Limited Partnership Amendment Act 1998

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/1998/Acts/Limited%20Partnership%20Amendment%20Act%201998.pdf

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Limited Partnership Amendment Act 1998
LIMITED PARTNERSHIP AMENDMENT ACT 1998

1

BERMUDA
1998 : 22

LIMITED PARTNERSHIP AMENDMENT ACT 1998

[Date of Assent 24 June 1998]

[Operative Date 24 June 1998]

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:

Short title
1 This Act, which amends the Limited Partnership Act 1883 ("the
principal Act"), may be cited as the Limited Partnership Amendment Act
1998.

Name of limited partnership
2 Subsections (3) and (6) of section 6 of the principal Act (which
prohibit the use of the name of a limited partner in the name of a limited
partnership, and provide that a limited partner who allows his name to
be so used is liable to creditors as a general partner) shall cease to have
effect and are hereby repealed.

LIMITED PARTNERSHIP AMENDMENT ACT 1998

LIMITED PARTNERSHIP AMENDMENT BILL 1998

2

Management of limited partnership
3 In section 8C of the principal Act (actions etc of limited partner
which are not to be taken as participation in management of
partnership)—

(a) for the words "of the limited partner—" there shall be
substituted "of the inclusion of the limited partner's
name, or any part of it, in the name of the limited
partnership or of his—"; and

(b) after paragraph (b) there shall be inserted—

"(bb) taking any actions, or making any decisions, in
respect of any investment made by the limited
partnership;".

Continuing liability of limited partner
4 (1) In section 8D(3) of the principal Act (continuing liability of
limited partner after lawful reduction of capital), after the word
"nevertheless" there shall be inserted ", for the period of one year
following the date of any such return or release,".

(2) In section 8D(4) of the principal Act (continuing liability of
limited partner after unlawful reduction of capital) for the words following
paragraph (c) there shall be substituted—

"he is, for the period of six years following the date of any such
return or release, liable to the limited partnership or, where the
limited partnership is dissolved, to its creditors for the amount of
the contribution wrongfully returned with interest, or the value
of the contribution wrongfully released, or the value of both (as
the case may be)."