S.L. 370.53 Art. 16When a limited partnerceasestobe a partner.

(1) A person shall cease to be limited partner of a

Special Limited Partnership Fund:

(a) upon the valid and absolute assignment of the whole of his interest in the Special Limited Partnership Fund; or

(b) at such time and, or upon the occurrence of such event as may be so specified in the Partnership Agreement.

Such cessation shall be evidenced by means of an entry to that effect in the register of partners.

(2) The fact that a person has ceased to be a limited partner shall not relieve him of any liability arising under regulations 6(4), 14(2), 15(1) and 21(2).

(3) The fact only that a person ceases to be a limited partner shall not constitute a change or amendment to the Partnership Agreement.

(4) Unless the Partnership Agreement otherwise provides and subject to the provisions of regulation 18 of these regulations, in the event of death or dissolution or other cessation of existence of a limited partner, the Special Limited Partnership Fund shall continue with the heirs or other relevant successors in title to the respective interests of such limited partner in the Special Limited Partnership Fund. PARTNERSHIP FUNDS)

(5) When a person ceases to be a limited partner in a Special Limited Partnership Fund in the cases referred to in sub-regulation (1)(b), such person shall have such rights as to liquidation of his interests in the Special Limited Partnership Fund and other rights to assets of the Special Limited Partnership Fund, and at such time or times, and shall be subject to such obligations, as may be provided for in the Partnership Agreement.