Vt. Stat. Ann. tit. 11, § 3421
Admission of limited partners
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
(1) A person becomes a limited partner: at the time the limited partnership is formed; or
(1) A person becomes a limited partner: at the time the limited partnership is formed; or
(2) at any later time specified in the records of the limited partnership for becoming a limited partner.
(2) at any later time specified in the records of the limited partnership for becoming a limited partner.
(3) After the filing of a limited partnership's original certificate of limited partnership, a person may be admitted as an additional limited partner: in the case of a person acquiring a partnership interest directly from the limited partnership, upon compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners; and
(3) After the filing of a limited partnership’s original certificate of limited partnership, a person may be admitted as an additional limited partner: in the case of a person acquiring a partnership interest directly from the limited partnership, upon compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners; and
(4) in the case of an assignee of a partnership interest of a partner who has the power, as provided in section 3464 of this title, 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. Added 1997, No. 149 (Adj. Sess.), § 4, eff. Jan. 1, 1999.
(4) in the case of an assignee of a partnership interest of a partner who has the power, as provided in section 3464 of this title, 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.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.