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Texas Business Organizations Code - BUS ORG § 153.160. Effect of Conversion of Partnership Interest

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) After an amendment to the certificate of formation reflecting the general partner's withdrawal as a general partner is filed under Section 153.051, the withdrawing general partner:

(1) may vote as a limited partner in all matters, to the same extent as the members of the class of limited partners having the least voting rights with respect to the matter on which the vote is taken;  and

(2) may not vote on the admission and compensation of a general partner who replaces the withdrawing general partner.

(b) If the general partner's withdrawal violates the partnership agreement, the general partner does not have voting rights.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 153.160. Effect of Conversion of Partnership Interest - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-153-160/

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