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Limited Partnerships Act 2008

General - Registrar's powers to identify controllers of limited partnership

78C: Extension of basic rule to powers or controls exercisable through trust, agreement, etc

You could also call this:

"Who's in charge of a limited partnership: considering all sources of power and control"

Illustration for Limited Partnerships Act 2008

When you are trying to figure out who controls a limited partnership, you need to consider all the ways someone might have power or control. You have a power or control if you can exercise it through a trust or an agreement, or a combination of both. This is stated in section 78B.

It does not matter if the trust or agreement is legally enforceable or if you are a party to it. You still have a power or control if you can exercise it because of the trust or agreement. This applies even if the trust or agreement is broken or ended.

You should look at s 5A for more information on this topic.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6251658.

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Previous

78B: Control interests in partnership interests (basic rule), or

"Who has control in a partnership and how they get it"

Next

78D: Extension of basic rule to interests held by other persons under control or acting jointly, or

"When someone else helps you control a partnership, it's like you're in charge too"

Part 2General
Registrar's powers to identify controllers of limited partnership

78CExtension of basic rule to powers or controls exercisable through trust, agreement, etc

  1. A person has a power or control referred to in section 78B if the power or control is, or may at any time be, exercised under, by virtue of, by means of, or as a result of a revocation or breach of, a trust or an agreement (or any combination of them).

  2. Subsection (1) applies regardless of whether or not the trust or agreement is legally enforceable or whether or not the person is a party to it.

Compare
Notes
  • Section 78C: inserted, on , by section 25 of the Limited Partnerships Amendment Act 2014 (2014 No 47).