227. Private fund limited partnerships: permitted actions by limited partners ('the white list').

A limited partner is not permitted to take part in the management of the partnership business, and if he does, he is liable for all debts and obligations of the firm incurred while he does so as though he were a general partner1. However, there is a so-called 'white list' of actions which a limited partner in a private fund limited partnership2 may perform without being regarded as taking part in the management of the partnership business3.

A limited partner in a private fund limited partnership is not to be regarded as taking part in the management of the partnership business4 merely because he takes any of the following actions5:

  1.  

    (1)     taking part in a decision about:

    1.  

      (a)     the variation of, or waiver of a term of, the partnership agre