Section 10-301 - Admission as limited partner.
§ 10-301. Admission as limited partner.
(a) When effective.- A person acquiring a partnership interest is admitted as a limited partner upon the later to occur of:
(1) The formation of a limited partnership; or
(2) The time provided in a partnership agreement, or if no time is provided in the agreement, then when the person's admission is reflected in the records of the limited partnership.
(b) Conditions for admission.- After the filing of the initial certificate, a person may be admitted as an additional limited partner:
(1) In the case of a person acquiring a partnership interest directly from the limited partnership:
(i) On compliance with the partnership agreement; or
(ii) With the consent of all partners; and
(2) In the case of an assignee of a partnership interest of a partner who has the power, under § 10-703 of this title, to grant the assignee the right to become a limited partner, upon the exercise of that power and compliance with any conditions limiting the grant or exercise of the power.
[1981, ch. 801, § 2; 1989, ch. 568.]