TX Bus Orgs § 153.155 (2021)
2021 Texas Statutes|Business Organizations Code|Title 4 - Partnerships|Chapter 153 - Limited Partnerships|Subchapter D. General Partners|Section 153.155. Withdrawal of General Partner

Sec. 153.155.  WITHDRAWAL OF GENERAL PARTNER.  (a)  A person ceases to be a general partner of a limited partnership on the occurrence of one or more of the following events of withdrawal:(1)  the general partner withdraws as a general partner from the limited partnership as provided by Subsection (b);(2)  the general partner ceases to be a general partner of the limited partnership as provided by Section 153.252(b);(3)  the general partner is removed as a general partner in accordance with the partnership agreement;(4)  unless otherwise provided by a written partnership agreement, or with the written consent of all partners, the general partner:(A)  makes a general assignment for the benefit of creditors;(B)  files a voluntary bankruptcy petition;(C)  becomes the subject of an order for relief or is declared insolvent in a federal or state bankruptcy or insolvency proceeding;(D)  files a petition or answer seeking for the general partner a reorganization, arrangement, composition, readjustment, liquidation, winding up, termination, dissolution, or similar relief under law;(E)  files a pleading admitting or failing to contest the material allegations of a petition filed against the general partner in a proceeding of the type described by Paragraphs (A)-(D); or(F)  seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of the general partner or of all or a substantial part of the general partner's properties;(5)  unless otherwise provided by a written partnership agreement or with the written consent of all partners, the expiration of:(A)  120 days after the date of the commencement of a proceeding against the general partner seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under law if the proceeding has not been previously dismissed;(B)  90 days after the date of the appointment, without the general partner's consent, of a trustee, receiver, or liquidator of the general partner or of all or a substantial part of the general partner's properties if the appointment has not previously been vacated or stayed; or(C)  90 days after the date of expiration of a stay, if the appointment has not previously been vacated;(6)  the death of a general partner;(7)  a court adjudicating a general partner who is an individual mentally incompetent to manage the general partner's person or property;(8)  unless otherwise provided by a written partnership agreement or with the written consent of all partners, the commencement of winding up activities intended to conclude in the termination of a trust that is a general partner, but not merely the substitution of a new trustee;(9)  unless otherwise provided by a written partnership agreement or with the written consent of all partners, the commencement of winding up activities of a separate partnership that is a general partner;(10)  unless otherwise provided by a written partnership agreement or with the written consent of all partners, the:(A)  filing of a certificate of termination or its equivalent for an entity, other than a nonfiling entity or a foreign nonfiling entity, that is a general partner; or(B)  termination or revocation of the certificate of formation or its equivalent of an entity, other than a nonfiling entity or a foreign nonfiling entity, that is a general partner and the expiration of 90 days after the date of notice to the entity of termination or revocation without a reinstatement of its certificate of formation or its equivalent; or(11)  the distribution by the fiduciary of an estate that is a general partner of the estate's entire interest in the limited partnership.(b)  A general partner may withdraw at any time from a limited partnership and cease to be a general partner under Subsection (a) by giving written notice to the other partners.|Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.Amended by: Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 122, eff. September 1, 2007.|