8502 - Applicability of chapter to existing limited partnerships.
§ 8502. Applicability of chapter to existing limited partnerships. (a) General rule.--Limited partnerships formed under the former provisions of the following statutes shall be governed by this chapter: (1) Act of March 21, 1836 (P.L.143, No.51), relating to limited partnerships. (2) Act of April 12, 1917 (P.L.55, No.37), known as The Uniform Limited Partnership Act. (3) Former 59 Pa.C.S. Ch. 5 (relating to limited partnerships) as added by the act of December 19, 1975 (P.L.524, No.155). (b) Transitional provision.--All provisions of this chapter shall be applicable to a limited partnership formed under prior law except that the following provisions shall be applicable to the partnership only as follows: (1) Sections 8541 (relating to form of contribution), 8542 (relating to liability for contributions) and 8558 (relating to liability upon return of contribution) apply only to contributions and distributions made after the limited partnership becomes subject to this chapter. (2) Section 8564 (relating to right of assignee to become limited partner) applies only to assignments made after the limited partnership becomes subject to this chapter. Effective Date. Section 304(a)(5) of Act 177 of 1988 provided that section 8502(a) and the repeal of 59 Pa.C.S. Ch. 5 (relating to limited partnerships) shall take effect 90 days after the Governor publishes a proclamation in the Pennsylvania Bulletin stating that the Governor has found that the United States Internal Revenue Service has determined that Chapter 85 corresponds to the Uniform Limited Partnership Act for the purposes of 26 CFR 301.7701-2. The proclamation of the Governor was published in the Pennsylvania Bulletin on June 18, 1994, at 24 Pa.B. 3001 and is set forth in full in the appendix to this title.