50-73.127 - Effect of conversion; entity unchanged. - Virginia Statutes

§ 50-73.127. Effect of conversion; entity unchanged.

A. A limited partnership that has been converted pursuant to this article isfor all purposes the same entity that existed before the conversion.

B. When a conversion takes effect:

1. All property owned by the converting limited partnership remains vested inthe resulting partnership;

2. All obligations of the converting limited partnership continue asobligations of the resulting partnership; and

3. An action or proceeding pending against the converting limited partnershipmay be continued as if the conversion had not occurred.

(1996, c. 292; 2007, c. 631.)