Page:United States Statutes at Large Volume 76.djvu/703

 76 STAT. ]

PUBLIC LAW 87-716-SEPT. 28, 1962

655

Public Law 87-716' AN ACT September 28, 1962 To provide that the Uniform Limited Partnership Act shall apply in the District LH. R. i.ioi9] of Columbia. Be it enacted by the Senate and House of Representatives of the D- c. United States of America in Congress assembled, That this Act to pJ^^nirshipXct?'* provide for the formation of limited partnerships in the District of Columbia and to make uniform the law with respect thereto, shall be in effect in the District of Columbia on and after the date of the enactment of this Act. LIMrrED PARTNERSHIP DEFINED 1. A limited partnership is a partnership formed by two or more persons under the provisions of section 2, having as members one or more general partners and one or more limited partners. The limited partners as such shall not be bound by the obligations of the partnership. SECTION

FORMATION

SEC. 2, (1) Two or more persons desiring to form a limited partnership shall— (a) sign and swear to a certificate, which shall state— I. the name of the partnership, II. the character of the business, . III. the location of the principal place of business, IV. the name and place of residence of each member; general and limited partners being respectively designated, V. the term for which the partnership is to exist, VI. the amount of cash and a description of and the agreed value of the other property contributed by each limited partner, VII. the additional contributions, if any, agreed to be made by each limited partner and the times at which or events on the happening of which they shall be made, •> VIII. the time, if agreed upon, when the contribution of ' each limited partner is to be returned, IX. the share of the profits or the other compensation by way of income which each limited partner shall receive by reason of his contribution, X. the right, if given, of a limited partner to substitute an • assignee as Contibutor in his place, and the terras and conditions of the substitution, X I. the right, if given, of the partners to admit additional limited partners, X II. the right, if given, of one or more of the limited partners to priority over other limited partners, as to con. tributions or as to compensation by way of income, and the li nature of such priority, . X III. the right, if given, of the remaining general partner or partners to continue the business on the death, retirement, or insanity x)f a general partner, and X IV. the right, if given, of a limited partner to demand and receive property other than cash in return for his contribution; (b) file for record the certificate in the Office of the Recorder of Deeds of the District of Columbia. (2) A limited partnership is formed if there has been substantial compliance in good faith with the requirements of paragraph (1).

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