Cap. 168 ст. 162Conversion of partnerships.

(1) A partnership may, by complying with the requirements prescribed for the formation of the kind of partnership into which it is to be converted, be converted into a partnership of that kind.

(2) Where the partnership to be converted is either en nom collectif or en commandite the conversion may only be made with the consent of all the partners:

Provided that where one or more limited partners holding in the aggregate not more than one-fourth of the total contribution of the limited partners, or one-tenth of the share capital of the partnership, have not given their consent, the partnership shall be entitled, for the purposes of the conversion, to liquidate and reimburse to the dissenting partner his interest in the partnership or to redeem the shares held by him on such terms as may be agreed or as the court, on a demand of either the partnership or the limited partner, thinks fit to order.

(3) Where the partnership to be converted is a company, the conversion may only be made if it has been approved by an extraordinary resolution taken at a general meeting of the company; and the company shall be entitled for the purpose of the conversion, to redeem the shares held by the dissenting members on such terms as may be agreed or as the court, on a demand of either the company or the dissenting members, thinks fit to order.