Specified trust conversion into limited liability partnership with transfer of assets, liabilities, contracts and continuing trustee liability. Provides for the conversion of a specified trust into a limited liability partnership by transfer of property, assets, rights, liabilities, obligations and the undertaking of the trust to the limited liability partnership. Eligibility is confined to cases where the partners of the proposed limited liability partnership are only the trustees of the specified trust, and the application must be supported by trustee statements, prescribed particulars, investor consent and the incorporation document. The Registrar registers the conversion if satisfied, after which the trust is deemed dissolved and its property, proceedings, contracts, employment, powers and approvals continue in relation to the limited liability partnership.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Specified trust conversion into limited liability partnership with transfer of assets, liabilities, contracts and continuing trustee liability.
Provides for the conversion of a specified trust into a limited liability partnership by transfer of property, assets, rights, liabilities, obligations and the undertaking of the trust to the limited liability partnership. Eligibility is confined to cases where the partners of the proposed limited liability partnership are only the trustees of the specified trust, and the application must be supported by trustee statements, prescribed particulars, investor consent and the incorporation document. The Registrar registers the conversion if satisfied, after which the trust is deemed dissolved and its property, proceedings, contracts, employment, powers and approvals continue in relation to the limited liability partnership.
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