(a) In connection withthe formation of a limited partnership, a person is admitted as a limitedpartner upon the later to occur of:
(1) The formation of thelimited partnership; or
(2) The time providedfor becoming a limited partner pursuant to and upon compliance with thepartnership agreement.
(b) After the formationof a limited partnership, a person may be admitted as an additional limitedpartner:
(1) In the case of aperson acquiring a partnership interest directly from the limited partnership,at the time provided pursuant to, and upon the compliance with, the partnershipagreement; and
(2) In the case of anassignee of a partnership interest of a partner who has the power, as providedin G.S. 59‑704, to grant the assignee the right to become a limitedpartner, upon the exercise of that power and compliance with any conditionslimiting the grant or exercise of the power. (1985 (Reg. Sess., 1986), c.989, s. 2; 1999‑362, s. 16.)
(a) In connection withthe formation of a limited partnership, a person is admitted as a limitedpartner upon the later to occur of:
(1) The formation of thelimited partnership; or
(2) The time providedfor becoming a limited partner pursuant to and upon compliance with thepartnership agreement.
(b) After the formationof a limited partnership, a person may be admitted as an additional limitedpartner:
(1) In the case of aperson acquiring a partnership interest directly from the limited partnership,at the time provided pursuant to, and upon the compliance with, the partnershipagreement; and
(2) In the case of anassignee of a partnership interest of a partner who has the power, as providedin G.S. 59‑704, to grant the assignee the right to become a limitedpartner, upon the exercise of that power and compliance with any conditionslimiting the grant or exercise of the power. (1985 (Reg. Sess., 1986), c.989, s. 2; 1999‑362, s. 16.)
(a) In connection withthe formation of a limited partnership, a person is admitted as a limitedpartner upon the later to occur of:
(1) The formation of thelimited partnership; or
(2) The time providedfor becoming a limited partner pursuant to and upon compliance with thepartnership agreement.
(b) After the formationof a limited partnership, a person may be admitted as an additional limitedpartner:
(1) In the case of aperson acquiring a partnership interest directly from the limited partnership,at the time provided pursuant to, and upon the compliance with, the partnershipagreement; and
(2) In the case of anassignee of a partnership interest of a partner who has the power, as providedin G.S. 59‑704, to grant the assignee the right to become a limitedpartner, upon the exercise of that power and compliance with any conditionslimiting the grant or exercise of the power. (1985 (Reg. Sess., 1986), c.989, s. 2; 1999‑362, s. 16.)
