§ 50-73.49. (Effective until April 1, 2009) Dissolution generally
A. A limited partnership formed under this chapter or that has filed an amended and restated certificate of limited partnership in compliance with subsection D of § 50-73.77 is dissolved and its affairs shall be wound up upon the happening of the first to occur of the following events:
1. At the time or upon the occurrence of any events specified in the certificate of limited partnership or in writing in the partnership agreement;
2. Upon the unanimous written consent of the partners;
3. Upon an event of withdrawal of a general partner unless at the time there is at least one other general partner and the written provisions of the partnership agreement permit the business of the limited partnership to be carried on by the remaining general partner and that partner does so, but the limited partnership is not dissolved and is not required to be wound up by reason of any event of withdrawal, if, within 90 days after the withdrawal, all partners agree in writing to continue the business of the limited partnership and to the appointment of one or more additional general partners if necessary or desired;
4. Entry of a decree of judicial dissolution under § 50-73.50; or
5. Automatic cancellation of the certificate of limited partnership pursuant to § 50-73.69.
B. The certificate of limited partnership of a limited partnership may be canceled involuntarily by order of the Commission upon the limited partnership's conviction for a violation of 8 U.S.C. § 1324a(f), as amended, for actions of its partners constituting a pattern or practice of employing unauthorized aliens in the Commonwealth. A certificate of a limited partnership canceled pursuant to this subsection shall not be eligible for reinstatement for a period of not less than one year.
C. Before entering any such order the Commission shall issue a rule against the limited partnership giving it an opportunity to be heard and show cause why such an order shall not be entered. The Commission may issue the rule on its own motion or on motion of the Attorney General.
D. Any limited partnership convicted of the offense listed in subsection B shall immediately report such conviction to the Commission and file with the Commission an authenticated copy of the judgment or record of conviction.
(1985, c. 607; 1987, c. 702; 1996, c. 255; 2007, c. 631; 2008, cc. 588, 770.)
§ 50-73.49. (Effective April 1, 2009) Dissolution generally.
A. A limited partnership formed under this chapter or that has filed an amended and restated certificate of limited partnership in compliance with subsection D of § 50-73.77 is dissolved and its affairs shall be wound up upon the happening of the first to occur of the following events:
1. At the time or upon the occurrence of any events specified in the certificate of limited partnership or in writing in the partnership agreement;
2. Upon the unanimous written consent of the partners;
3. Upon an event of withdrawal of a general partner unless at the time there is at least one other general partner and the written provisions of the partnership agreement permit the business of the limited partnership to be carried on by the remaining general partner and that partner does so, but the limited partnership is not dissolved and is not required to be wound up by reason of any event of withdrawal, if, within 90 days after the withdrawal, all partners agree in writing to continue the business of the limited partnership and to the appointment of one or more additional general partners if necessary or desired;
4. Entry of a decree of judicial dissolution under § 50-73.50;
5. Automatic cancellation of its existence pursuant to § 50-73.52:5; or
6. Involuntary cancellation of its existence pursuant to § 50-73.52:6.
B. The certificate of limited partnership of a limited partnership may be canceled involuntarily by order of the Commission upon the limited partnership's conviction for a violation of 8 U.S.C. § 1324a(f), as amended, for actions of its partners constituting a pattern or practice of employing unauthorized aliens in the Commonwealth. A certificate of a limited partnership canceled pursuant to this subsection shall not be eligible for reinstatement for a period of not less than one year.
C. Before entering any such order the Commission shall issue a rule against the limited partnership giving it an opportunity to be heard and show cause why such an order shall not be entered. The Commission may issue the rule on its own motion or on motion of the Attorney General.
D. Any limited partnership convicted of the offense listed in subsection B shall immediately report such conviction to the Commission and file with the Commission an authenticated copy of the judgment or record of conviction.
(1985, c. 607; 1987, c. 702; 1996, c. 255; 2007, c. 631; 2008, cc. 586, 588, 770.)
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