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Official Code of Georgia Annotated

Title 14. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS · Chapter 9A. LIMITED PARTNERSHIPS · Article 1. LIMITED PARTNERSHIPS FORMED SINCE FEBRUARY 15, 1952 · Part 4. GENERAL PARTNERS

14-9A-70. Rights, powers, and liabilities of general partner.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. A general partner shall have all the rights and powers and be subject to all the restrictions and liabilities of a partner in a partnership without limited partners, except that without the written consent or ratification of the specific act by all the limited partners, a general partner or all of the general partners have no authority to:

  2. (1)

    Do any act in contravention of the certificate required under Code Section 14-9A-20;#

  3. (2)

    Do any act which would make it impossible to carry on the ordinary business of the partnership;#

  4. (3)

    Confess a judgment against the partnership;#

  5. (4)

    Possess partnership property, or assign their rights in specific partnership property, for other than a partnership purpose;#

  6. (5)

    Admit a person as a general partner, unless the partnership agreement provides otherwise;#

  7. (6)

    Admit a person as a limited partner, unless the right so to do is given in the certificate;#

  8. (7)

    Continue the business with partnership property on the death, retirement, or insanity of a general partner, unless the right so to do is given in the certificate.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Ga. L. 1952, p. 375, § 9; Code 1981, § 14-9-70; Code 1981, § 14-9A-70, as redesignated by Ga. L. 1988, p. 1016, § 1.

Law reviews

For article on the definition of a security in light of the 1973 Georgia Securities Act and the need for maximizing investor protection, see 30 Emory L.J. 73 (1981).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t14-(v12)-2017-pdf.pdf, Volume V12, 2017 edition, page 1081; merge action: carried; file SHA-256 f2fad2b71b39.