Investment Limited Partnerships Act, 1994
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Notification by Bank of revocation or replacement. |
31.—(1) Where the Bank proposes to revoke the authorisation of an investment limited partnership other than at the request of the general partner or custodian under section 29 , or to replace a general partner and custodian under section 30 , it shall give the general partner and custodian notice of its intention to act and, where it proposes to replace a general partner or custodian under section 30 the identity of the proposed new general partner. | |
(2) Upon receipt of such notification, the general partner shall cause forthwith the limited partners to be informed of the receipt of such notice from the Bank. | ||
(3) A partner or custodian may, within fifteen days of the date of service of a notice pursuant to subsection (1), make written representations to the Bank which period, in the case of representations by a limited partner, the Bank may extend. | ||
(4) The Bank shall have regard to any representations made in accordance with subsection (3) in determining whether to revoke the authorisation of an investment limited partnership or to replace the general partner or custodian, as the case may be. | ||
(5) A general partner who fails to comply with subsection (2) shall be guilty of an offence and shall indemnify any person who thereby suffers loss. |