Section 10-801 - Events of dissolution. - Maryland Statutes

§ 10-801. Events of dissolution.
 

A limited partnership is dissolved and its affairs shall be wound up on the first to occur of the following: 

(1) At the time or on the happening of events specified in the partnership agreement; 

(2) A consent to dissolution by all partners; 

(3) An event of withdrawal of a general partner unless: 

(i) At the time there is at least one other general partner and the business is continued by a remaining general partner under a right to do so stated in the partnership agreement; or 

(ii) Within 90 days after the withdrawal, all partners other than the withdrawn general partner agree in writing to continue the business of the limited partnership and to the appointment, effective as of the date of withdrawal, of one or more additional general partners if necessary or desired; or 

(4) The entry of a decree of judicial dissolution under § 10-802 of this subtitle. 
 

[1981, ch. 801, § 2; 1988, ch. 550; 1996, ch. 10, § 1.]