Section 9
of International Limited Partnership Order, 2000
Section 9
(1)
Any property of an ILP which –
(a)
is conveyed to or vested in or held on behalf of the general partner or, if there is more than one general partner, any one or more of them; or
(b)
is conveyed to or vested in the name of the ILP, shall be held or, as the case may be, be deemed to be held by the general partner or, if there is more than one, the general partners jointly on trust, as an asset of the ILP, in accordance with the terms of the partnership agreement.
(2)
Any debt or obligation incurred by a general partner in the conduct of the business of an ILP shall be a debt or obligation of the ILP.
(3)
Any difference arising as to matters connected with the business of an ILP shall be decided by the general partner or, if there is more than one general partner, by a majority in interest of them.
(4)
Subject to any provision of the partnership agreement, each limited partner shall be entitled, on demand, to receive from a general partner true and full information regarding the state of the business and financial condition of the ILP.
Incorporating amendments until S 1/2016
(Clean version) Nani/Amiriah/zimah _ as of 04.05.2019
11
BLUV as at 14 January 2016
(5)
Subject to any provision of the partnership agreement and to the duty imposed on a general partner by section 4(8), a partner may, with or without interest or security as the general partner may determine, make a loan to, borrow from and transact other business with the ILP (so that an asset, debt or obligation of the ILP is thereby created) and shall have the same rights and obligations with respect thereto as a person who is not a partner; but the obligations of the ILP to repay a debt to a general partner shall at all times be subordinated to the claims of secured and unsecured creditors of the ILP.
Return of capital to limited partner.