PART 2Partnerships

CHAPTER 1Limited partnerships etc.

Changes in partnerships

124New general partners: transitional provision about officers

(1)

This section applies in relation to a general partner that—

(a)

is a legal entity, and

(b)

became a general partner before section 122 came fully into force,

other than a legal entity that became a general partner in a limited partnership on its registration.

(2)

The general partner must, within the transitional period, deliver to the registrar—

(a)

a statement of the kind mentioned in section 8R(4) of the Limited Partnerships Act 1907 containing the information, and accompanied by the statement, mentioned in section 8R(7) of that Act (both inserted by section 122 of this Act), and

(b)

either a statement—

(i)

that the general partner does not have any corporate managing officers, or

(ii)

if the general partner has one or more corporate managing officers, a statement of the kind mentioned in section 8R(5)(b) of the Limited Partnerships Act 1907 containing the information, and accompanied by the statement, mentioned in section 8R(8) of that Act (both inserted by section 122 of this Act).

(3)

The general partner is not required by the provisions mentioned in subsection (4) to give notice to the registrar if a legal entity becomes a corporate managing officer of the general partner before whichever is earlier of—

(a)

the end of the transitional period, and

(b)

the delivery of the statement mentioned in subsection (2)(b).

(4)

The provisions are—

(a)

section 8N(1) of the Limited Partnerships Act 1907 (inserted by section 119 of this Act), and

(b)

so far as it relates to section 8N(1) of the Limited Partnerships Act 1907, section 10D(2)(a) of that Act (inserted by section 126 of this Act).

(5)

In this section—

“the registrar” has the same meaning as in the Limited Partnerships Act 1907 (see section 15 of that Act);

“transitional period” means the period of 6 months beginning when section 122 came fully into force.