Section 7
of International Limited Partnership Order, 2000
Section 7
(1)
Subject to this Order, a person may be admitted to an ILP as a limited partner solely with the consent of the general partner or, if there is more than one general partner, with the consent of all of them.
(2)
Subject to this Order and to any provision of the partnership agreement, a limited partner may assign absolutely the whole or any part of his partnership interest and an assignee shall as of the date of the assignment become a limited partner with all of the rights and obligations of the assignor, other than any liability arising under sections 6(2) or 10.
(3)
On an absolute assignment by a limited partner of the whole of his partnership interest, he shall cease to be a limited partner of the ILP but, notwithstanding anything in the partnership agreement or any other contract, such an assignment shall not relieve him of any liability incurred under sections 6(2) or 10.
(4)
A limited partner may assign the whole or any part or his partnership interest by way of mortgage or charge, provided that no such assignment shall operate to constitute the assignee a partner in the ILP or relieve the assignor of any of his obligations as a limited partner, and section 31 of the Partnership Act, 1890 of the United Kingdom shall apply to such an assignment.
Contribution of limited partner.