S.L. 370.53 Art. 17When a general partnerceasestobe a partner.

(1) A person shall, subject to the provisions of the

Partnership Agreement, cease to be a general partner of a Special

Limited Partnership Fund, upon the occurrence of any of the following events:

(a) his resignation, retirement, removal or expulsion in accordance with the requirements, if any, of the Partnership Agreement;

(b) in the case of a natural person his bankruptcy, death or legal incapacity or interdiction; or

(c) in the case of a general partner which is a body corporate, the dissolution thereof.

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

(2) Notwithstanding the provisions of regulation 9(2), in the event of the cessation of a person as a general partner of a Special Limited Partnership Fund, howsoever such cessation has occurred, it shall be the duty of the Special Limited Partnership Fund to notify the competent authority of such fact within fourteen (14) days of such cessation or from the date that the Special Limited Partnership Fund became aware thereof, whichever is the later:

Provided that, without prejudice to the obligation under this sub-regulation, in the cases referred in sub-regulation (1)(a), it shall also be the duty of the person ceasing to be a general partner to notify the competent authority of such cessation within fourteen (14) days of the said cessation.

(3) In the cases referred in sub-regulation (1)(b) and (c), the curator or other person having similar functions with respect to the estate of the bankrupt general partner, the heirs or other relevant successors to the estate of the deceased general partner, the guardian, tutor or other person having similar functions with respect to the estate of the incapacitated or interdicted general partner, or the liquidator, directors, general partners or equivalent body or persons charged with the responsibility of the administration of the affairs of the dissolved general partner after its dissolution, as the case may be, shall have a duty to inform the Special Limited Partnership Fund of the respective event mentioned in such sub-regulation (1)(b) or (c) as soon as possible and in no case later than ten (10) days following the happening thereof:

Provided that, notwithstanding the provisions of regulation 9(2), a notification to this effect shall also be made to the competent authority within fourteen (14) days of the happening of the respective event mentioned in sub-regulation (1)(b) or (c) or from the date when such person became aware thereof, whichever is the later.

(4) A general partner shall not be relieved of any obligation under these regulations until such time as the notice of cessation is notified to the competent authority. Nothing in the foregoing shall affect the continued liability of a general partner in terms of law for his obligations arising whilst he was a general partner and until the registration of the notice of cessation as aforesaid.