35-12-1201. Nonjudicial dissolution.
35-12-1201. Nonjudicial dissolution. A limited partnership is dissolved and its affairs must be wound up on the occurrence of the first of the following:
(1) at the time or on the happening of the events specified in writing in the partnership agreement;
(2) on the unanimous written consent of all partners;
(3) on the happening of an event of withdrawal of a general partner unless at the time there is at least one other general partner and the written provisions of the partnership agreement permits the business of the limited partnership to be carried on by the remaining general partner and the remaining general partner does so, but the limited partnership may not be dissolved or wound up by reason of any event of withdrawal if, within 90 days after the withdrawal, all partners agree in writing to continue the business of the limited partnership and to the appointment of one or more new general partners if necessary or desired; or
(4) on entry of a decree of judicial dissolution in accordance with 35-12-1202.
History: En. Sec. 47, Ch. 522, L. 1981; amd. Sec. 30, Ch. 268, L. 1997.