§ 17-14-502 — Events of withdrawal

Wyoming § 17-14-502

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 14: LIMITED PARTNERSHIPS
• Art. 5: GENERAL PARTNERS

Text

(a) Except as approved by the specific written consent of
all partners at the time, a person ceases to be a general
partner of a limited partnership upon the happening of any of
the following events:
(i) The general partner withdraws from the limited
partnership as provided in W.S. 17-14-702;
(ii) The general partner ceases to be a member of the
limited partnership as provided in W.S. 17-14-802;
(iii) The general partner is removed as a general
partner in accordance with the partnership agreement;
(iv) Unless otherwise provided in writing in the
partnership agreement, the general partner:
(A) Makes an assignment for the benefit of
creditors;
(B) Files a voluntary petition in bankruptcy;
(C) Is adjudicated as bankrupt or insolvent;
(D) Files a petition or answer seeking for
himself any reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under
any statute, law or regulation;
(E) Files an answer or other pleading admitting
or failing to contest the material allegations of a petition
filed against him in any proceeding of this nature; or
(F) Seeks, consents to or acquiesces in the
appointment of a trustee, receiver or liquidator of the general
partner or of all or any substantial part of his properties.
(v) Unless otherwise provided in writing in the
partnership agreement, one hundred twenty (120) days after the
commencement of any proceeding against the general partner
seeking reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief under any statute,
law or regulation, the proceeding has not been dismissed, or if
within ninety (90) days after the appointment without his
consent or acquiescence of a trustee, receiver or liquidator of
the general partner or of all or any substantial part of his
properties, the appointment is not vacated or stayed or within
ninety (90) days after the expiration of any such stay, the
appointment is not vacated;
(vi) In the case of a general partner who is a
natural person:
(A) His death; or
(B) The entry by a court of competent
jurisdiction adjudicating him incompetent to manage his person
or his estate.
(vii) In the case of a general partner who is acting
as a general partner by virtue of being a trustee of a trust,
the termination of the trust (but not merely the substitution of
a new trustee);
(viii) In the case of a general partner that is a
separate partnership, the dissolution and commencement of
winding up of the separate partnership;
(ix) In the case of a general partner that is a
corporation, the filing of a certificate of dissolution, or its
equivalent, for the corporation or the revocation of its
charter; or
(x) In the case of an estate, the distribution by the
fiduciary of the estate's entire interest in the partnership.