Sec. 153.160. EFFECT OF CONVERSION OF PARTNERSHIP INTEREST. (a) After an amendment to the certificate of formation reflecting the general partner's withdrawal as a general partner is filed under Section 153.051, the withdrawing general partner:
(1) may vote as a limited partner in all matters, to the same extent as the members of the class of limited partners having the least voting rights with respect to the matter on which the vote is taken; and
(2) may not vote on the admission and compensation of a general partner who replaces the withdrawing general partner.
(b) If the general partner's withdrawal violates the partnership agreement, the general partner does not have voting rights.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Section: Previous 153.153 153.154 153.155 153.156 153.157 153.158 153.159 153.160 153.161 153.162 153.201 153.202 153.203 153.204 153.205 NextLast modified: September 28, 2016