LD 1609
pg. 96
Page 95 of 146 PUBLIC Law Chapter 543 Page 97 of 146
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LR 1469
Item 1

 
11.__Conversion or merger.__The limited partnership's
participation in a conversion or merger under subchapter 11, if
the limited partnership:

 
A.__Is not the converted or surviving entity; or

 
B.__Is the converted or surviving entity but, as a result of
the conversion or merger, the person ceases to be a general
partner.

 
§1374.__Person's power to dissociate as general partner; wrongful

 
dissociation

 
1.__Dissociate by express will.__A person has the power to
dissociate as a general partner at any time, rightfully or
wrongfully, by express will pursuant to section 1373, subsection
1.

 
2.__Wrongful dissociation.__A person's dissociation as a
general partner is wrongful only if:

 
A.__It is in breach of an express provision of the
partnership agreement; or

 
B.__It occurs before the termination of the limited
partnership and:

 
(1)__The person withdraws as a general partner by
express will;

 
(2)__The person is expelled as a general partner by
judicial determination under section 1373, subsection
5;

 
(3)__The person is dissociated as a general partner by
becoming a debtor in bankruptcy; or

 
(4)__In the case of a person that is not an individual,
trust other than a business trust, or estate, the
person is expelled or otherwise dissociated as a
general partner because it willfully dissolved or
terminated.

 
3.__Liability when dissociation wrongful.__A person that
wrongfully dissociates as a general partner is liable to the
limited partnership and, subject to section 1421, to the other
partners for damages caused by the dissociation. The liability is
in addition to any other obligation of the general partner to the
limited partnership or to the other partners.

 
§1375.__Effect of dissociation as general partner


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