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Amendment of section 20 of Act of 1994
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20. The Act of 1994 is amended by the substitution of the following section for section 20:
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“Capital contributions by limited partners and liability of limited partners for partnership debts
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20. (1) A limited partner—
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(a) shall be not liable to contribute any capital or property to the investment limited partnership except in the circumstances provided for in the partnership agreement,
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(b) may receive out of the capital of the investment limited partnership a payment representing the return of any part of his contribution to the partnership in the circumstances provided for in the partnership agreement, but only if—
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(i) the following duty of the general partner, under the 2013 Regulations, has been discharged, namely, the duty—
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(I) to ensure that net asset value of the investment limited partnership is calculated in the manner provided for by those Regulations, and
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(II) being that duty as of the most recent occasion (prior to the payment to the limited partner), on which it fell, in accordance with those Regulations, to be discharged,
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and
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(ii) the net asset value of the investment limited partnership, as calculated on that foregoing most recent occasion, was greater than zero,
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and
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(c) shall not be liable for the debts or obligations of the investment limited partnership beyond the amount of the partnership property contributed by the limited partner which is available to the general partner to meet such debts or obligations.
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(2) In this section ‘2013 Regulations’ means the European Union (Alternative Investment Fund Managers) Regulations 2013.”.
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