New Mexico Statutes
§ 54-1A-903 — Conversion of limited partnership to partnership
(a)A limited partnership may be converted to a partnership pursuant to this section.
(b)Notwithstanding a provision to the contrary in a limited partnership agreement, the terms and conditions of a conversion of a limited partnership to a partnership must be approved by all of the partners.
(c)After the conversion is approved by the partners, the limited partnership shall cancel its certificate of limited partnership.
(d)The conversion takes effect when the certificate of limited partnership is canceled.
(e)A limited partner who becomes a general partner as a result of the conversion remains liable only as a limited partner for an obligation incurred by the limited partnership before the conversion takes effect. Except as otherwise provided in Section 54-1A-306 NMSA 1978, the partner
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Legislative History
Laws 1996, ch. 53, § 903; 1997, ch. 76, § 10.
Nearby Sections
15
§ 54-1-48
Repealed§ 54-1A-1001
Statement of qualification§ 54-1A-1002
Statement of qualification; name§ 54-1A-1003
Annual report§ 54-1A-101
Definitions§ 54-1A-102
Knowledge and notice§ 54-1A-103
Effect of partnership agreement; nonwaivable§ 54-1A-104
Supplemental principles of law§ 54-1A-106
Governing law§ 54-1A-1102
Statement of foreign qualification§ 54-1A-1103
Effect of failure to qualify