Victorian Consolidated Legislation

Partnership Act 1958 - SECT 64

Liability for limited partnerships formed under corresponding laws

64. Liability for limited partnerships formed under corresponding laws



(1) In this section-

corresponding law means a law of another State, a Territory or another country
that is declared by Order of the Governor in Council published in the
Government Gazette to be a corresponding law for the purposes of this Part;

recognised limited partnership means a partnership formed in accordance with a
corresponding law.

(2) Any limitation under a corresponding law on the liability of a limited
partner in a recognised limited partnership extends to any liability incurred
in connection with the conduct of the partnership's business in this State.

(3) The law of another State or a Territory may not be declared to be a
corresponding law unless the Minister has certified to the Governor in Council
that under that law the limitation of liability of limited partners in a
limited partnership formed in accordance with this Part and registered or
otherwise recognised under that law extends to any liability incurred in
connection with the conduct of the partnership's business in that State or
Territory.

(4) The law of another country may not be declared to be a corresponding law
unless the Minister has certified to the Governor in Council that the law
provides for the limitation of liability for partners in certain partnerships.

(5) This section is additional to, and does not derogate from, any rule of law
under which recognition is or may be given to a limitation of liability of a
partner in a partnership.