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Limited Liability Partnership Act 2008 Complete Act

Title: Limited Liability Partnership Act 2008

State: Central

Year: 2008

.....Circumstances in which limited liability partnership may be wound up by Tribunal Section65 - Rules for winging up and dissolution Chapter XIV Section66 - Business transactions of partner with limited liability partnership Section67 - Application of the provisions of the Companies Act Section68 - Electronic filing of document Section69 - Payment of additional fee Section70 - Enhanced punishment Section71 - Application of other laws not barred Section72 - Jurisdiction of Tribunal and Appellate Tribunal Section73 - Penalty on non-compliance of any order passed by Tribunal Section74 - General penalties Section75 - Power of Registrar to strike defunct limited liability partnership off register Section76 - Offences to limited liability partnerships Section77 - Jurisdiction of Court Section78 - Power to make rules Section79 - Power to make rules Section80 - Power to remove difficulties Section81 - Transitional provisions ScheduleI - FIRST SCHEDULE ScheduleII - SECOND SCHEDULE ScheduleIII - THIRD SCHEDULE ScheduleIV - FOURTH SCHEDULE

Limited Liability Partnership Act 2008 Chapter III

Title: Incorporation of Limited Liability Partnership and Matters Incidental Thereto

State: Central

Year: 2008

.....which may extend to five lakh rupees. Section 12 - Incorporation by registration (1) When the requirements imposed by clauses (b) and (c) of sub-section (1) of section 11 have been complied with, the Registrar shall retain the incorporation document and, unless the requirement imposed by clause (a) of that sub-section has not been complied with, he shall, within a period of fourteen days-- (a) register the incorporation document; and (b) give a certificate that the limited liability partnership is incorporated by the name specified therein. (2) The Registrar may accept the statement delivered under clause (c) of sub-section (1) of section 11 as sufficient evidence that the requirement imposed by clause (a) of that sub-section has been complied with. (3) The certificate issued under clause (b) of sub-section (1) shall be signed by the Registrar and authenticated by his official seal. (4) The certificate shall be conclusive evidence that the limited liability partnership is incorporated by the name specified therein. Section 13 - Registered office of limited liability partnership and change therein (1) Every limited liability partnership shall have a registered.....

Limited Liability Partnership Act 2008 Chapter XII

Title: Compromise, Arrangement or Reconstruction of Limited Liability Partnerships

State: Central

Year: 2008

.....any other person by whom an application has been made under sub-section (1) has disclosed to the Tribunal, by affidavit or otherwise, all material facts relating to the limited liability partnership, including the latest financial position of the limited liability partnership and the pendency of any investigation proceedings in relation to the limited liability partnership. (3) An order made by the Tribunal under sub-section (2) shall be filed by the limited liability partnership with the Registrar within thirty days after making such an order and shall have effect only after it is so filed. (4) If default is made in complying with sub-section (3), the limited liability partnership, and every designated partner of the limited liability partnership shall be punishable with fine which may extend to one lakh rupees. (5) The Tribunal may, at any time after an application has been made to it under this section, stay the commencement or continuation of any suit or proceeding against the limited liability partnership on such terms as the Tribunal thinks fit, until the application is finally disposed of. Section 61 - Power of Tribunal to enforce compromise or arrangement (1).....

Limited Liability Partnership Act 2008 Chapter II

Title: Nature of Limited Liability Partnership

State: Central

Year: 2008

.....only partner of the limited liability partnership during the time that it so carries on business after those six months and has the knowledge of the fact that it is carrying on business with him alone, shall be liable personally for the obligations of the limited liability partnership incurred during that period. Section 7 - Designated Partners (1) Every limited liability partnership shall have at least two designated partners who are individuals and at least one of them shall be a resident in India: Provided that in case of a limited liability partnership in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of such limited liability partnership or nominees of such bodies corporate shall act as designated partners. Explanation.-- For the purposes of this section, the term "resident in India" means a person who has stayed in India for a period of not less than one hundred and eighty-two days during the immediately preceding one year. (2) Subject to the provisions of sub-section (1),-- (i) if the incorporation document-- (a) specifies who are to be designated.....

Limited Liability Partnership Act 2008 Chapter V

Title: Extent and Limitation of Liability of Limited Liability Partnership Andpartners

State: Central

Year: 2008

.....partnership (1) A limited liability partnership is not bound by anything done by a partner in dealing with a person if-- (a) the partner in fact has no authority to act for the limited liability partnership in doing a particular act; and (b) the person knows that he has no authority or does not know or believe him to be a partner of the limited liability partnership. (2) The limited liability partnership is liable if a partner of a limited liability partnership is liable to any person as a result of a wrongful act or omission on his part in the course of the business of the limited liability partnership or with its authority. (3) An obligation of the limited liability partnership whether arising in contract or otherwise, shall be solely the obligation of the limited liability partnership. (4) The liabilities of the limited liability partnership shall be met out of the property of the limited liability partnership. Section 28 - Extent of liability of partner (1) A partner is not personally liable, directly or indirectly for an obligation referred to in sub-section (3) of section 27 solely by reason of being a partner of the limited liability partnership. (2).....

Limited Liability Partnership Act 2008 Section 62

Title: Provisions for Facilitation Reconstruction or Amalgamation of Limitedliability Partnerships

State: Central

Year: 2008

.....limited liability partnership have not been conducted in a manner prejudicial to the interests of its partners or to public interest. (2) Where an order under this section provides for the transfer of any property or liabilities, then, by virtue of the order, that property shall be transferred to and vest in, and those liabilities shall be transferred to and become the liabilities of, the transferee limited liability partnership; and in the case of any property, if the order so directs, freed from any charge which is, by virtue of the compromise or arrangement, to cease to have effect. (3) Within thirty days after the making of an order under this section, every limited liability partnership in relation to which the order is made shall cause a certified copy thereof to be filed with the Registrar for registration. (4) If default is made in complying with the provisions of sub-section (3), the limited liability partnership, every designated partner of the limited liability partnership shall be punishable with fine which may extend to fifty thousand rupees. Explanation.-- In this section "property" includes property, rights and powers of every description; and "liabilities".....

Subsidiary Banks General Regulations, 1959 Complete Act

State: Central

Year: 1959

.....is alleged to be lost or destroyed, then, upon production of such evidence of the loss or destruction thereof as the Board may consider satisfactory, and of such indemnity, with or without security as the Board may require, and on payment to the subsidiary bank of its costs, charges and expenses of and incidental to the matter, a new certificate in lieu thereof shall be given to the party entitled to such lost or destroyed certificate. 2[(3) Deleted w.e.f. 1-8-1969. * * * * * ] REGULATION 13 Transfer of shares (1) Every transfer of the shares of a subsidiary bank shall be in writing in the following form or in any usual or common form which the subsidiary bank shall approve: I/We.. of .. in consideration of the sum of rupees .. .... paid to me/us by.. of.. ..., (hereinafter called "the transferee(s)") do hereby transfer to the transferees) .. ... share/shares of the.. numbered.. to hold unto the transferee(s), his/their executors, administrators and assigns, subject to the several conditions contain- ed in the State Bank of India (Subsidiary Banks) Act, 1959 and the rules and regulations made there under, and I/we, the transferee(s) do hereby agree to take the said.....

Limited Liability Partnership Act 2008 Section 24

Title: Cessation of Partnership Interest

State: Central

Year: 2008

..... (5) Where a partner of a limited liability partnership ceases to be a partner, unless otherwise provided in the limited liability partnership agreement, the former partner or a person entitled to his share in consequence of the death or insolvency of the former partner, shall be entitled to receive from the limited liability partnership -- (a) an amount equal to the capital contribution of the former partner actually made to the limited liability partnership; and (b) his right to share in the accumulated profits of the limited liability partnership, after the deduction of accumulated losses of the limited liability partnership, determined as at the date the former partner ceased to be a partner. (6) A former partner or a person entitled to his share in consequence of the death or insolvency of the former partner shall not have any right to interfere in the management of the limited liability partnership.

Limited Liability Partnership Act 2008 Section 60

Title: Compromise or Arrangement of Limited Liability Partnership

State: Central

Year: 2008

.....the limited liability partnership or any other person by whom an application has been made under sub-section (1) has disclosed to the Tribunal, by affidavit or otherwise, all material facts relating to the limited liability partnership, including the latest financial position of the limited liability partnership and the pendency of any investigation proceedings in relation to the limited liability partnership. (3) An order made by the Tribunal under sub-section (2) shall be filed by the limited liability partnership with the Registrar within thirty days after making such an order and shall have effect only after it is so filed. (4) If default is made in complying with sub-section (3), the limited liability partnership, and every designated partner of the limited liability partnership shall be punishable with fine which may extend to one lakh rupees. (5) The Tribunal may, at any time after an application has been made to it under this section, stay the commencement or continuation of any suit or proceeding against the limited liability partnership on such terms as the Tribunal thinks fit, until the application is finally disposed of.

Limited Liability Partnership Act 2008 Chapter X

Title: Conversion into Limited Liability Partnership

State: Central

Year: 2008

.....with the provisions of the Second Schedule, the Third Schedule or the Fourth Schedule, as the case may be, shall, subject to the provisions of this Act and the rules made thereunder, register the documents submitted under such Schedule and issue a certificate of registration in such form as the Registrar may determine stating that the limited liability partnership is, on and from the date specified in the certificate, registered under this Act: Provided that the limited liability partnership shall, within fifteen days of the date of registration, inform the concerned Registrar of Firms or Registrar of Companies, as the case may be, with which it was registered under the provisions of the Indian Partnership Act, 1932(9 of 1932) or the Companies Act, 1956(1 of 1956), as the case may be, about the conversion and of the particulars of the limited liability partnership in such form and manner as may be prescribed. (2) Upon such conversion, the partners of the firm, the shareholders of private company or unlisted public company, as the case may be, the limited liability partnership to which such firm or such company has converted, and the partners of the limited liability.....