8522 - Classes of limited partners.
§ 8522. Classes of limited partners. (a) General rule.--A partnership agreement may provide for: (1) classes or groups of limited partners having such relative rights, powers and duties as the partnership agreement may provide; (2) the future creation in the manner provided in the partnership agreement of additional classes or groups of limited partners having such relative rights, powers and duties as may from time to time be established, including rights, powers and duties senior to existing classes and groups of limited partners; and (3) the taking of an action, including, without limitation, amendment of the partnership agreement or creation under the provisions of the partnership agreement of a class or group of partnership interests that was not previously outstanding, without the vote or approval of any limited partner or class or group of limited partners. (b) Class voting.--Subject to section 8523 (relating to liability of limited partners to third parties), the partnership agreement may grant to all or certain identified limited partners or a specified class or group of the limited partners the right to vote (on a per capita or other basis), separately or with all or any class or group of the limited partners or the general partners, upon any matter. (c) Notice, record date, etc.--A partnership agreement that grants a right to vote may set forth provisions relating to notice of the time, place or purpose of any meeting at which any matter is to be voted on by any limited partners, waiver of any such notice, action by consent without a meeting, the establishment of a record date, quorum requirements, voting in person or by proxy, or any other matter with respect to the exercise of any such right to vote.