Pennsylvania Act 1917-38 — CORPORATIONS - DEFINING LIABILITIES OF CERTAIN PARTNERS

Act text

CORPORATIONS - DEFINING LIABILITIES OF CERTAIN PARTNERS
                  Act of Apr. 12, 1917, P.L. 67, No. 38               Cl. 15
                                  AN ACT

     To amend sections one, two, three, five, and six of an act,
        entitled "An act authorizing the formation of partnerships in
        which one or more, or all of the partners, may limit their
        liability for the debts of the partnership to the amount of
        capital subscribed by such partner, or partners,
        respectively, and providing penalties for violation of its
        provisions," approved the ninth day of May, one thousand
        eight hundred and ninety-nine, as amended by an act, entitled
        "An act to amend section one of an act, entitled 'An act
        authorizing the formation of partnerships in which one or
        more, or all, of the partners, may limit their liability for
        the debts of the partnership to the amount of capital
        subscribed by such partner, or partners, respectively, and
        providing penalties for the violation of its provisions,'
        approved the ninth day of May, Anno Domini one thousand eight
        hundred and ninety-nine; by excepting and excluding all
        banking and trust companies from the benefit and operation of
        said act," approved the ninth day of July, one thousand nine
        hundred and one; by excepting and excluding all partnerships,
        hereafter formed, in which the liability of one or more, but
        not all, of the partners is limited to the amount subscribed
        by such partners to the common stock, from the benefit and
        operation of said act; and to provide for existing
        partnerships where the liability of more than one but not all
        the partners is limited.

        Compiler's Note:  Section 1203(d)(3) of Act 106 of 1933
            provided that Act 38 is repealed insofar as it relates to
            business corporations and foreign business corporations
            and provided that Act 38 shall continue in effect until
            January 1, 1971, insofar as it relates to registered
            partnerships existing on January 1, 1966, which neither
            accept Act 106 nor reorganize under the Uniform
            Partnership Act.
        Section 6.  Any partnership formed under the provisions of
     the act to which this act is an amendment, prior to the adoption
     of this act, wherein the liability of one or more but not all
     the partners is limited to the amount subscribed by such partner
     or partners, respectively, shall continue to be governed by the
     provisions of such act, as if this amendment had not been
     adopted, except that such partnership shall not be renewed
     unless so provided in the original agreement, or, if the
     partners so desire, such partnership may become a limited
     partnership under the Uniform Limited Partnership Act by
     complying with the provisions of sections two and thirty of said
     act.