1. After the filing of a limited partnership's original certificate of limited partnership, a person may be admitted as a new limited partner under the following conditions:
a. In the case of a person acquiring a partnership interest directly from the limited partnership, upon compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners.
b. In the case of an assignee of a partnership interest of a partner who has the power, as provided in section 487.704 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.
2. Under both paragraphs "a" and "b" of subsection 1, the person acquiring the partnership interest becomes a limited partner at the time specified in the certificate of limited partnership or, if a time is not specified, upon amendment of the certificate of limited partnership to show the partnership interest.
[C24, 27, 31, 35, 39, § 9815; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 545.10; 82 Acts, ch 1103, § 301]
C93, § 487.301
© 1997 Cornell College and League of Women Voters of Iowa
Last update: Mon Jan 27 16:05:08 CST 1997