Limited Partnerships Act 2008

38 Partnership interest

(1)

The partnership interest of a partner—

(a)

is the partner’s—

(i)

share of the assets of the limited partnership; and

(ii)

right to receive distributions from the limited partnership; and

(iii)

right to any other benefit conferred by the partnership agreement; and

(b)

includes any liability or other burden of the partner in relation to the limited partnership.

(2)

A partner may assign or otherwise dispose of all or part of that person’s partnership interest to—

(a)

another partner of the same limited partnership:

(b)

any other person if approved by a resolution of the limited partnership.

(3)

However, the partnership agreement may extend, vary, restrict, or exclude a partner’s right to assign that person’s partnership interest.