(1) A person becomes a limited partner on the later of:
(a) The date the original certificate of limited partnership is filed; or
(b) The date stated in the records of the limited partnership as the date that person becomes a limited partner.
(2) After the filing of a limited partnership’s original certificate of limited partnership, a person may be admitted as an additional limited partner as follows:
(a) 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.
(b) In the case of an assignee of a partnership interest, upon the occurrence of either of the following:
(A) Upon the exercise by the assignor of a power provided in ORS 70.300, to grant to the assignee the right to become a limited partner, and upon compliance with any conditions limiting the grant or exercise of the power; or
(B) Upon the consent of all partners other than the assignor. [1985 c.677 §18; 1987 c.543 §14]
Section: Previous 70.085 70.090 70.095 70.100 70.105 70.110 70.115 70.125 70.130 70.135 70.140 70.145 70.175 70.180 70.185 NextLast modified: August 7, 2008