(805 ILCS 210/402) (from Ch. 106 1/2, par. 154‑2)
(Section scheduled to be repealed on January 1, 2008)
Sec. 402.
Events of Withdrawal.
(a) 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
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partnership as provided in Section 602;
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(2) the general partner ceases to be a member of the
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limited partnership as provided in Section 702;
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(3) the general partner is removed as a general
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partner in accordance with the partnership agreement;
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(4) unless otherwise provided in the agreement of
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limited partnership, or with the written consent of all partners, the general partner (i) makes an assignment for the benefit of creditors; (ii) files a voluntary petition in bankruptcy; (iii) is adjudicated a bankrupt or insolvent, or has entered against him an order for relief in any bankruptcy or insolvency proceeding; (iv) files a petition or answer seeking for himself or herself 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 allegations of a petition filed against him or her 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;
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(5) unless otherwise provided in the agreement of
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limited partnership, or with the written consent of all partners, 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 within 90 days after the expiration of any such stay, the appointment is not vacated;
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(6) in the case of a general partner who is a
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(i) his death; or
(ii) the entry by a court of competent
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jurisdiction adjudicating him incompetent to manage his person or his estate;
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(7) in the case of a general partner who is acting
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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);
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(8) in the case of a general partner that is a
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separate partnership, the dissolution and commencement of winding up of the separate partnership;
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(9) in the case of a general partner that is a
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corporation, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter and the expiration of 90 days after the date of notice to the corporation of revocation without a reinstatement of its charter;
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(10) unless otherwise provided in the partnership
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agreement, or with the written consent of all partners, in the case of a general partner that is an estate, the distribution by the fiduciary of the estate's entire interest in the limited partnership; or
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(11) in the case of a general partner who is not an
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individual, partnership, corporation, trust, or estate, the termination of the general partner.
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(b) A general partner who suffers an event that with the passage of the
specified
period becomes an event of withdrawal under subdivision (a)(4) or (a)(5) of
this Section
shall notify each other general partner, or in the event that there is no other
general
partner, each limited partner, of the occurrence of the event within 30 days
after the date
of occurrence of the event of withdrawal.
(Source: P.A. 91‑840, eff. 1‑1‑01; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)
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