HOUSE BILL NO. 626
AS AMENDED BY HOUSE AMENDMENT NO. 3
AN ACT TO AMEND CHAPTER 17 OF TITLE 6, DELAWARE CODE, RELATING TO LIMITED PARTNERSHIP.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Amend §1724 (b) of Chapter 17, Title 6, Delaware Code, by inserting immediately after paragraph (7) a new paragraph to be designated as paragraph (8) to read as follows:
"(8) There is a change in the time as stated in the certificate for the dissolution of the partnership or for the return of a contribution."
Section 2. Amend §1719 (f) of Chapter 17, Title 6, Delaware Code, by striking said paragraph (f) in its entirety and substitute a new paragraph (f) to read as follows:
"(f) The substituted limited partner has all the rights and powers, and is subject to all the restrictions and liabilities of his assignor, except those of which he was ignorant at the time he became a limited partner and which could not be ascertained from the certificate."
Section 3. Amend §1704 of Chapter 17, Title 6, Delaware Code, by striking said section in its entirety and substitute a new §1704 to read as follows:
"§1704. Character of Limited Partner's Contribution
The contributions of a limited partner may be in cash or other property, but not services."
Section 4. Amend §1702 (a) of Chapter 17, Title 6, to read as follows: "(a) Two or more persons desiring to form a limited partnership shall-
(1) Sign and swear to a certificate, which shall state:
(A) The name of the partnership, which may contain the words 'company' or 'association', which shall be such as to distinguish it upon the records in the office of the Secretary of State from the names of other partnerships reserved or registered under the law of this State, and which shall contain the words 'Limited Partnership' or the abbreviation 'L.P.' "
Approved July 11, 1974.