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KRS 362.2-960

Restrictions on approval of conversions and mergers and on relinquishing LLLP status

Known as the Kentucky Uniform Limited Partnership Act

The act spans §§ 362.2-1001 to 362.2-977 (140 sections).

Effective: July 12, 2006 History: Created 2006 Ky

(1) If a partner of a converting or constituent limited partnership will have personal liability with respect to a converted or surviving organization, then approval and amendment of a plan of conversion or merger are ineffective without the consent of that partner, unless:

(a) The limited partnership's partnership agreement provides for the approval of the conversion or merger with the consent of less than all the partners; and (b) That partner has consented to that provision of the partnership agreement.

(2) An amendment to a certificate of limited partnership which deletes a statement that the limited partnership is a limited liability limited partnership is ineffective without the consent of each general partner unless:

(a) The limited partnership's partnership agreement provides for that amendment with the consent of less than all the general partners; and (b) Each general partner that does not consent to the amendment has consented to that provision of the partnership agreement.

(3) A partner does not give the consent required by subsection (1) or (2) of this section merely by consenting to a provision of the partnership agreement which permits the partnership agreement to be amended with the consent of less than all the partners.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.