Revised Laws of Saint Lucia (2021)

73.   Loans and other business transactions with international limited partner

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    (1)   An international limited partner may loan money to and transact other business with the international limited partnership, and, unless he or she is also an international general partner, may receive on account of resulting claims against the international limited partnership, with general creditors, a pro rata share of the assets.

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    (2)   An international limited partner shall not in respect to any claim referred to in subsection (1) —

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      (a)     receive or hold as collateral security any international limited partnership property; or

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      (b)     receive from an international general partner or the international limited partnership any payment, conveyance or release from liability, if at the time the assets of the international limited partnership are not sufficient to discharge partnership liabilities to persons not claiming as international general partners or international limited partners.

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    (3)   The receiving of collateral security, payment, conveyance or release in violation of subsection (2) is a fraud on the creditors of the international limited partnership.