48-2a-301 - Admission of additional limited partners. - Utah Statutes

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Statutes > Utah > Title-48 > Chapter-02a > 48-2a-301

48-2a-301. Admission of additional limited partners.
(1) A person becomes a limited partner on the later of:
(a) the date the original certificate of limited partnership is filed; or
(b) the date stated in the records of the limited partnership as the date that personbecomes a limited partner.
(2) After the filing of a limited partnership's original certificate of limited partnership, aperson may be admitted as an additional limited partner:
(a) in the case of a person acquiring a partnership interest directly from the limitedpartnership or in the case of an assignee of a partnership interest of a partner who does not haveauthority, as provided in Section 48-2a-704, to grant the assignee the right to become a limitedpartner, upon compliance with the partnership agreement or, if the partnership agreement does notso provide, upon the written consent of all partners; and
(b) in the case of an assignee of a partnership interest of a partner who has the authority,as provided in Section 48-2a-704, to grant the assignee the right to become a limited partner,upon the exercise of that authority and compliance with any conditions limiting the grant orexercise of the authority.

Amended by Chapter 189, 1991 General Session

State Codes and Statutes

Statutes > Utah > Title-48 > Chapter-02a > 48-2a-301

48-2a-301. Admission of additional limited partners.
(1) A person becomes a limited partner on the later of:
(a) the date the original certificate of limited partnership is filed; or
(b) the date stated in the records of the limited partnership as the date that personbecomes a limited partner.
(2) After the filing of a limited partnership's original certificate of limited partnership, aperson may be admitted as an additional limited partner:
(a) in the case of a person acquiring a partnership interest directly from the limitedpartnership or in the case of an assignee of a partnership interest of a partner who does not haveauthority, as provided in Section 48-2a-704, to grant the assignee the right to become a limitedpartner, upon compliance with the partnership agreement or, if the partnership agreement does notso provide, upon the written consent of all partners; and
(b) in the case of an assignee of a partnership interest of a partner who has the authority,as provided in Section 48-2a-704, to grant the assignee the right to become a limited partner,upon the exercise of that authority and compliance with any conditions limiting the grant orexercise of the authority.

Amended by Chapter 189, 1991 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-48 > Chapter-02a > 48-2a-301

48-2a-301. Admission of additional limited partners.
(1) A person becomes a limited partner on the later of:
(a) the date the original certificate of limited partnership is filed; or
(b) the date stated in the records of the limited partnership as the date that personbecomes a limited partner.
(2) After the filing of a limited partnership's original certificate of limited partnership, aperson may be admitted as an additional limited partner:
(a) in the case of a person acquiring a partnership interest directly from the limitedpartnership or in the case of an assignee of a partnership interest of a partner who does not haveauthority, as provided in Section 48-2a-704, to grant the assignee the right to become a limitedpartner, upon compliance with the partnership agreement or, if the partnership agreement does notso provide, upon the written consent of all partners; and
(b) in the case of an assignee of a partnership interest of a partner who has the authority,as provided in Section 48-2a-704, to grant the assignee the right to become a limited partner,upon the exercise of that authority and compliance with any conditions limiting the grant orexercise of the authority.

Amended by Chapter 189, 1991 General Session