8576 - Division authorized. - Pennsylvania Statutes

SUBCHAPTER J DIVISION Sec. 8576. Division authorized. 8577. Proposal and adoption of plan of division. 8578. Division without approval of limited partners. 8579. Certificate of division. 8580. Effect of division. Enactment. Subchapter J was added December 7, 1994, P.L.703, No.106, effective in 60 days. Former Subchapter J was relettered to Subchapter K. § 8576. Division authorized. (a) Division of domestic limited partnership.--Any domestic limited partnership may, in the manner provided in this subchapter, be divided into two or more domestic limited partnerships organized or to be organized under this chapter or into one or more domestic limited partnerships and one or more foreign limited partnerships to be organized under the laws of another jurisdiction or jurisdictions or into two or more foreign limited partnerships if the laws of the other jurisdictions authorize the division. (b) Division of foreign limited partnership.--Any foreign limited partnership may, in the manner provided in this subchapter, be divided into one or more domestic limited partnerships to be organized under this chapter and one or more foreign limited partnerships organized or to be organized under the laws of another jurisdiction or jurisdictions or into two or more domestic limited partnerships if the foreign limited partnership is authorized under the laws of the jurisdiction under which it is organized to effect a division. (c) Surviving and new limited partnerships.--The limited partnership effecting a division, if it survives the division, is designated in this subchapter as the surviving limited partnership. All limited partnerships originally organized by a division are designated in this subchapter as new limited partnerships. The surviving limited partnership, if any, and the new limited partnership or partnerships are collectively designated in this subchapter as the resulting limited partnerships.