Investment Limited Partnerships Act, 1994
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Application to court in case of refusal of authorisation, revocation of authorisation or replacement of general partner or custodian. |
32.—(1) Where the Bank refuses an application for authorisation under section 8 , fails to take a decision on an application within three months of the date hereof, revokes or refuses to revoke an authorisation under section 29 , or determines to replace a general partner or custodian under section 30 , any aggrieved party (including a limited partner) may apply to the Court to have the matter reviewed. | |
(2) Where an application is made under subsection (1), the Court shall confirm the decision of the Bank unless it is satisfied that the procedures laid down by, or the requirements of, this Act have not been complied with in any material respect or that there was no material before the Bank on which the Bank could reasonably conclude— | ||
(a) in the case of a refusal of authorisation or a failure to authorise within three months, that the criteria set forth in section 8 (1) or section 8 (9) have not been established, | ||
(b) in the case of a decision to revoke the authorisation of an investment limited partnership, that the matters set forth in section 29 (1) have been established, | ||
(c) in the case of a decision to replace a general partner or custodian, that the matters set forth in section 30 (1) have been established. | ||
(3) Where the Court does not confirm the decision of the Bank on an application made to it under subsection (2), it may set aside the decision of the Bank or, if the Bank has failed to take a decision within three months, direct it to take a decision within such time as the court may direct, and in any such case, remit the matter to the Bank which shall thereupon reconsider the matter and make a decision in accordance with such procedures and requirements. | ||
(4) Any application under this section shall be made on notice to the Bank, the general partner and the custodian. | ||
(5) Where a general partner brings an application under this section or receives notice of such an application, he shall forthwith cause the limited partners to be informed thereof, and any limited partner shall be entitled to appear before the court and be heard thereon. | ||
(6) A general partner who fails to comply with subsection (5) shall be guilty of an offence. |