48-7-1104. Effective date, extended effective date, and repeal.

317 words·~1 min read·/sd/title-48/chapter-48-7/48-7-1104

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Except as set forth below, the effective date of this chapter is July 1, 1986, and the Uniform Limited Partnership Act being §§ 48-6-1 to 48-6-64, inclusive, are hereby repealed:

(1)The existing provisions for execution and filing of certificates of limited partnerships and amendments thereunder and cancellations thereof continue in effect until July 1, 1987, the extended effective date, §§ 48-7-102 to 48-7-105 , inclusive, 48-7-201 to 48-7-204 , inclusive, and 48-7-206 are not effective until the extended effective date;

(2)Section 48-7-402 , specifying the conditions under which a general partner ceases to be a member of a limited partnership, is not effective until the extended effective date, and the applicable provisions of existing law continue to govern until the extended effective date;

(3)Sections 48-7-501 , 48-7-502 , and 48-7-608 apply only to contributions and distributions made after the effective date of this chapter;

(4)Section 48-7-704 applies only to assignments made after the effective date of this chapter;

(5)Sections 48-7-901 to 48-7-908 , inclusive, dealing with registration of foreign limited partnerships, are not effective until the extended effective date;

(6)Unless agreed otherwise by the partners, the applicable provisions of existing law governing allocation of profits and losses, rather than the provisions of § 48-7-503 , distributions to a withdrawing partner, rather than the provisions of § 48-7-604 , and distribution of assets upon the winding up of a limited partnership, rather than the provisions of § 48-7-804 , shall govern limited partnerships formed before the effective date of this chapter;

(7)The repeal of any statutory provision by this chapter does not impair, or otherwise affect, the organization or the continued existence of a limited partnership existing at the effective date of this chapter, nor does the repeal of any existing statutory provision by this chapter impair any contract or affect any right accrued before the effective date of this chapter.