§54-500-801A. Nonjudicial dissolution.
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/ok/title-54-partnership/54-500-801a·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NONJUDICIAL DISSOLUTION.
Except as otherwise provided in Section 64 of this act, a limited partnership is dissolved, and its activities must be wound up, only upon the occurrence of any of the following:
(1)the happening of an event specified in the partnership agreement;
(2)the consent of all general partners and of limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective;
(3)after the dissociation of a person as a general partner:
(A)if the limited partnership has at least one remaining
general partner, the consent to dissolve the limited
partnership given within ninety
(90)days after the
dissociation by partners owning a majority of the
rights to receive distributions as partners at the
time the consent is to be effective; or
if the limited partnership does not have a remaining
general partner, the passage of ninety
(90)days after
the dissociation, unless before the end of the period:
(i)consent to continue the activities of the limited
partnership and admit at least one general
partner is given by limited partners owning a
majority of the rights to receive distributions
as limited partners at the time the consent is to
be effective; and
(ii)at least one person is admitted as a general
partner in accordance with the consent; or
(4)the passage of ninety
(90)days after the dissociation of the limited partnership’s last limited partner, unless before the end of the period the limited partnership admits at least one limited partner. Added by Laws 2010, c. 384, § 63, eff. Jan. 1, 2011.