Section 10-9B-301 Admission of limited partners. - Alabama Statutes

Section 10-9B-301

Admission of limited partners.

REPEALED IN THE 2009 REGULAR SESSION BY ACT 2009-621, EFFECTIVE JANUARY 1, 2010. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.

(a) In connection with the formation of a limited partnership, a person acquiring a partnership interest as a limited partner is admitted as a limited partner of the limited partnership upon the later to occur of:

(1) The formation of the limited partnership; or

(2) The time provided in and upon compliance with the partnership agreement or, if the partnership agreement does not so provide, when the person's admission is reflected in the records of the limited partnership.

(b) After the formation of a limited partnership, a person acquiring a partnership interest as a limited partner is admitted as a limited partner of the limited partnership:

(1) In the case of a person acquiring a partnership interest directly from the limited partnership, at the time provided in and upon compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners and when the person's admission is reflected in the records of the limited partnership; or

(2) In the case of an assignee of a partnership interest, as provided in Section 10-9B-704(a) of this chapter and at the time provided in and upon compliance with the partnership agreement or, if the partnership agreement does not so provide, when any such person's permitted admission is reflected in the records of the limited partnership.

(Act 97-921, 1st Ex. Sess., p. 335, §1.)