H*4785(Rat #0472, Act #0344 of 1998)  General Bill, By Wilkins and Harrison

Similar(S 1125)
 A BILL 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.-AMENDED TITLE

   03/11/98  House  Introduced and read first time HJ-12
   03/11/98  House  Referred to Committee on Judiciary HJ-12
   04/08/98  House  Committee report: Favorable with amendment
                     Judiciary HJ-41
   04/15/98  House  Amended HJ-59
   04/15/98  House  Read second time HJ-60
   04/16/98  House  Read third time and sent to Senate HJ-15
   04/21/98  Senate Introduced and read first time SJ-22
   04/21/98  Senate Referred to Committee on Judiciary SJ-22
   05/20/98  Senate Committee report: Favorable Judiciary SJ-29
   05/26/98  Senate Read second time SJ-30
   05/26/98  Senate Unanimous consent for third reading on next
                     legislative day SJ-30
   05/27/98  Senate Read third time and enrolled SJ-92
   06/04/98         Ratified R 472
   06/09/98         Signed By Governor
   06/09/98         Effective date 07/01/98
   06/17/98         Copies available
   06/17/98         Act No. 344

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.