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Current as of January 01, 2024 | Updated by FindLaw Staff
(1) A limited partner shall have the same rights as a general partner to
(a) Have the partnership books kept at the principal place of business of the partnership, and at all times to inspect and copy any of them.
(b) Have on demand true and full information of all things affecting the partnership, and a formal account of partnership affairs whenever circumstances render it just and reasonable, and
(c) Have dissolution and winding up by decree of court.
(2) A limited partner shall have the right to receive a share of the profits or other compensation by way of income, and to the return of his contribution as provided in sections one hundred and four and one hundred and five of this article.
(3) When the limited partnership is qualified as an investment company under the Investment Company Act of 1940, 1 the limited partner shall have the right to vote: (a) in the election of directors or trustees of the investment company; (b) to approve or terminate investment advisory or underwriting contracts; (c) for approval of auditors; and (d) any other matters that the Investment Company Act of 1940 requires to be approved by the holders of beneficial interests in the investment company.
Cite this article: FindLaw.com - New York Consolidated Laws, Partnership Law - PTR § 99. Rights of a limited partner - last updated January 01, 2024 | https://codes.findlaw.com/ny/partnership-law/ptr-sect-99/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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