HOUSE BILL NO. 373
AN ACT TO AMEND CHAPTER 17, TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC LIMITED PARTNERSHIPS AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED PARTNERSHIPS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each house thereof concurring therein):
Section 1. Amend § 17-214, Chapter 17, Title 6 of the Delaware Code by adding a new subsection (e) thereto as follows:
"(e) Notwithstanding anything in this chapter to the contrary, a limited partnership having, on December 31, 1999, the status of a registered limited liability limited partnership under predecessor law, shall have the status of a limited liability limited partnership under this chapter as of January 1, 2000, and, to the extent such limited partnership has not filed a statement of qualification pursuant to Section 15-1001 of the Delaware Revised Uniform Partnership Act, the latest application or renewal application filed by such limited partnership under such predecessor law shall constitute a statement of qualification filed under Section 15-1001 of the Delaware Revised Uniform Partnership Act.".
Section 2. Amend § 17-1101, Chapter 17, Title 6 of the Delaware Code by adding a new subsection (e) thereto as follows:
"(e) Sections 9-406 and 9-408 of this Title do not apply to any interest in a limited partnership, including all rights, powers and interests arising under a partnership agreement or this chapter. This provision prevails over Sections 9-406 and 9-408 of this Title.".
Section 3. This Act shall become effective February 1, 2002.
Approved January 24, 2002