(1) An investment limited partnership may be formed by two or more persons and shall -

(a) have as its principal business, to be expressed in the partnership agreement establishing the investment limited partnership, the investment of its funds in property;

(b) consist of one or more general partners and one or more limited partners;

(c) have appointed a depositary being a person maintaining a place of business in the State, and eligible to act as depositary in accordance with section 8 of this Act, in whom the assets of the investment limited partnership shall be entrusted for safe keeping, who is charged with verifying that the business of an investment limited partnership is conducted in accordance with the partnership agreement and with such powers or duties of a depositary with regard to the investment limited partnership as are specified by the Bank and in section 24 and in the European Union (Alternative Investment Fund Managers) Regulations 2013 where relevant;