Western Australian Consolidated Acts Western Australian Consolidated Acts (1) From and after the
commencement of this Act, limited partnerships may be formed in the manner and
subject to the conditions by this Act provided.
(2) A limited
partnership shall not consist, in the case of a partnership carrying on the
business of banking, of more than 10 persons, and, in the case of any
other partnership, of more than 20 persons, and, must consist of one or more
persons called general partners, who shall be liable for all debts and
obligations of the firm and one or more persons to be called limited partners,
who shall at the time of entering into such partnership contribute thereto, or
undertake to contribute thereto, a sum or sums as capital or property valued
at a stated amount, which shall be chargeable with and applicable to the
payment of the debts and obligations of the firm, and who shall not otherwise
be liable for the debts or obligations of the firm.
(3) A limited partner
shall not, during the continuance of the partnership, either directly or
indirectly, draw out or receive back any part of his contribution, and if he
does so draw out or receive back any such part shall be liable for the debts
and obligations of the firm up to the amount so drawn out or received back.
(4) A body corporate
may be a limited partner.