§ 10-301. Admission as limited partner

   (a) When effective. -- A person acquiring a partnership interest is admitted as a limited partner upon the later to occur of:

   (1) The formation of a limited partnership; or

   (2) The time provided in a partnership agreement, or if no time is provided in the agreement, then when the person's admission is reflected in the records of the limited partnership.

(b) Conditions for admission. -- After the filing of the initial certificate, a person may be admitted as an additional limited partner:

   (1) In the case of a person acquiring a partnership interest directly from the limited partnership:

      (i) On compliance with the partnership agreement; or

      (ii) With the consent of all partners; and

   (2) In the case of an assignee of a partnership interest of a partner who has the power, under § 10-703 of this title, to grant the assignee the right to become a limited partner, upon the exercise of that power and compliance with any conditions limiting the grant or exercise of the power.

HISTORY: 1981, ch. 801, § 2; 1989, ch. 568.