(1) Notice of any arrangement or transaction under which any person will cease to be a general partner in any firm and will become a limited partner in that firm, or under which the share of a limited partner in a firm will be assigned to any person, shall be forthwith advertised in the Gazette, and until notice of the arrangement or transaction is so advertised, the arrangement or transaction shall, for the purposes of this Act, be meat of share deemed to be of no effect.

(2) For the purposes of this section, the expression "the Gazette" means- In the case of a limited partnership registered in England, the London Gazette; In the case of a limited partnership registered in Scotland, the Edinburgh Gazette; In the case of a limited partnership registered in Ireland, the Dublin Gazette.