§ 59-1104. Effective date and repeal. - North Carolina Statutes

§59‑1104.  Effective date and repeal.

(a)        Except as set forthbelow, the effective date of this Article is October 1, 1986, and Article 1 ofChapter 59 of the North Carolina General Statutes is hereby repealed subject tothe following:

(1)        G.S. 59‑501,59‑502, and 59‑608 shall apply only to contributions anddistributions made after the effective date;

(2)        G.S. 59‑704applies only to assignments made after the effective date;

(3)        G.S. 59‑804shall not be construed so as to change the priority of creditors fortransactions entered into prior to the effective date;

(4)        Unless agreedotherwise by the partners, the applicable provisions of existing law governingallocation of profits and losses (rather than the provisions of G.S. 59‑503),distribution to a withdrawing partner (rather than the provisions of G.S. 59‑604),and the distribution of assets upon the winding up of a limited partnership(rather than the provisions of G.S. 59‑804) shall govern limitedpartnerships formed before the effective date of this Article herein.[;]

(5)        The repeal of anyprior statutory provision by this Article shall not impair, or otherwiseaffect, the organization or continued existence of a limited partnershipexisting at the effective date of this Article, nor shall the repeal by thisArticle of any such prior provision be construed so as to impair any contractor to affect any right accrued prior to the effective date of this Article; butsuch limited partnerships shall be subject to the procedural and otherrequirements of this Article except as otherwise specified in G.S. 59‑1104(a).Provided, that failure to comply with the requirements of this Article by suchlimited partnerships shall not cause loss of limited liability.

(b)        Any foreign limitedpartnership formed under the laws of another jurisdiction doing business inthis State prior to the effective date shall within two years thereafter complywith Part 9 of Article 5 of Chapter 59. (1985 (Reg. Sess., 1986), c.989, s. 2; 1987, c. 531, ss. 9, 10.)