§ 7-62-1103 — Provisions for existing limited partnerships

(1) A limited
partnership formed under any statute of this state prior to November 1, 1981, may
elect to be governed by the provisions of this article. The general partner or
partners may make the election for the limited partnership at any time on or after
November 1, 1981, by complying with the provisions of section 7-62-201; except that
the limited partners shall not be required to execute a new certificate of limited
partnership. Notwithstanding such election by the general partner or partners, the
following rules shall apply:

(a) Sections 7-62-501, 7-62-502, and 7-62-608 apply only to contributions
and distributions made after the date of the election;

(b) Section 7-62-704 applies only to assignments made after the date of the
election; and

(c) Section 7-62-804 shall not be construed so as to change the priority of
creditors for transactions entered into prior to the date of the election.

(2) A limited partnership formed under any statute of this state prior to
November 1, 1981, until or unless it elects to be governed by this article, shall be
governed by the provisions of article 61 of this title, or other applicable prior law;
except that such limited partnership shall not be renewed unless provision therefor
is specifically provided in the original partnership agreement or any amendment
thereto prior to November 1, 1981.

Legislative History

Source: L. 81: Entire article added, p. 451, � 1, effective November 1.