| | | 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; |
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| | | 3.__Dissociation of general partner.__After the dissociation | | of a person as a general partner: |
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| | | 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 |
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| | | 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: |
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| | | (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 |
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| | | (2)__At least one person is admitted as a general | | partner in accordance with the consent; |
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| | | 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 |
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| | | 5.__Declaration of dissolution.__The signing and filing of a | | declaration of dissolution by the Secretary of State under | | section 1399, subsection 3. |
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| | | §1392.__Judicial dissolution |
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| | | 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. |
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| | | 1.__Purpose after dissolution.__A limited partnership | | continues after dissolution only for the purpose of winding up | | its activities. |
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