North Carolina General Statutes 59-1104. Effective date and repeal
(a) Except as set forth below, the effective date of this Article is October 1, 1986, and Article 1 of Chapter 59 of the North Carolina General Statutes is hereby repealed subject to the following:
(1) N.C. Gen. Stat. § 59-501, 59-502, and 59-608 shall apply only to contributions and distributions made after the effective date;
(2) N.C. Gen. Stat. § 59-704 applies only to assignments made after the effective date;
(3) N.C. Gen. Stat. § 59-804 shall not be construed so as to change the priority of creditors for transactions entered into prior to the effective date;
(4) Unless agreed otherwise by the partners, the applicable provisions of existing law governing allocation of profits and losses (rather than the provisions of N.C. Gen. Stat. § 59-503), distribution to a withdrawing partner (rather than the provisions of N.C. Gen. Stat. § 59-604), and the distribution of assets upon the winding up of a limited partnership (rather than the provisions of N.C. Gen. Stat. § 59-804) shall govern limited partnerships formed before the effective date of this Article herein.[;]
(5) The repeal of any prior statutory provision by this Article shall not impair, or otherwise affect, the organization or continued existence of a limited partnership existing at the effective date of this Article, nor shall the repeal by this Article of any such prior provision be construed so as to impair any contract or to affect any right accrued prior to the effective date of this Article; but such limited partnerships shall be subject to the procedural and other requirements of this Article except as otherwise specified in N.C. Gen. Stat. § 59-1104(a). Provided, that failure to comply with the requirements of this Article by such limited partnerships shall not cause loss of limited liability.
(b) Any foreign limited partnership formed under the laws of another jurisdiction doing business in this State prior to the effective date shall within two years thereafter comply with Part 9 of Article 5 of Chapter 59. (1985 (Reg. Sess., 1986), c. 989, s. 2; 1987, c. 531, ss. 9, 10.)
Terms Used In North Carolina General Statutes 59-1104
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Business: means any lawful trade, investment, or other purpose or activity, whether or not the trade, investment, purpose, or activity is carried on for profit. See North Carolina General Statutes 59-102
- Contract: A legal written agreement that becomes binding when signed.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Foreign limited partnership: means a partnership formed under the laws of any state, province, country, or other jurisdiction other than this State and having as partners one or more general partners and one or more limited partners, and includes, for all purposes of the laws of the State of North Carolina, a limited liability limited partnership. See North Carolina General Statutes 59-102
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Partner: means a limited or general partner. See North Carolina General Statutes 59-102
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See North Carolina General Statutes 59-102