Sec. B-136. 13-C MRSA §1701, sub-§1, as enacted by PL 2001, c. 640, Pt. A, §2 and affected by Pt. B, §7, is amended to read:

1. Application. Except as provided in subsection 2, this Act applies to all domestic corporations in existence on the effective date of this Act that were incorporated under any general statute of this State providing for incorporation of corporations for profit or with shares or under any act providing for the creation of special classes of corporations and any corporation created by special act of the Legislature, if power to amend or repeal the law under which the corporation was incorporated was reserved. Nothing contained in this Act is intended to alter or codify the business judgment rule as developed by the courts of this State or to limit its further development.

PART C

Sec. C-1. 31 MRSA §403, as corrected by RR 2001, c. 2, Pt. B, §49 and affected by §58, is repealed.

Sec. C-2. 31 MRSA §403-A is enacted to read:

§403-A.__Limited partnership name

1.__Requirements.__A limited partnership name must contain the words "Limited Partnership," the abbreviation "L.P." or the designation "LP," unless the limited partnership is filing an

assumed name under section 405-A or a registration of name under section 406-A.__If the words "Limited Partnership" are used, a limited partnership may also use the abbreviation "L.P." or the designation "LP" without filing an assumed name under section 405-A.

2.__Prohibition.__A limited partnership name may not contain the name of a limited partner unless:

A.__The name of the limited partner is also the name of a general partner; or

B.__The business of the limited partnership had been carried on under that name before the admission of that limited partner.