§ 3421.
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/vt/title-11/chapter-23/3421A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 3421. Admission of limited partners
(a)A person becomes a limited partner:
(1)at the time the limited partnership is formed; or
(2)at any later time specified in the records of the limited partnership for becoming a limited partner.
(b)After the filing of a limited partnership’s original certificate of limited partnership, a person may be admitted as an additional limited partner:
(1)in the case of a person acquiring a partnership interest directly from the limited partnership, upon compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners; and
(2)in the case of an assignee of a partnership interest of a partner who has the power, as provided in section 3464 of this title, to grant the assignee the right to become a limited partner, upon the exercise of that power and compliance with any conditions limiting the grant or exercise of the power. (Added 1997, No. 149 (Adj. Sess.), § 4, eff. Jan. 1, 1999.)