56a-903. Conversion of limited partnership to partnership.
56a-903
56a-903. Conversion of limited partnership topartnership.(a) A limited partnership may be converted to apartnership pursuant to this section.
(b) Notwithstanding a provision to the contrary in alimited partnership agreement, the terms and conditions of aconversion of a limited partnership to a partnership must beapproved by all of the partners.
(c) After the conversion is approved by the partners,the limited partnership shall cancel its certificate of limitedpartnership.
(d) The conversion takes effect when the certificate oflimited partnership is canceled.
(e) A limited partner who becomes a general partner asa result of the conversion remains liable only as a limited partnerfor an obligation incurred by the limited partnership before theconversion takes effect. Except as otherwise provided inK.S.A. 56a-306 andamendments thereto, the partner is liable as a generalpartner for an obligation of the partnership incurred after theconversion takes effect.
History: L. 1998, ch. 93, § 47; Jan. 1, 1999.