Investment Limited Partnerships (Amendment) Act 2020

Amendment of section 37 of Act of 1994

34. Section 37 of the Act of 1994 is amended—

(a) in subsection (1), by the substitution of the following paragraph for paragraph (iii):

“(iii) the death, incapacity, bankruptcy, removal, resignation, dissolution or winding-up of—

(I) a limited partner, or

(II) a general partner, where there is more than one general partner (and at least one general partner (that has not died and to which none of the other cases mentioned in this paragraph applies) remains);”,

(b) in subsection (2), by the substitution of “shall cause, at such time and in accordance with such process as stands specified by the Bank for the purpose of this subsection, the dissolution of the investment limited partnership” for “shall cause the immediate dissolution of the investment limited partnership”, and

(c) in subsection (3), by the substitution of “such period as stands specified by the Bank for the purpose of this subsection following the date of dissolution of an investment limited partnership, being a dissolution due to the circumstances specified in subsection (2)(a),” for “thirty-five days of the date of dissolution of an investment limited partnership due to the circumstances specified in subsection (2)(a) ”.