226. Powers and liabilities of limited partner.

A limited partner1, personally or by his agent, may at any time inspect the firm's books and examine into the state and prospects of the partnership business, and may advise with the other partners thereon2, but he must not take any other part in the management of the business3, and he has no power to bind the firm4. A limited partner in a private fund limited partnership may, however, perform certain specified actions without being regarded as taking part in the management of the partnership business5

A limited partner may not, during the continuance of the partnership, draw out or

Popular documents