19. Amendment of Act of 1994 - new section 19A concerning construction of certain references in partnership agreements

The Act of 1994 is amended by the insertion of the following section after section 19:

"References in partnership agreements to ‘majority of limited partners’: construction of such references for certain purposes

19A.

(1) Subsection (2) shall apply with respect to -

(a) any matter that a partnership agreement provides must be decided upon by a majority of the limited partners (whether the agreement provides that the decision thereon be obtained by means of votes cast by the limited partners, the giving of their consent or howsoever otherwise), or

(b) any provision of a partnership agreement that is expressed to operate (whatever the words used) by reference to the rights or interests (or incidents attaching to such rights or interests) of a majority of the limited partners,

if the partnership agreement, with respect to the foregoing matter or the foregoing provision, does not define or otherwise make provision for the construction of the expression ‘majority of limited partnersâ€

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