South Carolina General Assembly
112th Session, 1997-1998

Bill 4785


                    Current Status

Bill Number:                    4785
Ratification Number:            472
Act Number:                     344
Type of Legislation:            General Bill GB
Introducing Body:               House
Introduced Date:                19980311
Primary Sponsor:                Wilkins
All Sponsors:                   Wilkins and Harrison 
Drafted Document Number:        bbm\9712mm.98
Companion Bill Number:          1125
Date Bill Passed both Bodies:   19980527
Date of Last Amendment:         19980415
Governor's Action:              S
Date of Governor's Action:      19980609
Subject:                        Partnership, limited; withdrawal
                                to occur only where specified in
                                written agreement; Businesses and
                                Corporations

History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19980617  Act No. A344
------  19980609  Signed by Governor
------  19980604  Ratified R472
Senate  19980527  Read third time, enrolled for
                  ratification
Senate  19980526  Read second time, unanimous
                  consent for third reading on
                  Wednesday, 19980527
Senate  19980520  Committee report: Favorable              11 SJ
Senate  19980421  Introduced, read first time,             11 SJ
                  referred to Committee
House   19980416  Read third time, sent to Senate
House   19980415  Amended, read second time
House   19980408  Committee report: Favorable with         25 HJ
                  amendment
House   19980311  Introduced, read first time,             25 HJ
                  referred to Committee


View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A344, R472, H4785)

AN ACT 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, EXCEPT IN THE CASE OF A WRITTEN AGREEMENT ENTERED INTO BEFORE JULY 1, 1998, WHICH DID NOT SPECIFY THOSE EVENTS IN THAT AGREEMENT OR IN AN AMENDED AGREEMENT ENTERED INTO AFTER JULY 1, 1998.

Be it enacted by the General Assembly of the State of South Carolina:

Withdrawal of a limited partner

SECTION 1. Section 33-42-1030 of the 1976 Code is amended to read:

Section 33-42-1030. (A) 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, if:

(1) the limited partnership was formed on or after July 1, 1998; or

(2) the limited partnership was formed before July 1, 1998, and the partnership agreement governing the limited partnership specifies 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.

(B) If the partnership agreement governing a limited partnership formed before July 1, 1998, 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. If the partnership agreement of the limited partnership is amended on or after July 1, 1998, 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, the amendment shall apply retroactively to the date of the formation of the limited partnership, and the limited partnership is deemed to be a limited partnership described in subsection (A)(2).

Time effective

SECTION 2. This act takes effect July 1, 1998.

Approved the 9th day of June, 1998.