Texas Business Organizations Code
§ 153.252 — RIGHTS OF ASSIGNOR
BO § 153.252Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. F. PARTNERSHIP INTEREST
Statute text
View on source(a)Except as otherwise provided by the partnership agreement, until the assignee becomes a partner, the assignor partner continues to be a partner in the limited partnership. The assignor partner may exercise any rights or powers of a partner, except to the extent those rights or powers are assigned.
(b)Except as otherwise provided by the partnership agreement, on the assignment by a general partner of all of the general partner's rights as a general partner, the general partner's status as a general partner may be terminated by the affirmative vote of a majority-in-interest of the limited partners.
Legislative history
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.