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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>77791</law_id><section_number>50-73.48:2</section_number><catch_line>Approval of merger by domestic limited partnership</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>50-73.48:1</reference><reference>50-73.48:3</reference><reference>50-73.48:5</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="50">Partnerships</unit><unit label="chapter" level="2" order_by="1" identifier="2.1">Virginia Revised Uniform Limited Partnership Act</unit><unit label="article" level="3" order_by="1" identifier="7.1">Merger</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> Each <span class="dictionary">domestic limited partnership</span> that is to be a <span class="dictionary">party</span> to a proposed merger shall approve the proposed merger, unless the <span class="dictionary">partnership agreement</span> of that limited partnership provides otherwise, by the unanimous vote of the <span class="dictionary">partners</span> of the partnership. However, a provision of a limited partnership&#x2019;s <span class="dictionary">partnership agreement</span> purporting to authorize the limited partnership to approve a merger by a less than unanimous vote of the <span class="dictionary">partners</span> shall be effective to permit approval of a merger by a less than unanimous vote only if either (i) the <span class="dictionary">partnership agreement</span> included that provision at the time each <span class="dictionary">partner</span> who does not vote in favor of the merger became bound by the agreement, or (ii) the provision was added to the <span class="dictionary">partnership agreement</span> through an amendment to which each <span class="dictionary">partner</span> who does not vote in favor of the merger specifically consented. <a id="paragraph-278984" class="section-permalink" href="https://vacode.org/50-73.48_2/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> A plan of merger may provide for the manner, if any, in which the plan may be amended at any time before the effective date of the certificate of merger issued by the <span class="dictionary">Commission</span> for the merger. <a id="paragraph-278985" class="section-permalink" href="https://vacode.org/50-73.48_2/#B"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> If an amendment to a plan of merger is made in accordance with subsection B of this section, and articles of merger already have been filed with the <span class="dictionary">Commission</span>, amended articles of merger shall be filed with the <span class="dictionary">Commission</span> before the effective date of any certificate of merger issued by the <span class="dictionary">Commission</span> for the articles of merger which the amended articles are to supersede. <a id="paragraph-278986" class="section-permalink" href="https://vacode.org/50-73.48_2/#C"><i class="fa fa-link"/></a></p></section>
						<section id="D"><p><span class="prefix-number">D.</span> Unless the <span class="dictionary">domestic limited partnership</span>&#x2019;s <span class="dictionary">partnership agreement</span> or the plan of merger provides otherwise, after the merger has been authorized and at any time before the effective date of the certificate of merger issued by the <span class="dictionary">Commission</span> for the merger, the merger may be abandoned by the affirmative vote of all <span class="dictionary">general partners</span> of the <span class="dictionary">domestic limited partnership</span>, subject to any contractual rights, without further action by the <span class="dictionary">limited partners</span>, in accordance with the procedure set forth in the plan or, if none is set forth, in the manner determined by the <span class="dictionary">general partners</span> of each <span class="dictionary">domestic limited partnership</span> <span class="dictionary">party</span> to the merger. If articles of merger already have been filed with the <span class="dictionary">Commission</span>, written notice of abandonment must be filed with the <span class="dictionary">Commission</span> before the effective date of the certificate of merger. <a id="paragraph-278987" class="section-permalink" href="https://vacode.org/50-73.48_2/#D"><i class="fa fa-link"/></a></p></section></text><history>1992, c. 575.</history><metadata></metadata></law>
