1. A person becomes a limited partner at either of the following times:
a. At the time the limited partnership is formed.
b. At any later time specified in the records of the limited partnership for becoming a limited partner.
2. 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.
[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
97 Acts, ch 188, § 24
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