Captured statutory text (L5)
122 Notification of information about partners
After section 8Q of the Limited Partnerships Act 1907 (inserted by section 119 of this Act) insert—
Notification of information about partnersDuty to notify registrar of change in partners(8R)
(1)The general partners in a limited partnership must give notice to the registrar if a person—
(a)becomes a general partner or limited partner in the limited partnership, or
(b)ceases to be a general partner or limited partner in the limited partnership.
(2)A notice under subsection (1)(a) must contain the required information about the general partner or limited partner (see Part 2 of the Schedule).
(3)A notice under subsection (1)(a) of a person becoming a general partner must contain a statement that the new general partner is not disqualified under the directors disqualification legislation (see section 8J(3)).
(4)A notice under subsection (1)(a) of a legal entity becoming a general partner must be accompanied by a statement by the general partner specifying the name of its proposed registered officer, who must be an individual who meets the requirements in section 8K(1)(a) to (c).
(5)A notice under subsection (1)(a) of a legal entity becoming a general partner must be accompanied by one of the following statements by the general partner—
(a)a statement that the general partner does not have any corporate managing officers, or
(b)if the general partner has one or more corporate managing officers, a statement specifying, for each corporate managing officer, the name of the proposed named contact for the corporate managing officer.
(6)The proposed named contact for a corporate managing officer must be an individual who is a managing officer of the corporate managing officer.
(7)A statement under subsection (4) must—
(a)contain the required information about the proposed registered officer (see Part 3 of the Schedule), and
(b)be accompanied by a statement by the individual who is the proposed registered officer confirming that the individual meets the requirements in section 8K(1)(a) to (1)(c).
(8)A statement under subsection (5)(b) must—
(a)contain the required information about each proposed named contact specified in the statement (see Part 4 of the Schedule), and
(b)be accompanied by a statement by each proposed named contact confirming that the proposed named contact is a managing officer of the corporate managing officer concerned.
(9)Subsection (1)(a) does not require the general partners, on registration of the limited partnership, to give notice in relation to a person named as a proposed general partner or a proposed limited partner in the application for registration under section 8A.
(10)A notice under subsection (1) must specify the date on which the person became or ceased to be a general partner or limited partner in the limited partnership.
(11)A notice under subsection (1) must be given within the period of 14 days beginning with the day on which the person becomes or ceases to be a general partner or a limited partner.
Duty to notify registrar of changes of information about partners(8S)
(1)The general partners in a limited partnership must give notice to the registrar of any change in the required information about a partner (see Part 2 of the Schedule).
(2)The general partners in a limited partnership that is not a private fund limited partnership must give notice to the registrar of any change to the sum contributed by any limited partner.
(3)The general partners in a private fund limited partnership that was registered as a limited partnership before 6th April 2017 must give notice to the registrar of any withdrawal by a limited partner of the partner’s contribution which has the effect that the amount of the partner’s contribution is less than it was on the date on which the limited partnership was designated as a private fund limited partnership.
(4)A notice under this section must specify the date on which the change to which it relates occurred.
(5)A notice under this section must be given within the period of 14 days beginning with the day on which the change occurs.
Notification of changes occurring before registration(8T)
(1)The general partners in a limited partnership must give notice to the registrar if a person named as a proposed general partner or a proposed limited partner in the application for registration under section 8A did not become a general partner or limited partner on registration of the limited partnership.
(2)The general partners in a limited partnership must give notice to the registrar of any change in the required information about a proposed general partner or a proposed limited partner (see Part 2 of the Schedule) that occurred—
(a)after the application for the limited partnership’s registration under section 8A was delivered to the registrar, but
(b)before the limited partnership was registered.
(3)A notice under subsection (2) must specify the date on which the change occurred.
(4)But the general partners are not required to give notice under subsection (2) in respect of a person if they give notice under subsection (1) in respect of the person.
(5)A notice under this section must be given within the period of 14 days beginning with the day on which the limited partnership was registered.
Failure to notify information about partners(8U)
(1)If the general partners fail to comply with section 8R, 8S or 8T an offence is committed by each general partner who is in default.
(2)But where the general partner is a legal entity, it does not commit an offence as a general partner in default unless one of its managing officers is in default.
(3)Where any such offence is committed by a general partner that is a legal entity, or any such offence is by virtue of this subsection committed by a managing officer that is a legal entity, any managing officer of the legal entity also commits the offence if—
(a)the managing officer is an individual who is in default, or
(b)the managing officer is a legal entity that is in default and one of its managing officers is in default.
(4)A person guilty of an offence under this section is liable on summary conviction—
(a)in England and Wales, to a fine;
(b)in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 5 on the standard scale.
(5)A general partner or managing officer is “in default” for the purposes of this section if they authorise or permit, participate in, or fail to take all reasonable steps to prevent, the contravention.
Prohibition on acting unless general partner notified(8V)
(1)This section applies where—
(a)a person has become a general partner in a limited partnership otherwise than on its registration, and
(b)notice under section 8R of the person having done so has not been given within the period mentioned in subsection (11) of that section.
(2)The general partner may not take part in the management of the partnership business until notice is given under section 8R.
(3)If a general partner contravenes subsection (2) an offence is committed by—
(a)the general partner, and
(b)if the general partner is a legal entity, any of its managing officers who is in default.
(4)But it is a defence for a person charged with an offence under this section to prove that they reasonably believed that notice had been given under section 8R.
(5)A person guilty of an offence under this section is liable on summary conviction—
(a)in England and Wales, to a fine;
(b)in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 5 on the standard scale.
(6)A managing officer is “in default” for the purposes of this section if they authorise or permit, participate in, or fail to take all reasonable steps to prevent, the contravention.
(7)But a corporate managing officer does not commit an offence as a managing officer in default unless one of its managing officers is in default.
(8)Where any such offence is committed by a corporate managing officer the managing officer in question also commits the offence (subject to subsection (7)).
(9)The only consequence of contravening subsection (2) is the offence provided for by this section (so that, for example, a contravention does not in any way affect the validity of the general partner’s actions).
(10)Nothing in this section shall affect the liability of the general partner for all debts and obligations of the firm.
Regulations about change of general partner’s address by registrar(8W)
(1)The Secretary of State may by regulations make provision authorising or requiring the registrar to—
(a)change a registered service address of a general partner in a limited partnership if satisfied that the address does not meet the requirements of section 1141(1) and (2) of the Companies Act 2006;
(b)change the address registered as the principal office of a general partner in a limited partnership if satisfied that the address is not in fact their principal office.
(2)In this section—
“address registered as the principal office”, in relation to a general partner, means the address for the time being shown in the register as the address of the general partner’s current principal office;
“registered service address”, in relation to a general partner, means the address for the time being shown in the register as the general partner’s current service address.
(3)The regulations may authorise or require the address to be changed on the registrar’s own motion or on an application by another person.
(4)The regulations—
(a)may include provision corresponding or similar to any provision that may be included in regulations under section 1097B of the Companies Act 2006;
(b)must include—
(i)provision about appeals corresponding to the provision that must be included in regulations under section 1097B by virtue of subsections (7) and (8) of that section;
(ii)provision corresponding to subsection (9) of that section.
(5)Regulations under this section are subject to the affirmative resolution procedure.
Full captured verbatim text
After section 8Q of the Limited Partnerships Act 1907 (inserted by section 119 of this Act) insert— Notification of information about partnersDuty to notify registrar of change in partners(8R) (1) The general partners in a limited partnership must give notice to the registrar if a person— (a) becomes a general partner or limited partner in the limited partnership, or (b) ceases to be a general partner or limited partner in the limited partnership. (2) A notice under subsection (1)(a) must contain the required information about the general partner or limited partner (see Part 2 of the Schedule). (3) A notice under subsection (1)(a) of a person becoming a general partner must contain a statement that the new general partner is not disqualified under the directors disqualification legislation (see section 8J(3)). (4) A notice under subsection (1)(a) of a legal entity becoming a general partner must be accompanied by a statement by the general partner specifying the name of its proposed registered officer, who must be an individual who meets the requirements in section 8K(1)(a) to (c). (5) A notice under subsection (1)(a) of a legal entity becoming a general partner must be accompanied by one of the following statements by the general partner— (a) a statement that the general partner does not have any corporate managing officers, or (b) if the general partner has one or more corporate managing officers, a statement specifying, for each corporate managing officer, the name of the proposed named contact for the corporate managing officer. (6) The proposed named contact for a corporate managing officer must be an individual who is a managing officer of the corporate managing officer. (7) A statement under subsection (4) must— (a) contain the required information about the proposed registered officer (see Part 3 of the Schedule), and (b) be accompanied by a statement by the individual who is the proposed registered officer confirming that the individual meets the requirements in section 8K(1)(a) to (1)(c). (8) A statement under subsection (5)(b) must— (a) contain the required information about each proposed named contact specified in the statement (see Part 4 of the Schedule), and (b) be accompanied by a statement by each proposed named contact confirming that the proposed named contact is a managing officer of the corporate managing officer concerned. (9) Subsection (1)(a) does not require the general partners, on registration of the limited partnership, to give notice in relation to a person named as a proposed general partner or a proposed limited partner in the application for registration under section 8A. (10) A notice under subsection (1) must specify the date on which the person became or ceased to be a general partner or limited partner in the limited partnership. (11) A notice under subsection (1) must be given within the period of 14 days beginning with the day on which the person becomes or ceases to be a general partner or a limited partner. Duty to notify registrar of changes of information about partners(8S) (1) The general partners in a limited partnership must give notice to the registrar of any change in the required information about a partner (see Part 2 of the Schedule). (2) The general partners in a limited partnership that is not a private fund limited partnership must give notice to the registrar of any change to the sum contributed by any limited partner. (3) The general partners in a private fund limited partnership that was registered as a limited partnership before 6th April 2017 must give notice to the registrar of any withdrawal by a limited partner of the partner’s contribution which has the effect that the amount of the partner’s contribution is less than it was on the date on which the limited partnership was designated as a private fund limited partnership. (4) A notice under this section must specify the date on which the change to which it relates occurred. (5) A notice under this section must be given within the period of 14 days beginning with the day on which the change occurs. Notification of changes occurring before registration(8T) (1) The general partners in a limited partnership must give notice to the registrar if a person named as a proposed general partner or a proposed limited partner in the application for registration under section 8A did not become a general partner or limited partner on registration of the limited partnership. (2) The general partners in a limited partnership must give notice to the registrar of any change in the required information about a proposed general partner or a proposed limited partner (see Part 2 of the Schedule) that occurred— (a) after the application for the limited partnership’s registration under section 8A was delivered to the registrar, but (b) before the limited partnership was registered. (3) A notice under subsection (2) must specify the date on which the change occurred. (4) But the general partners are not required to give notice under subsection (2) in respect of a person if they give notice under subsection (1) in respect of the person. (5) A notice under this section must be given within the period of 14 days beginning with the day on which the limited partnership was registered. Failure to notify information about partners(8U) (1) If the general partners fail to comply with section 8R, 8S or 8T an offence is committed by each general partner who is in default. (2) But where the general partner is a legal entity, it does not commit an offence as a general partner in default unless one of its managing officers is in default. (3) Where any such offence is committed by a general partner that is a legal entity, or any such offence is by virtue of this subsection committed by a managing officer that is a legal entity, any managing officer of the legal entity also commits the offence if— (a) the managing officer is an individual who is in default, or (b) the managing officer is a legal entity that is in default and one of its managing officers is in default. (4) A person guilty of an offence under this section is liable on summary conviction— (a) in England and Wales, to a fine; (b) in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 5 on the standard scale. (5) A general partner or managing officer is “in default” for the purposes of this section if they authorise or permit, participate in, or fail to take all reasonable steps to prevent, the contravention. Prohibition on acting unless general partner notified(8V) (1) This section applies where— (a) a person has become a general partner in a limited partnership otherwise than on its registration, and (b) notice under section 8R of the person having done so has not been given within the period mentioned in subsection (11) of that section. (2) The general partner may not take part in the management of the partnership business until notice is given under section 8R. (3) If a general partner contravenes subsection (2) an offence is committed by— (a) the general partner, and (b) if the general partner is a legal entity, any of its managing officers who is in default. (4) But it is a defence for a person charged with an offence under this section to prove that they reasonably believed that notice had been given under section 8R. (5) A person guilty of an offence under this section is liable on summary conviction— (a) in England and Wales, to a fine; (b) in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 5 on the standard scale. (6) A managing officer is “in default” for the purposes of this section if they authorise or permit, participate in, or fail to take all reasonable steps to prevent, the contravention. (7) But a corporate managing officer does not commit an offence as a managing officer in default unless one of its managing officers is in default. (8) Where any such offence is committed by a corporate managing officer the managing officer in question also commits the offence (subject to subsection (7)). (9) The only consequence of contravening subsection (2) is the offence provided for by this section (so that, for example, a contravention does not in any way affect the validity of the general partner’s actions). (10) Nothing in this section shall affect the liability of the general partner for all debts and obligations of the firm. Regulations about change of general partner’s address by registrar(8W) (1) The Secretary of State may by regulations make provision authorising or requiring the registrar to— (a) change a registered service address of a general partner in a limited partnership if satisfied that the address does not meet the requirements of section 1141(1) and (2) of the Companies Act 2006; (b) change the address registered as the principal office of a general partner in a limited partnership if satisfied that the address is not in fact their principal office. (2) In this section— “address registered as the principal office”, in relation to a general partner, means the address for the time being shown in the register as the address of the general partner’s current principal office; “registered service address”, in relation to a general partner, means the address for the time being shown in the register as the general partner’s current service address. (3) The regulations may authorise or require the address to be changed on the registrar’s own motion or on an application by another person. (4) The regulations— (a) may include provision corresponding or similar to any provision that may be included in regulations under section 1097B of the Companies Act 2006; (b) must include— (i) provision about appeals corresponding to the provision that must be included in regulations under section 1097B by virtue of subsections (7) and (8) of that section; (ii) provision corresponding to subsection (9) of that section. (5) Regulations under this section are subject to the affirmative resolution procedure.