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The Vermont Statutes Online
Title
11
:
Corporations, Partnerships and Associations
Chapter
023
:
LIMITED PARTNERSHIPS
Subchapter
004
:
GENERAL PARTNERS
§
3432. Events of withdrawal
Except as
approved by the specific written consent of all partners at the time, a person
ceases to be a general partner of a limited partnership upon the happening of
any of the following events:
(1) the general
partner withdraws from the limited partnership as provided in section 3452 of
this title;
(2) the general
partner ceases to be a member of the limited partnership as provided in section
3462 of this title;
(3) the general
partner is removed as a general partner in accordance with the partnership
agreement;
(4) unless
otherwise provided in writing in the partnership agreement, the general
partner: makes an assignment for the benefit of creditors; files a voluntary
petition in bankruptcy; is adjudicated a bankrupt or insolvent; files a
petition or answer seeking for himself or herself any reorganization,
arrangement, composition, readjustment, liquidation, dissolution, or similar
relief under any statute, law, or regulation; files an answer or other pleading
admitting or failing to contest the material allegations of a petition filed
against him or her in any proceeding of this nature; or seeks, consents to, or
acquiesces in the appointment of a trustee, receiver, or liquidator of the
general partner or of all or any substantial part of his or her properties;
(5) unless
otherwise provided in writing in the partnership agreement, 120 days after the
commencement of any proceeding against the general partner seeking
reorganization, arrangement, composition, readjustment, liquidation,
dissolution, or similar relief under any statute, law, or regulation, the
proceeding has not been dismissed, or if within 90 days after the appointment
without his or her consent or acquiescence of a trustee, receiver, or
liquidator of the general partner or of all or any substantial part of his or
her properties, the appointment is not vacated or stayed or within 90 days
after the expiration of any such stay, the appointment is not vacated;
(6) in the case
of a general partner who is a natural person,
(A) his or her
death; or
(B) the entry of
an order by a court of competent jurisdiction adjudicating him or her
incompetent to manage his or her person or his or her estate;
(7) in the case
of a general partner who is acting as a general partner by virtue of being a
trustee of a trust, the termination of the trust (but not merely the
substitution of a new trustee);
(8) in the case
of a general partner that is a separate partnership, the dissolution and
commencement of winding up of the separate partnership;
(9) in the case
of a general partner that is a corporation, the filing of a certificate of
dissolution, or its equivalent, for the corporation or the revocation of its
charter; or
(10) in the case
of an estate, the distribution by the fiduciary of the estate's entire interest
in the partnership. (Added 1997, No. 149 (Adj. Sess.), § 4, eff. Jan. 1, 1999.)