International Limited Partnership Order, 2000 · As enacted
7. Admission of limited partners and assignment of interest
Official textFrom Attorney General's Chambers, unchanged
Subject to this Order, a person may be admitted to an ILP as a limited partner solely with the consent of the general partner or, if there is more than one general partner, with the consent of all of them.
ILP
"ILP" means an international limited partnership, within the meaning of section 4;
Subject to this Order and to any provision of the partnership agreement, a limited partner may assign absolutely the whole or any part of his partnership interest and an assignee shall as of the date of the assignment become a limited partner with all of the rights and obligations of the assignor, other than any liability arising under sections 6!2) or 10.
partnership agreement
"partnership agreement" means a written agreement which is governed by the laws of Brunei Darussalam and which provides for the establishment of a partnership as an ILP and regulates the affairs of the partnership, the conduct of its business and the rights and obligations of the partners, and if such an agreement is amended at any time, the agreement as amended shall be the partnership agreement;
On an absolute assignment by a limited partner of the whole of his partnership interest, he shall cease to be a limited partner of the ILP but, notwithstanding anything in the partnership agreement or any other contract, such an assignment shall not relieve him of any liability incurred under sections 6(2) or 10.
limited partner
"limited partner" means a person who has been admitted to an ILP as a limited partner and who has complied with section 6;
A limited partner may assign the whole or any part or his partnership interest by way of mortgage or charge, provided that no such assignment shall operate to constitute the assignee a partner in the ILP or relieve the assignor of any of his obligations as a limited partner, and section 31 of the Partnership Act, 1890
of the United Kingdom shall apply to such an assignment.
Terms defined in s 2
general partner
Defined · s 2"general partner" means a person who has been admitted to a partnership as a general partner in accordance with the partnership agreeinent and who is named as a general partner in the statement:&led with the ILP Registrar pursuant to section 13;
ILP
Defined · s 2"ILP" means an international limited partnership, within the meaning of section 4;
limited partner
Defined · s 2"limited partner" means a person who has been admitted to an ILP as a limited partner and who has complied with section 6;
partnership agreement
Defined · s 2"partnership agreement" means a written agreement which is governed by the laws of Brunei Darussalam and which provides for the establishment of a partnership as an ILP and regulates the affairs of the partnership, the conduct of its business and the rights and obligations of the partners, and if such an agreement is amended at any time, the agreement as amended shall be the partnership agreement;