§ 119 — Existing limited partnerships

New York § 119

• Jurisdiction: New York
• Law PTR: Partnership
• Art. 8: Limited Partnerships

Text

§ 119. Existing limited partnerships. (1) A limited partnership\nformed under any statute of this state prior to the adoption of this\narticle may become a limited partnership under this article by complying\nwith the provisions of section ninety-one, provided the certificate sets\nforth\n (a) The amount of the original contribution of each limited partner,\nand the time when the contribution was made, and\n (b) That the property of the partnership exceeds the amount sufficient\nto discharge its liabilities to persons not claiming as general or\nlimited partners by an amount greater than the sum of the contributions\nof its limited partners.\n (2) The provisions of this article, or the repeal of article eight of\nthis chapter, shall not affect or impair any act done or right accrued,\nacquired or established by a limited partnership formed under any\nstatute of this state prior to its adoption, until or unless it becomes\na limited partnership in accordance with the provisions of this article,\nand the same may be conducted in the same manner and to the same extent\nas if this article had not been passed.\n