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24 1994




Short title.

1. —This Act may be cited as the Investment Limited Partnerships Act, 1994.


2. —This Act shall come into operation on such day as the Minister shall fix by order.


3. —In this Act unless the context otherwise requires—

the Act of 1890” means the Partnership Act, 1890;

the Bank” means the Central Bank of Ireland;

the court” means the High Court;

custodian” means a person maintaining a place of business in the State, appointed pursuant to the partnership agreement, approved by the Bank under section 8 of this Act and discharging its functions in accordance with section 5 (1) (c) hereof;

general partner” means a person who has been admitted to an investment limited partnership as a general partner in accordance with the partnership agreement, and who shall be personally liable for the debts and obligations of the investment limited partnership;

investment limited partnership” means a partnership which holds a certificate of authorisation issued in accordance with this Act;

limited partner” means a person who has been admitted to an investment limited partnership as a limited partner in accordance with the partnership agreement and who shall, at the time of entering into such partnership, contribute or undertake to contribute a stated amount to the capital of the partnership and, except as provided by sections 6 , 12 , 20 and 38 of this Act, shall not be liable for the debts or obligations of the investment limited partnership beyond the amount so contributed or undertaken;

partner” means a limited partner or a general partner;

partnership agreement” means any valid written agreement of the partners governed by the law of the State and subject to the exclusive jurisdiction of the courts of the State, as to the affairs of an investment limited partnership and the conduct of its business as may be amended, supplemented or restated from time to time;

property” means real or personal property of whatever kind (including securities) and wherever located;

the Minister” means the Minister for Enterprise and Employment.

Savings and disapplications of laws and enactments.

4. —(1) Subject to the provisions of this Act, the Act of 1890, and the rules of equity and of common law applicable to partnerships, except so far as they are inconsistent with the express provisions of the last-mentioned Act, shall apply to investment limited partnerships.

(2) The provisions of the Limited Partnerships Act, 1907, shall not apply to investment limited partnerships.

(3) In the case of any investment limited partnership with two or more general partners, provisions of this Act requiring or authorising a thing to be done by or to a general partner shall be satisfied, except where the context otherwise indicates, by it being done by or to any one general partner.

(4) For the avoidance of doubt, the provisions of section 376 of the Companies Act, 1963 shall not apply to an investment limited partnership.