50-73.22:1 - Admission of limited partners - Virginia Statutes

§ 50-73.22:1. Admission of limited partners.

A. A person becomes a limited partner on the later of:

1. The date the original certificate of limited partnership is filed; or

2. The date stated in the records of the limited partnership as the date thatperson becomes 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 directly from thelimited partnership, upon compliance with the partnership agreement or, ifthe partnership agreement does not so provide, upon the written consent ofall partners; and

2. In the case of an assignee of a partnership interest of a partner who hasthe power, as provided in § 50-73.47, to grant the assignee the right tobecome a limited partner, upon the exercise of that power and compliance withany conditions limiting the grant or exercise of the power.

(1987, c. 702.)