Kentucky Statutes 362.2-953 – Action on plan of conversion by converting limited partnership
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(1) Subject to KRS § 362.2-960, a plan of conversion shall be approved by all the partners of a converting limited partnership.
(2) Subject to KRS § 362.2-960 and any contractual rights, after a conversion is approved, and at any time before a filing is made under KRS § 362.2-954, a converting limited partnership may amend the plan or abandon the planned conversion:
(a) As provided in the plan; and
(b) Except as prohibited by the plan, by the same consent as was required to approve the plan.
(3) Unless otherwise provided in the partnership agreement, a partner has no right to dissent from a conversion.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 178, effective July 12, 2006.
Formerly codified as KRS § 362.2-1103.
(2) Subject to KRS § 362.2-960 and any contractual rights, after a conversion is approved, and at any time before a filing is made under KRS § 362.2-954, a converting limited partnership may amend the plan or abandon the planned conversion:
Terms Used In Kentucky Statutes 362.2-953
- Partner: means a limited partner or general partner. See Kentucky Statutes 362.2-102
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
- Partnership agreement: means the partners' agreement, oral, implied, in record form, or in any combination, concerning the limited partnership. See Kentucky Statutes 362.2-102
(a) As provided in the plan; and
(b) Except as prohibited by the plan, by the same consent as was required to approve the plan.
(3) Unless otherwise provided in the partnership agreement, a partner has no right to dissent from a conversion.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 178, effective July 12, 2006.
Formerly codified as KRS § 362.2-1103.