Victorian Consolidated Legislation

Partnership Act 1958 - SECT 60

Liability of limited partner limited to amount shown in Register

60. Liability of limited partner limited to amount shown in Register





(1) The liability of a limited partner to contribute to the liabilities of the
limited partnership is (subject to this Part) not to exceed the amount shown
in relation to the limited partner in the Register as the extent to which the
limited partner is liable to contribute.

(2) If a limited partner makes a contribution towards the amount of any
capital or the value of any property that the limited partner has agreed to
contribute to the limited partnership, the liability of the limited partner is
reduced to such part of the amount shown in the Register as remains
outstanding.

(3) If a partnership (the investing partnership) is a limited partner in a
limited partnership (the principal partnership), a partner in the investing
partnership has no separate liability to contribute to the liabilities of the
principal partnership, but nothing in this subsection affects any liability of
the investing partnership as a limited partner to contribute to those
liabilities.