LD 1609
pg. 102
Page 101 of 146 PUBLIC Law Chapter 543 Page 103 of 146
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LR 1469
Item 1

 
2.__Consent.__The consent of all general partners and of
limited partners owning a majority of the rights to receive
distributions as limited partners at the time the consent is to
be effective;

 
3.__Dissociation of general partner.__After the dissociation
of a person as a general partner:

 
A.__If the limited partnership has at least one remaining
general partner, the consent to dissolve the limited
partnership given within 90 days after the dissociation by
partners owning a majority of the rights to receive
distributions as partners at the time the consent is to be
effective; or

 
B.__If the limited partnership does not have a remaining
general partner, the passage of 90 days after the
dissociation, unless before the end of the period:

 
(1)__Consent to continue the activities of the limited
partnership and admit at least one general partner is
given by limited partners owning a majority of the
rights to receive distributions as limited partners at
the time the consent is to be effective; and

 
(2)__At least one person is admitted as a general
partner in accordance with the consent;

 
4.__Dissociation of last limited partner.__The passage of 90
days after the dissociation of the limited partnership's last
limited partner, unless before the end of the period the limited
partnership admits at least one limited partner; or

 
5.__Declaration of dissolution.__The signing and filing of a
declaration of dissolution by the Secretary of State under
section 1399, subsection 3.

 
§1392.__Judicial dissolution

 
On application by a partner, the Superior Court may order
dissolution of a limited partnership if it is not reasonably
practicable to carry on the activities of the limited partnership
in conformity with the partnership agreement.

 
§1393.__Winding up

 
1.__Purpose after dissolution.__A limited partnership
continues after dissolution only for the purpose of winding up
its activities.


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