Ch. 568                                       LAWS OF MARYLAND

correction; making stylistic changes; providing that
existing obligations or contract rights may not be impaired
by this Act; providing for the application of this Act; and
generally relating to limited partnerships.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 10-301 and 10-303(b)(l)

Annotated Code of Maryland

(1985 Replacement Volume and 1988 Supplement)

BY repealing

Article - Corporations and Associations

Section 10-306

Annotated Code of Maryland

(1985 Replacement Volume and 1988 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Corporations and Associations

10-301.

(A) A PERSON ACQUIRING A PARTNERSHIP INTEREST IS ADMITTED
AS A LIMITED PARTNER UPON THE LATER TO OCCUR OF:

(1)  THE FORMATION OF A LIMITED PARTNERSHIP; OR

(2)  THE TIME PROVIDED IN A PARTNERSHIP AGREEMENT, OR
IF NO TIME IS PROVIDED IN THE AGREEMENT, THEN WHEN THE PERSON'S
ADMISSION IS REFLECTED IN THE RECORDS OF THE LIMITED PARTNERSHIP.

[(a)] (B) After the filing of the initial certificate, a
person may be admitted as an additional limited partner:

(1)   In the case of a person acquiring a partnership
interest directly from the limited partnership:

(i) On compliance with the partnership
agreement; or

(ii) With the consent of all partners; and

(2)   In the case of an assignee of a partnership
interest of a partner who has the power, under § 10-703 of this
title, to grant the assignee the right to become a limited
partner, upon the exercise of that power and compliance with any
conditions limiting the grant or exercise of the power.

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