Okla. Stat. tit. 54, § 54-500-605A
This is the official text of Okla. Stat. tit. 54, § 54-500-605A, 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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Effect of dissociation as general partner
Official statutory text
EFFECT OF DISSOCIATION AS GENERAL PARTNER.
(a) Upon a person’s dissociation as a general partner:
(1) the person’s right to participate as a general partner in
the management and conduct of the partnership’s activities
terminates;
(2) the person’s duty of loyalty as a general partner under
paragraph (3) of subsection (b) of Section 42 of this act
terminates;
(3) the person’s duty of loyalty as a general partner under
paragraphs (1) and (2) of subsection (b) of Section 42 of this act
and duty of care under subsection (c) of Section 42 of this act
continue only with regard to matters arising and events occurring
before the person’s dissociation as a general partner;
(4) the person may sign and deliver to the Secretary of State
for filing a statement of dissociation pertaining to the person and,
at the request of the limited partnership, shall sign an amendment
to the certificate of limited partnership which states that the
person has dissociated; and
(5) subject to Section 62 of this act and Article 11 of this
act, any transferable interest owned by the person immediately
Oklahoma Statutes - Title 54. Partnership Page 120
before dissociation in the person’s capacity as a general partner is
owned by the person as a mere transferee.
(b) A person’s dissociation as a general partner does not of
itself discharge the person from any obligation to the limited
partnership or the other partners which the person incurred while a
general partner.
(a) Upon a person’s dissociation as a general partner:
(1) the person’s right to participate as a general partner in
the management and conduct of the partnership’s activities
terminates;
(2) the person’s duty of loyalty as a general partner under
paragraph (3) of subsection (b) of Section 42 of this act
terminates;
(3) the person’s duty of loyalty as a general partner under
paragraphs (1) and (2) of subsection (b) of Section 42 of this act
and duty of care under subsection (c) of Section 42 of this act
continue only with regard to matters arising and events occurring
before the person’s dissociation as a general partner;
(4) the person may sign and deliver to the Secretary of State
for filing a statement of dissociation pertaining to the person and,
at the request of the limited partnership, shall sign an amendment
to the certificate of limited partnership which states that the
person has dissociated; and
(5) subject to Section 62 of this act and Article 11 of this
act, any transferable interest owned by the person immediately
Oklahoma Statutes - Title 54. Partnership Page 120
before dissociation in the person’s capacity as a general partner is
owned by the person as a mere transferee.
(b) A person’s dissociation as a general partner does not of
itself discharge the person from any obligation to the limited
partnership or the other partners which the person incurred while a
general partner.
Status: in_force · Read it on the official government site
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