                                 CODE OF VIRGINIA

APPLICABILITY (§ 50-73.147)

A. Before January 1, 2000, this chapter governs only a partnership formed:

   1. On and after July 1, 1997, unless that partnership is continuing the
   business of a dissolved partnership under &#xA7; 50-41 of the Uniform
   Partnership Act as it existed on July 1, 1997; and

   2. Before July 1, 1997, that elects, as provided by subsection C, to be
   governed by this chapter.

B. Effective January 1, 2000, this chapter governs all partnerships.

C. Before January 1, 2000, a partnership voluntarily may elect, in the manner
provided in its partnership agreement or by law for amending the partnership
agreement, to be governed by this chapter. The provisions of this chapter
relating to the liability of the partnership&#8217;s partners to third parties
apply to limit those partners&#8217; liability to a third party who had done
business with the partnership within one year preceding the partnership&#8217;s
election to be governed by this chapter, only if the third party knows or has
received a notification of the partnership&#8217;s election to be governed by
this chapter.

HISTORY: 1996, c. 292.