48-7-301. Admission of limited partners.(a) A person becomes a limited partner on the later of:(1)The date the original certificate of limited partnership is filed; or(2)The date stated in the records of the limited partnership as the date that person becomes a limited partner.(b) After the filing of a limited partnership's original certificate of limited partnership, a person may be admitted as an additional limited partner:(1)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; and(2)In the case of an assignee of a partnership interest of a partner who has the power, as provided in §48-7-704, 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. Source: SL 1986, ch 391, §§301(a), 301(b).
South Dakota Legal Code