New South Wales Consolidated Acts

PARTNERSHIP ACT 1892 - SECT 62

62 Change in status of partners

(1) If a general partner becomes a limited partner, the limitation on liability does not extend to any liability of the limited partnership that arose before the partner became a limited partner.

(2) If a limited partner becomes a general partner, the limitation on liability no longer extends to any liability of the limited partnership that arose before the partner became a general partner.