79-14-603 - Withdrawal of limited partner.
§ 79-14-603. Withdrawal of limited partner.
[For domestic limited partnerships formed on or before June 30, 1998, and which do not duly elect to become subject to the second tier of this section, this section shall read as follows:]
A limited partner may withdraw from a limited partnership at the time or upon the occurrence of events specified in writing in the partnership agreement. If the partnership agreement does not specify in writing the time or the events upon the occurrence of which a limited partner may withdraw or a definite time for the dissolution and winding up of the limited partnership, a limited partner may withdraw upon not less than six (6) months' written notice to each general partner at his address set forth in the certificate.
[For domestic limited partnerships formed on or after July 1, 1998, or which elect, in accordance with any provision of its partnership agreement permitting it to do so or by duly amending the partnership agreement to become subject to the following provisions by filing with the Secretary of State at any time after May 1, 1998, a certificate of amendment that would cause its certificate of limited partnership to comply with the following provisions, specifically stating that the limited partnership is electing to adopt the following provisions, this section shall read as follows:]
A limited partner may withdraw from a limited partnership at the time or upon the occurrence of events specified in writing in the partnership agreement.
Sources: Laws, 1987, ch. 488, § 603; Laws, 1998, ch. 376, § 2, eff from and after July 1, 1998.