Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 8: Special provisions / Part 3 - Limited Partnerships /  [68] Limited partners.

68. Limited partners.

(1) Without prejudice the provisions of the General and Limited Partnerships and Business Names Law, the limited partners-

• shall not be responsible for the debts and liabilities of the partnership beyond their contribution, in accordance with article 36 and beyond the value of the units acquired, in accordance with article 37.

• shall not take part in the management of the limited partnership,

• shall not represent the partnership against third parties.

(2) By way of derogation from the provisions of the General and Limited Partnerships and Business Names Law, a limited partnership shall not be considered to take part in the direction of the business of the limited partnership, in case it carries out one or more of the following management actions:

(a) exercising his rights as partner, such as exercising his voting rights in a partners’ meeting,

(b) consulting or advising with the general partner or the members of its governing body about the affairs of the partnership,

(c) conducting actions which are under the control of the general partner,

(d) conducting assisting management actions,

(e) giving consent, taking part in a decision approving or authorizing an action to be taken by the general manager, provided that the consent, approval or authorisation are listed in the partnership agreement and relate to acts which exceed the powers of the general partner,

(f) provide a loan, credit or guarantee to the limited partnership.

(3) A limited partner who carries out any management actions for the limited partnership, other than those referred to in section (2), shall be responsible as a general partner for taking part in the management of the partnership business.