56-1a201. Admission of additional limited partners. - Kansas Statutes

56-1a201

Chapter 56.--PARTNERSHIPS Part 3.--LIMITED PARTNERS Article 1a.--REVISED UNIFORM LIMITED PARTNERSHIP ACT

      56-1a201.   Admission of additional limited partners.(a) A person becomes a limited partner:

      (1)   At the time the limited partnership is formed; or

      (2)   at any later time specified in the records of the limitedpartnership for becoming a limited partner.

      (b)   After the filing of a limited partnership's initial certificate of limitedpartnership, a person may be admitted as an additional limited partner:

      (1)   In the case of a person acquiring a partnership interest directlyfrom the limited partnership, upon compliance with the partnership agreementor, if the partnership agreement does not so provide, upon the written consentof all partners; and

      (2)   in the case of an assignee of a partnership interest of a partnerwho has the power, as provided in K.S.A. 56-1a404 and amendmentsthereto, to grant the assigneethe right to become a limited partner, upon the exercise of that power andcompliance with any conditions limiting the grant or exercise of the power.

      History:   L. 1983, ch. 88, § 18;L. 1987, ch. 208, § 8; July 1.