Okla. Stat. tit. 54, § 54-500-801A
This is the official text of Okla. Stat. tit. 54, § 54-500-801A, 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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Nonjudicial dissolution
Official statutory text
NONJUDICIAL DISSOLUTION.
Except as otherwise provided in Section 64 of this act, a
limited partnership is dissolved, and its activities must be wound
up, only upon the occurrence of any of the following:
(1) the happening of an event specified in the partnership
agreement;
(2) the consent of all general partners and of limited partners
owning a majority of the rights to receive distributions as limited
partners at the time the consent is to be effective;
(3) after the dissociation of a person as a general partner:
(A) if the limited partnership has at least one remaining
general partner, the consent to dissolve the limited
partnership given within ninety (90) days after the
dissociation by partners owning a majority of the
rights to receive distributions as partners at the
time the consent is to be effective; or
Oklahoma Statutes - Title 54. Partnership Page 125
(B) if the limited partnership does not have a remaining
general partner, the passage of ninety (90) days after
the dissociation, unless before the end of the period:
(i) consent to continue the activities of the limited
partnership and admit at least one general
partner is given by limited partners owning a
majority of the rights to receive distributions
as limited partners at the time the consent is to
be effective; and
(ii) at least one person is admitted as a general
partner in accordance with the consent; or
(4) the passage of ninety (90) days after the dissociation of
the limited partnership’s last limited partner, unless before the
end of the period the limited partnership admits at least one
limited partner.
Except as otherwise provided in Section 64 of this act, a
limited partnership is dissolved, and its activities must be wound
up, only upon the occurrence of any of the following:
(1) the happening of an event specified in the partnership
agreement;
(2) the consent of all general partners and of limited partners
owning a majority of the rights to receive distributions as limited
partners at the time the consent is to be effective;
(3) after the dissociation of a person as a general partner:
(A) if the limited partnership has at least one remaining
general partner, the consent to dissolve the limited
partnership given within ninety (90) days after the
dissociation by partners owning a majority of the
rights to receive distributions as partners at the
time the consent is to be effective; or
Oklahoma Statutes - Title 54. Partnership Page 125
(B) if the limited partnership does not have a remaining
general partner, the passage of ninety (90) days after
the dissociation, unless before the end of the period:
(i) consent to continue the activities of the limited
partnership and admit at least one general
partner is given by limited partners owning a
majority of the rights to receive distributions
as limited partners at the time the consent is to
be effective; and
(ii) at least one person is admitted as a general
partner in accordance with the consent; or
(4) the passage of ninety (90) days after the dissociation of
the limited partnership’s last limited partner, unless before the
end of the period the limited partnership admits at least one
limited partner.
Status: in_force · Read it on the official government site
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