Georgia § 14-9A-70 - Rights, powers, and liabilities of general partner.

§ 14-9A-70. Rights, powers, and liabilities of general partner.

A general partner shall have all the rights and powers and be subject to all the restrictions and liabilities of a partner in a partnership without limited partners, except that without the written consent or ratification of the specific act by all the limited partners, a general partner or all of the general partners have no authority to: Do any act in contravention of the certificate required under Code Section 14-9A-20; Do any act which would make it impossible to carry on the ordinary business of the partnership; Confess a judgment against the partnership; Possess partnership property, or assign their rights in specific partnership property, for other than a partnership purpose; Admit a person as a general partner, unless the partnership agreement provides otherwise; Admit a person as a limited partner, unless the right so to do is given in the certificate; Continue the business with partnership property on the death, retirement, or insanity of a general partner, unless the right so to do is given in the certificate. (Ga. L. 1952, p. 375, § 9; Code 1981, § 14-9-70; Code 1981, § 14-9A-70 , as redesignated by Ga. L. 1988, p. 1016, § 1.) Law reviews. - For article on the definition of a security in light of the 1973 Georgia Securities Act and the need for maximizing investor protection, see 30 Emory L.J. 73 (1981).