WILLIAM DONALD SCHAEFER, Governor

Ch. 550

CHAPTER 550

(Senate Bill 75)

AN ACT concerning

Limited Partnerships

FOR the purpose of permitting the abbreviation "L.P." to appear
in the name of a limited partnership in place of the words
"limited partnership"; permitting a limited partnership to
indemnify any partner or other person; altering the
information required to be contained in an initial
certificate of limited partnership; altering the
requirements for filing a certificate of cancellation;
altering the requirements for the execution of a
certificate; permitting the merger of one or more limited
partnerships, corporations, and business trusts; permitting
the provision of classes or groups of partners having
differing rights; altering the circumstances which may cause
limited partners of a limited partnership to be liable to
third parties for the obligations of the limited
partnership; permitting a person erroneously believing
himself to be a limited partner of a limited partnership to
cause an appropriate certificate to be executed and filed or
to withdraw from the partnership within 30 days of when he
knew or should have known of the error; altering the
information which a limited partner may obtain from the
general partners; setting forth the time of admission of a

limited partner; permitting a limited partnership to

penalize a limited partner partner to be subject to

specified remedies and consequences for failure to make a
contribution or other payment under certain circumstances;
permitting the interest of a limited partnership to be
evidenced by a certificate; altering the authority of the
persons winding up a limited partnership's affairs; altering
the information required of foreign limited partnerships
registering to do business in Maryland; clarifying that
general and limited partnership interests which are not
represented by certificates are general intangibles and are
not uncertificated securities under the Maryland Uniform
Commercial Code but that partnership interests which are
represented by certificates and which otherwise qualify may
be certificated securities under the Maryland Uniform
Commercial Code; altering certain provisions relating to
recordation and transfer taxes to include mergers of limited
partnerships; defining certain terms; making stylistic
changes; and generally relating to limited partnerships.

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