Okla. Stat. tit. 54, § 54-500-304A
This is the official text of Okla. Stat. tit. 54, § 54-500-304A, part of Oklahoma’s Stat. tit. 54, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 54,." Browse the sections below, each linked to its official government source.
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Right of limited partner and former limited partner
Official statutory text
to information.
RIGHT OF LIMITED PARTNER AND FORMER LIMITED PARTNER TO
INFORMATION.
(a) On ten (10) days’ demand, made in a record received by the
limited partnership, a limited partner may inspect and copy required
information during regular business hours in the limited
partnership’s designated office. The limited partner need not have
any particular purpose for seeking the information.
(b) During regular business hours and at a reasonable location
specified by the limited partnership, a limited partner may obtain
from the limited partnership and inspect and copy true and full
information regarding the state of the activities and financial
condition of the limited partnership and other information regarding
the activities of the limited partnership as is just and reasonable
if:
(1) the limited partner seeks the information for a purpose
reasonably related to the partner’s interest as a limited partner;
(2) the limited partner makes a demand in a record received by
the limited partnership, describing with reasonable particularity
the information sought and the purpose for seeking the information;
and
(3) the information sought is directly connected to the limited
partner’s purpose.
(c) Within ten (10) days after receiving a demand pursuant to
subsection (b) of this section, the limited partnership in a record
shall inform the limited partner that made the demand:
(1) what information the limited partnership will provide in
response to the demand;
(2) when and where the limited partnership will provide the
information; and
(3) if the limited partnership declines to provide any demanded
information, the limited partnership’s reasons for declining.
(d) Subject to subsection (f) of this section, a person
dissociated as a limited partner may inspect and copy required
information during regular business hours in the limited
partnership’s designated office if:
(1) the information pertains to the period during which the
person was a limited partner;
(2) the person seeks the information in good faith; and
(3) the person meets the requirements of subsection (b) of this
section.
(e) The limited partnership shall respond to a demand made
pursuant to subsection (d) of this section in the same manner as
provided in subsection (c) of this section.
(f) If a limited partner dies, Section 62 of this act applies.
Oklahoma Statutes - Title 54. Partnership Page 102
(g) The limited partnership may impose reasonable restrictions
on the use of information obtained under this section. In a dispute
concerning the reasonableness of a restriction under this
subsection, the limited partnership has the burden of proving
reasonableness.
(h) A limited partnership may charge a person that makes a
demand under this section reasonable costs of copying, limited to
the costs of labor and material.
(i) Whenever the Uniform Limited Partnership Act of 2010 or a
partnership agreement provides for a limited partner to give or
withhold consent to a matter, before the consent is given or
withheld, the limited partnership shall, without demand, provide the
limited partner with all information material to the limited
partner’s decision that the limited partnership knows.
(j) A limited partner or person dissociated as a limited
partner may exercise the rights under this section through an
attorney or other agent. Any restriction imposed under subsection
(g) of this section or by the partnership agreement applies both to
the attorney or other agent and to the limited partner or person
dissociated as a limited partner.
(k) The rights stated in this section do not extend to a person
as transferee, but may be exercised by the legal representative of
an individual under legal disability who is a limited partner or
person dissociated as a limited partner.
RIGHT OF LIMITED PARTNER AND FORMER LIMITED PARTNER TO
INFORMATION.
(a) On ten (10) days’ demand, made in a record received by the
limited partnership, a limited partner may inspect and copy required
information during regular business hours in the limited
partnership’s designated office. The limited partner need not have
any particular purpose for seeking the information.
(b) During regular business hours and at a reasonable location
specified by the limited partnership, a limited partner may obtain
from the limited partnership and inspect and copy true and full
information regarding the state of the activities and financial
condition of the limited partnership and other information regarding
the activities of the limited partnership as is just and reasonable
if:
(1) the limited partner seeks the information for a purpose
reasonably related to the partner’s interest as a limited partner;
(2) the limited partner makes a demand in a record received by
the limited partnership, describing with reasonable particularity
the information sought and the purpose for seeking the information;
and
(3) the information sought is directly connected to the limited
partner’s purpose.
(c) Within ten (10) days after receiving a demand pursuant to
subsection (b) of this section, the limited partnership in a record
shall inform the limited partner that made the demand:
(1) what information the limited partnership will provide in
response to the demand;
(2) when and where the limited partnership will provide the
information; and
(3) if the limited partnership declines to provide any demanded
information, the limited partnership’s reasons for declining.
(d) Subject to subsection (f) of this section, a person
dissociated as a limited partner may inspect and copy required
information during regular business hours in the limited
partnership’s designated office if:
(1) the information pertains to the period during which the
person was a limited partner;
(2) the person seeks the information in good faith; and
(3) the person meets the requirements of subsection (b) of this
section.
(e) The limited partnership shall respond to a demand made
pursuant to subsection (d) of this section in the same manner as
provided in subsection (c) of this section.
(f) If a limited partner dies, Section 62 of this act applies.
Oklahoma Statutes - Title 54. Partnership Page 102
(g) The limited partnership may impose reasonable restrictions
on the use of information obtained under this section. In a dispute
concerning the reasonableness of a restriction under this
subsection, the limited partnership has the burden of proving
reasonableness.
(h) A limited partnership may charge a person that makes a
demand under this section reasonable costs of copying, limited to
the costs of labor and material.
(i) Whenever the Uniform Limited Partnership Act of 2010 or a
partnership agreement provides for a limited partner to give or
withhold consent to a matter, before the consent is given or
withheld, the limited partnership shall, without demand, provide the
limited partner with all information material to the limited
partner’s decision that the limited partnership knows.
(j) A limited partner or person dissociated as a limited
partner may exercise the rights under this section through an
attorney or other agent. Any restriction imposed under subsection
(g) of this section or by the partnership agreement applies both to
the attorney or other agent and to the limited partner or person
dissociated as a limited partner.
(k) The rights stated in this section do not extend to a person
as transferee, but may be exercised by the legal representative of
an individual under legal disability who is a limited partner or
person dissociated as a limited partner.
Status: in_force · Read it on the official government site
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