Sec. 153.160. EFFECT OF CONVERSION OF PARTNERSHIP INTEREST. (a) After an amendment to the certificate of formation reflecting the general partner's withdrawal as a general partner is filed under Section 153.051, the withdrawing general partner:
(1) may vote as a limited partner in all matters, to the same extent as the members of the class of limited partners having the least voting rights with respect to the matter on which the vote is taken; and
(2) may not vote on the admission and compensation of a general partner who replaces the withdrawing general partner.
(b) If the general partner's withdrawal violates the partnership agreement, the general partner does not have voting rights.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 153 - Limited Partnerships
Subchapter D. General Partners
Section 153.151. Admission of General Partners
Section 153.152. General Powers and Liabilities of General Partner
Section 153.153. Powers and Liabilities of Person Who Is Both General Partner and Limited Partner
Section 153.154. Contributions by and Distributions to General Partner
Section 153.155. Withdrawal of General Partner
Section 153.156. Notice of Event of Withdrawal
Section 153.157. Withdrawal of General Partner in Violation of Partnership Agreement
Section 153.158. Effect of Withdrawal
Section 153.159. Conversion of Partnership Interest After Withdrawal
Section 153.160. Effect of Conversion of Partnership Interest
Section 153.161. Liability of General Partner for Debt Incurred After Event of Withdrawal