Current Status Bill Number:1125 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19980318 Primary Sponsor:Leatherman All Sponsors:Leatherman Drafted Document Number:bbm\9781mm.98 Companion Bill Number:4785 Residing Body:Senate Current Committee:Judiciary Committee 11 SJ Subject:Partnership, limited; withdrawal only when specified in written agreement; Businesses and Corporations
Body Date Action Description Com Leg Involved
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Senate 19980318 Introduced, read first time, 11 SJ
referred to Committee
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TO AMEND SECTION 33-42-1030, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO WITHDRAWAL OF A LIMITED PARTNER FROM A LIMITED PARTNERSHIP, SO AS TO PROVIDE THAT A LIMITED PARTNER MAY WITHDRAW ONLY AT THE TIME OR UPON THE HAPPENING OF EVENTS SPECIFIED IN A WRITTEN PARTNERSHIP AGREEMENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 33-42-1030 of the 1976 Code is amended to read:
"Section 33-42-1030. (A)(1) A limited partner may withdraw from a limited partnership only at the time or upon the happening of events specified in writing in the partnership agreement.
(2) This subsection applies to all limited partnerships formed on or after July 1, 1998. This subsection also applies to a limited partnership formed before July 1, 1998, if the limited partnership agreement governing the limited partnership specified in writing the time or the events upon the happening of which a limited partner could withdraw or a definite time for the dissolution and winding up of the limited partnership. If the partnership agreement of a limited partnership formed before July 1, 1998, did not specify in writing the time or the events upon the happening of which a limited partner could withdraw or a definite time for the dissolution and the winding up of the limited partnership, subsection (B) applies. If the partnership agreement of a partnership is amended on or after July 1, 1998, in writing to specify the time or the events upon the happening of which a limited partner may withdraw or a definite time for the dissolution and winding up of the limited partnership, this subsection applies retroactively to that partnership.
(B) A limited partner may withdraw from a limited partnership at the time or upon the happening of events specified in writing in the partnership agreement. If the agreement does not specify in writing the time or the events upon the happening of which a limited partner may withdraw or a definite time for the dissolution and winding up of the limited partnership, a limited partner may withdraw upon not less than six months' prior written notice to each general partner at his address on the books of the limited partnership at its office required to be maintained pursuant to Section 33-42-50 (1) in this State."
SECTION 2. This act takes effect July 1, 1998.