LD 1609
pg. 131
Page 130 of 146 PUBLIC Law Chapter 543 Page 132 of 146
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LR 1469
Item 1

 
status

 
1.__Consent for personal liability; exceptions.__If a partner
of a converting or constituent limited partnership will have
personal liability with respect to a converted or surviving
organization, approval and amendment of a plan of conversion or
merger are ineffective without the consent of the partner unless:

 
A.__The limited partnership's partnership agreement provides
for the approval of the conversion or merger with the
consent of fewer than all the partners; and

 
B.__The partner has consented to the provision of the
partnership agreement.

 
2.__Consent required for amendment to certificate; exception.__
An amendment to a certificate of limited partnership that deletes
a statement that the limited partnership is a limited liability
limited partnership is ineffective without the consent of each
general partner unless:

 
A.__The limited partnership's partnership agreement provides
for the amendment with the consent of fewer than all the
general partners; and

 
B.__Each general partner that does not consent to the
amendment has consented to the provision of the partnership
agreement.

 
3.__Insufficient consent.__A partner does not give the consent
required by subsection 1 or 2 merely by consenting to a provision
of the partnership agreement that permits the partnership
agreement to be amended with the consent of fewer than all the
partners.

 
§1441.__Liability of general partner after conversion or merger

 
1.__Liability not discharged.__A conversion or merger under
this subchapter does not discharge any liability under sections
1354 and 1377 of a person that was a general partner in or
dissociated as a general partner from a converting or constituent
limited partnership, but:

 
A.__The provisions of this chapter pertaining to the
collection or discharge of the liability continue to apply
to the liability;

 
B.__For the purposes of applying those provisions, the
converted or surviving organization is deemed to be the
converting or constituent limited partnership; and


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