153.160 – EFFECT OF CONVERSION OF PARTNERSHIP INTEREST.
Texas Business Organizations Code § 153.160
Summary
This law outlines the voting rights of a withdrawing general partner after they have converted their interest to that of a limited partner. It affects partnerships in Texas, specifically addressing the rights of general partners who withdraw and their ability to participate in voting matters.
Withdrawing general partners can vote as limited partners.
Voting rights are limited to the least voting class of limited partners.
They cannot vote on admission and compensation matters.
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In simple terms: Learn about Texas's EFFECT OF CONVERSION OF PARTNERSHIP INTEREST. law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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