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Amendment of section 6 of Act of 1994
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7. Section 6 of the Act of 1994 is amended—
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(a) in subsection (4) —
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(i) in paragraph (e) —
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(I) in subparagraph (vi), by the substitution of “limited partners;” for “limited partners.”, and
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(II) by the insertion of the following subparagraph after subparagraph (vi):
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“(vii) a decision to approve an alteration in the partnership agreement;”,
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and
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(ii) by the insertion of the following paragraph after paragraph (e):
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“(f) any of the following:
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(i) serving on any board or committee (such as an advisory committee) of the investment limited partnership, or established by, or as provided for in the partnership agreement in respect of, a general partner, the limited partners or the partners generally;
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(ii) appointing, electing or otherwise participating in the choice of a representative or any other person to serve on any such board or committee;
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(iii) acting as a member of any such board or committee either directly or by or through any representative or other person, including giving advice in respect of, or consenting or refusing to consent to, any action proposed by the general partner on behalf of the investment limited partnership and exercising any powers or authorities or performing any obligations as a member of any such board or committee in the manner contemplated by the partnership agreement.”,
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and
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(b) by the insertion of the following subsection after subsection (4):
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“(5) Without prejudice to the generality of the provision made by subsection (4) in relation to acts, on the part of a limited partner, that do not constitute the limited partner taking part in the conduct of the business of an investment limited partnership, neither—
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(a) the reference in section 38(4) to any limited partner holding himself or herself out as conducting or purporting to conduct the business of an investment limited partnership, nor
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(b) the reference in section 39 to a limited partner purporting to take part in the conduct of the business of an investment limited partnership,
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shall be construed as including a reference to the limited partner, in and of itself, holding himself or herself as doing, or purporting to do, one or more of the acts specified in subsection (4) (irrespective of the frequency with which that holding out, or that purported doing of the act or acts concerned, occurs).”.
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