PARTNERSHIP ACT 1892 - SECT 62
Change in status of partners
PARTNERSHIP ACT 1892 - SECT 62
Change in status of partners
62 Change in status of partners
(1) If a general partner becomes a limited partner, the limitation on
liability does not extend to any liability of the limited partnership that
arose before the partner became a limited partner.
(2) If a limited partner
becomes a general partner, the limitation on liability no longer extends to
any liability of the limited partnership that arose before the partner became
a general partner.
