50-73.49 - Dissolution generally. - Virginia Statutes

§ 50-73.49. Dissolution generally.

A limited partnership formed under this chapter or that has filed an amendedand restated certificate of limited partnership in compliance with subsectionD of § 50-73.77 is dissolved and its affairs shall be wound up upon thehappening of the first to occur of the following events:

1. At the time or upon the occurrence of any events specified in thecertificate of limited partnership or in writing in the partnership agreement;

2. Upon the unanimous written consent of the partners;

3. Upon an event of withdrawal of a general partner unless at the time thereis at least one other general partner and the written provisions of thepartnership agreement permit the business of the limited partnership to becarried on by the remaining general partner and that partner does so, but thelimited partnership is not dissolved and is not required to be wound up byreason of any event of withdrawal, if, within 90 days after the withdrawal,all partners agree in writing to continue the business of the limitedpartnership and to the appointment of one or more additional general partnersif necessary or desired;

4. Entry of a decree of judicial dissolution under § 50-73.50;

5. Automatic cancellation of its existence pursuant to § 50-73.52:5; or

6. Involuntary cancellation of its existence pursuant to § 50-73.52:6.

(1985, c. 607; 1987, c. 702; 1996, c. 255; 2007, c. 631; 2008, cc. 586, 588,770; 2009, c. 167.)