<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 48-7-301 - Admission of limited partners. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069754Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069754SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069754CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069754Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069754DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069754Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } p.s2069754Normal-000002 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069754000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069754SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069754SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2069754Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7-301"><span class="s2069754SENU">48-7-301</span></a><span xml:space="preserve" class="s2069754SENU">. </span><span class="s2069754CL">Admission of limited partners.</span></p><p dir="ltr" class="s2069754Normal-000000"><span class="s2069754DefaultParagraphFont">(a) A person becomes a limited partner on the later of:</span></p><p dir="ltr" class="s2069754Normal-000001"><span class="s2069754DefaultParagraphFont">(1)    The date the original certificate of limited partnership is filed; or</span></p><p dir="ltr" class="s2069754Normal-000001"><span class="s2069754DefaultParagraphFont">(2)    The date stated in the records of the limited partnership as the date that person becomes a limited partner.</span></p><p dir="ltr" class="s2069754Normal-000002"><span class="s2069754DefaultParagraphFont">(b) After the filing of a limited partnership's original certificate of limited partnership, a person may be admitted as an additional limited partner:</span></p><p dir="ltr" class="s2069754Normal-000001"><span class="s2069754DefaultParagraphFont">(1)    In the case of a person acquiring a partnership interest directly from the limited partnership, upon the compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners; and</span></p><p dir="ltr" class="s2069754Normal-000001"><span xml:space="preserve" class="s2069754DefaultParagraphFont">(2)    In the case of an assignee of a partnership interest of a partner who has the power, as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7-704"><span class="s2069754DefaultParagraphFont">48-7-704</span></a><span class="s2069754DefaultParagraphFont">, 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.</span></p><p dir="ltr" class="s2069754Normal"><span xml:space="preserve" class="s2069754000003"> </span></p><p dir="ltr" class="s2069754Normal"><span class="s2069754SCL">Source:</span><span xml:space="preserve" class="s2069754SCL-000004"> SL 1986, ch 391, §§ 301(a), 301(b).</span></p></div></body></html>