership the interests in which are traded
on an appointed stock exchange or on a market which is
supervised by a competent regulatory authority; or

(b) such other limited partnership as the Minister considers
appropriate,

from complying with the requirements of subsection (3).".

Amends section 3 of principal Act
3 Section 3 of the principal Act is amended —

(a) by deleting paragraph (d); and

(b) by relettering paragraphs (e) and (f) as paragraphs (d)
and (e) respectively.

Amends section 7 of principal Act
4 Section 7 of the principal Act is amended in subsection (7) by
inserting next after the words "In this section" the words "and in section
11".

Amends section 8B(2) of principal Act
5 Section 8B(2) of the principal Act is amended by inserting next
after the words "such change," the words "other than a change referred
to in section 3(d) or (e).".

The Laws of Bermuda
Annual Volume of Public Acts 1995 : 35

3

195

Amends section 11 of principal Act
6 Section 11 of the principal Act is amended—

(a) by deleting subsection (6) and substituting the
following—

"(6) Subject to subsection (6A), the require-
ments referred to in subsection (4)(b) are—

(a) on the effective contribution reduction
date an affidavit shall be sworn by at
least one general partner declaring
either that on that date, after taking into
account the contribution reduction, the
limited partnership is solvent or that all
the creditors of the limited partnership
on that date have expressed in writing
their concurrence in the contribution
reduction;

(b) within thirty days after the effective
contribution reduction date a general
partner shall—

(i) deliver the affidavit referred to
in paragraph (a) and a notice of
the contribution reduction
containing the particulars
specified in paragraph (c) to the
Registrar for registration by him
in the register; and

(ii) deliver a copy of the affidavit
and the notice to the Bermuda
Monetary Authority; and

(c) the notice referred to in paragraph (b)
shall contain the following particulars,
that is to say,—

(i) the name of the limited
partnership in respect of which
the contribution reduction was
made;

(ii) the name and address of the
limited partner in favour of

LIMITED PARTNERSHIP AMENDMENT ACT 1995

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198

whom the contribution
reduction was made; and

(iii) the amount and the effective
date of the contribution
reduction.

(6A) The Minister may on application in writing
made by a general partner exempt—

(a) a limited partnership the interests in
which are traded on an appointed stock
exchange or on a market which is
supervised by a competent regulatory
authority; or

(b) such other limited partnership as the
Minister considers appropriate,

from complying with the requirements of subsection
(6).";

(b) in subsection (7) by deleting the words "If a provision"
and substituting the words "Subject to subsection (6A), if
a provision"; and

(c) by inserting next after subsection (7) the following—

"(8) In this section "the Bermuda Monetary
Authority" means the Bermuda Monetary Authority
established under section 2 of the Bermuda Monetary
Authority Act 1969.".