10 Contents of partnership agreement

Without limiting what may be contained in a partnership agreement, a partnership agreement must provide for the following matters:

(a)

whether there is any restriction on the ability of a partner to assign or otherwise dispose of that person’s partnership interest, and the nature of that restriction:

(b)

whether there is any restriction on the business or other activities that the limited partnership may undertake, and the nature of that restriction:

(c)

the entitlement of partners to distributions:

(d)

whether a general partner may compete with the limited partnership and in what circumstances:

(e)

when a meeting of partners must be held, and the procedure for conducting a meeting of partners:

(f)
[Repealed]

(g)

how a partner may leave the limited partnership, including whether a partner may be expelled from the limited partnership, and how a new partner may be admitted to the limited partnership:

(h)

when and how the limited partnership terminates:

(i)

whether the limited partnership has a conflict of interest policy, and the nature of that policy.

Section 10(f): repealed, on 1 April 2014, by section 105 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).