Section 99. Rights of a limited partner  


Latest version.
  • (1) A limited partner shall have
      the same rights as a general partner to
        (a) Have the partnership books kept at the principal place of business
      of the partnership, and at all times to inspect and copy any of them.
        (b) Have on demand true and full information of all  things  affecting
      the  partnership,  and  a formal account of partnership affairs whenever
      circumstances render it just and reasonable, and
        (c) Have dissolution and winding up by decree of court.
        (2) A limited partner shall have the right to receive a share  of  the
      profits or other compensation by way of income, and to the return of his
      contribution  as  provided  in  sections  one  hundred  and four and one
      hundred and five of this article.
        (3) When the limited partnership is qualified as an investment company
      under the Investment Company Act of 1940, the limited partner shall have
      the right to vote: (a) in the election of directors or trustees  of  the
      investment  company;  (b) to approve or terminate investment advisory or
      underwriting contracts; (c) for approval of auditors; and (d) any  other
      matters  that the Investment Company Act of 1940 requires to be approved
      by the holders of beneficial interests in the investment company.