362.2 -605 Effect of dissociation as general partner. Upon a person's dissociation as a general partner: (1) The person's right to participate as a general partner in the management and conduct of the partnership's activities terminates; (2) The person's duty of loyalty as a general partner under KRS 362.2 -408(2)(c) terminates; (3) The person's duty of loyalty as a general partner under KRS 362.2 -408(2)(a) and (2)(b) and duty of care under KRS 362.2 -408(3) continue only with regard to matters arising and events occurring before the person's dissociation as a g eneral partner; (4) The person may sign and deliver to the Secretary of State for filing a statement of dissociation pertaining to the person and, at the request of the limited partnership, shall sign an amendment to the certificate of limited partnership which states that the person has dissociated; (5) Subject to KRS 362.2 -704 and 362.2 -951 to 362.2 -963, any transferable interest owned by the person immediately before dissociation in the person's capacity as a general partner is owned by the person as a m ere transferee; and (6) The dissociation does not of itself discharge the person from any obligation to the re dissociation in the person's capacity as a general partner is owned by the person as a m ere transferee; and (6) The dissociation does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a general partner. Effective: July 12, 2006 History: Created 2006 Ky. Acts ch. 149, sec. 142, effective July 12, 2006.
Kentucky Legal Code