Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 8: Special provisions / Part 3 - Limited Partnerships /  [67] General partner of an AIF.

67. General partner of an AIF.

(1)(a) By way of derogation from the provisions of the General and Limited Partnerships and Business Names Law, an AIF which takes the form of a limited partnership shall have one (1) general partner, who shall -

• manage the limited partnership and represent it against third parties,

• be responsible for all the debts and liabilities of the partnership, and

• be a legal person.

(2) In case of an internally managed AIF which operates in the form of a limited partnership in accordance with article 6(2)(a), or in case of an externally managed AIF which operates in the form of a limited partnership in accordance with article 6(2)(b)-

(a) every change-

• in the composition of the governing body of the internally managed AIF in the form of a limited partnership, or

• in the persons who effectively direct the business of the internally managed AIF in the form of a limited partnership, shall be communicated to the Securities and Exchange Commission, by the external manager or the limited partnership in case of an internally managed AIF, without undue delay and in any case before its implementation:

It is provided that, the provisions of this paragraph shall apply to AIFLNPs as if the reference to article 6(2) is a reference to article 125(1)∙

(b) in case the Securities and Exchange Commission finds that the persons who effectively direct the internally managed AIF in the form of a limited partnership are not of good repute and that they lack sufficient knowledge, skills and experience to perform their duties, it shall instruct the limited partnership to immediately replace them and the limited partnership shall comply with the instructions∙