                                 CODE OF VIRGINIA

ADMISSION OF LIMITED PARTNERS (§ 50-73.22:1)

A. A person becomes a limited partner on the later of:

   1. The date the original certificate of limited partnership is filed; or

   2. The date stated in the records of the limited partnership as the date that
   person becomes a limited partner.

B. After the filing of a limited partnership&#8217;s initial certificate of
limited partnership, a person may be admitted as an additional limited partner:

   1. In the case of a person acquiring a partnership interest directly from the
   limited partnership, upon compliance with the partnership agreement or, if the
   partnership agreement does not so provide, upon the written consent of all
   partners; and

   2. In the case of an assignee of a partnership interest of a partner who has
   the power, as provided in &#xA7; 50-73.47, to grant the assignee the right to
   become a limited partner, upon the exercise of that power and compliance with
   any conditions limiting the grant or exercise of the power.

HISTORY: 1987, c. 702.