8553 - Voluntary withdrawal of limited partner. - Pennsylvania Statutes

§ 8553. Voluntary withdrawal of limited partner. (a) General rule.--A limited partner may withdraw from a limited partnership only at the time or upon the happening of events specified in writing in the partnership agreement. (b) (Repealed). (c) Transitional rule.--This section applies to all limited partnerships formed on or after January 1, 2002. If the partnership agreement of a limited partnership formed before January 1, 2002, did not on December 31, 2001, specify in writing the time or the events upon the happening of which a limited partner could withdraw or a definite time for the dissolution and winding up of the limited partnership, the provisions of this section that were in effect prior to January 1, 2002, shall apply until such time, if any, as the partnership agreement is amended in writing after January 1, 2002, to specify: (1) a time or the events upon the happening of which a limited partner may withdraw; (2) a definite time for the dissolution and winding up of the limited partnership; or (3) that this section as effective January 1, 2002, shall apply to the limited partnership. (June 22, 2001, P.L.418, No.34, eff. 60 days)