Current Status Bill Number:4785 Ratification Number:472 Act Number:344 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980311 Primary Sponsor:Wilkins All Sponsors:Wilkins and Harrison Drafted Document Number:bbm\9712mm.98 Companion Bill Number:1125 Date Bill Passed both Bodies:19980527 Date of Last Amendment:19980415 Governor's Action:S Date of Governor's Action:19980609 Subject:Partnership, limited; withdrawal to occur only where specified in written agreement; Businesses and Corporations
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ ------ 19980617 Act No. A344 ------ 19980609 Signed by Governor ------ 19980604 Ratified R472 Senate 19980527 Read third time, enrolled for ratification Senate 19980526 Read second time, unanimous consent for third reading on Wednesday, 19980527 Senate 19980520 Committee report: Favorable 11 SJ Senate 19980421 Introduced, read first time, 11 SJ referred to Committee House 19980416 Read third time, sent to Senate House 19980415 Amended, read second time House 19980408 Committee report: Favorable with 25 HJ amendment House 19980311 Introduced, read first time, 25 HJ referred to CommitteeView additional legislative information at the LPITS web site.
(A344, R472, H4785)
AN ACT TO AMEND SECTION 33-42-1030, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO WITHDRAWAL OF A LIMITED PARTNER FROM A LIMITED PARTNERSHIP, SO AS TO PROVIDE THAT A LIMITED PARTNER MAY WITHDRAW ONLY AT THE TIME OR UPON THE HAPPENING OF EVENTS SPECIFIED IN A WRITTEN PARTNERSHIP AGREEMENT, EXCEPT IN THE CASE OF A WRITTEN AGREEMENT ENTERED INTO BEFORE JULY 1, 1998, WHICH DID NOT SPECIFY THOSE EVENTS IN THAT AGREEMENT OR IN AN AMENDED AGREEMENT ENTERED INTO AFTER JULY 1, 1998.
Be it enacted by the General Assembly of the State of South Carolina:
Withdrawal of a limited partner
SECTION 1. Section 33-42-1030 of the 1976 Code is amended to read:
Section 33-42-1030. (A) A limited partner may withdraw from a limited partnership only at the time or upon the happening of events specified in writing in the partnership agreement, if:
(1) the limited partnership was formed on or after July 1, 1998; or
(2) the limited partnership was formed before July 1, 1998, and the partnership agreement governing the limited partnership specifies in writing the time or the events upon the happening of which a limited partner may withdraw or a definite time for the dissolution and winding up of the limited partnership.
(B) If the partnership agreement governing a limited partnership formed before July 1, 1998, does not specify in writing the time or the events upon the happening of which a limited partner may withdraw or a definite time for the dissolution and winding up of the limited partnership, a limited partner may withdraw upon not less than six months' prior written notice to each general partner at his address on the books of the limited partnership at its office required to be maintained pursuant to Section 33-42-50(1) in this State. If the partnership agreement of the limited partnership is amended on or after July 1, 1998, to specify the time or the events upon the happening of which a limited partner may withdraw or a definite time for the dissolution and winding up of the limited partnership, the amendment shall apply retroactively to the date of the formation of the limited partnership, and the limited partnership is deemed to be a limited partnership described in subsection (A)(2).
Time effective
SECTION 2. This act takes effect July 1, 1998.
Approved the 9th day of June, 1998.