Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 8: Special provisions / Part 3 - Limited Partnerships / [70] Amendment of the partnership agreement.
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70. Amendment of the partnership agreement.
(1) 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), the partnership agreement is amended by the general partner and -
(a) any amendment to the partnership agreement of the limited partnership is valid only if it is approved by the Securities and Exchange Commission:
It is provided that, the approval is granted after ensuring the legality of the amendment and whether sufficient consideration has been made to protect its unitholders, and
(b) the valid amendments of the partnership agreement shall be communicated immediately by the external manager of the AIF to the unitholders of the investment company, which they shall bind:
It is provided that, the provisions of this section shall apply to AIFLNPs as if the reference to article 6(2) is a reference to article 125(1).
(2) In case the limited partnership is of the open-ended type, its unitholders have the right to request the redemption or repurchase of their units in accordance with the provisions of its partnership agreement prior to its amendment,
(a) within ten (10) calendar days from the notification of the amendment to them, where the redemption or repurchase of units takes place on a daily basis;
(b) within one (1) month from the notification of the amendment to them, where the redemption or repurchase of units takes place, at least, weekly;
(c) by the date at which the one after the next scheduled date of redemption or repurchase of units shall take place, where the redemption or repurchase takes place on a monthly basis; and
(d) by the next scheduled redemption or repurchase date, in every other case, on the condition that between the notification of the amendment to the unitholders and the expiry of the right of redemption or repurchase of their units according to the provisions of the rules prior the amendment, there is a time period of, at least, thirty (30) days.
(3) In case the limited partnership is of the closed-ended type, the unitholders have the right to request the redemption or repurchase of their units in accordance with the provisions of the partnership agreement prior to their amendment, within three (3) months from the date of the notification of the amendment to them.
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