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Amendment of section 24(4) of Act of 1994, and addition of certain provisions, concerning liability of general partner, etc.
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23. Section 24 of the Act of 1994 is amended—
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(a) in subsection (4) —
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(i) by the insertion, after “investment limited partnership”, where it firstly occurs, of “or otherwise”, and
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(ii) by the deletion of “custodian,” in both places where it occurs,
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and
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(b) by the insertion of the following subsections after subsection (4):
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“(4A) An investment limited partnership may purchase and maintain for any general partner or auditor of the partnership insurance in respect of any liability referred to in subsection (4).
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(4B) In subsections (4) and (4A) a reference to a general partner or auditor includes a reference to any former or current general partner or auditor of an investment limited partnership.”.
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