Investment Limited Partnerships (Amendment) Act 2020

Amendment of section 24(4) of Act of 1994, and addition of certain provisions, concerning liability of general partner, etc.

23. Section 24 of the Act of 1994 is amended—

(a) in subsection (4) —

(i) by the insertion, after “investment limited partnership”, where it firstly occurs, of “or otherwise”, and

(ii) by the deletion of “custodian,” in both places where it occurs,


(b) by the insertion of the following subsections after subsection (4):

“(4A) An investment limited partnership may purchase and maintain for any general partner or auditor of the partnership insurance in respect of any liability referred to in subsection (4).

(4B) In subsections (4) and (4A) a reference to a general partner or auditor includes a reference to any former or current general partner or auditor of an investment limited partnership.”.