                                 CODE OF VIRGINIA

EVENTS OF WITHDRAWAL (§ 50-73.28)

Except as approved by the written consent of all partners at the time, a person
ceases to be a general partner of a limited partnership upon the happening of
any of the following events:

1. The general partner withdraws from the limited partnership as provided in
&#xA7; 50-73.37;

2. The general partner ceases to be a member of the limited partnership as
provided in &#xA7; 50-73.45;

3. The general partner is removed as a general partner in accordance with the
partnership agreement;

4. Unless otherwise provided in writing in the partnership agreement, the
general partner (i) makes an assignment for the benefit of creditors; (ii) files
a voluntary petition in bankruptcy; (iii) becomes the subject of an order for
relief or is declared insolvent in any federal or state bankruptcy or insolvency
proceeding; (iv) files a petition or answer seeking for himself any
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any statute, law, or regulation; (v) files an answer or
other pleading admitting or failing to contest the material allegation of a
petition filed against him in any proceeding of this nature; or (vi) seeks,
consents to, or acquiesces in the appointment of a trustee, receiver, or
liquidator of the general partner or of all or any substantial part of his
properties;

5. Unless otherwise provided in writing in the partnership agreement, if within
120 days after the commencement of any proceeding against the general partner
seeking reorganization, arrangement, composition, readjustment, liquidation,
dissolution or similar relief under any statute, law, or regulation, the
proceeding has not been dismissed, or if within 90 days after the appointment
without his consent or acquiescence of a trustee, receiver, or liquidator of the
general partner or of all or any substantial part of his properties, the
appointment is not vacated or stayed, or if within 90 days after the expiration
of any such stay, the appointment is not vacated;

6. In the case of a general partner who is an individual, (i) his death, or (ii)
the entry by a court of competent jurisdiction of an order or decree
adjudicating him incapacitated;

7. In the case of a general partner who is acting as a general partner by virtue
of being a trustee of a trust, the termination of the trust, but not merely the
substitution of a new trustee;

8. In the case of a general partner that is a separate partnership, the
dissolution and commencement of winding up of the separate partnership;

9. In the case of a general partner that is a corporation or other legal or
commercial entity, the termination of its existence; or

10. In the case of an estate, the distribution by the fiduciary of the
estate&#8217;s entire interest in the partnership.

HISTORY: 1985, c. 607; 1987, c. 702; 1990, c. 343; 1997, c. 801.