§ 34.16

After the formation of a limited partnership, a person becomes a limited partner on the later of:(1) The date the limited partnership is formed;(2) In the case of a person acquiring a partnership interest directly from the limited partnership, upon the compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners; or(3) In the case of an assignee of a partnership interest of a partner who has the power, as provided in section 34-27a, to grant the assignee the right to become a limited partner, upon the exercise of that power and compliance with any conditions limiting the grant or exercise of the power.(1961, P.A. 79, S. 8; P.A. 79-440, S. 16; P.A. 86-379, S. 9.)History: P.A. 79-440 replaced previous provision whereby additional partners could be admitted 'upon filing an amendment to the original certificate in accordance with the requirements of section 34-33'; P.A. 86-379 substituted 'formation' for 'filing' and revised language by adding 'a person becomes a limited partner on the later of: (1) The date the limited partnership is formed', renumbering former subdivisions, changing 'and' to 'or' and

iling' and revised language by adding 'a person becomes a limited partner on the later of: (1) The date the limited partnership is formed', renumbering former subdivisions, changing 'and' to 'or' and deleting Subsec. (b).See Sec. 34-38b re inapplicability of provisions as amended by P.A. 86-379 to partnerships existing before October 1, 1986.Cited. 196 C. 270.