Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 s 11
s 11 Rights and obligations of general partner
(1) A general partner in a Labuan limited partnership shall have all the rights and powers and shall be subject to all the restrictions and liabilities of a partner in a partnership without limited partners except that, without the written consent or ratification by all the limited partners, a general partner has no authority to—
(a) do an act which makes it impossible to carry on the activities of the Labuan limited partnership;
(b) possess any Labuan limited partnership property, or dispose of any rights in any Labuan limited partnership property, for other than a partnership purpose; or
(c) admit a person as a general partner or a limited partner, unless the right to do so is given in the partnership agreement.
(2) A general partner shall, unless otherwise provided for in the partnership agreement or under this Act, carry out all the functions necessary and connected with the conduct of activities of the Labuan limited partnership, and shall discharge all obligations imposed on the general partner or on the Labuan limited partnership.
(3) A property of a Labuan limited partnership which is transferred to or vested in or held on behalf of any one or more of the general partners or which is transferred to or vested in the name of the Labuan limited partnership shall be held or deemed to be held by the general partner, or, if more than one, by the general partners jointly, as an asset of the Labuan limited partnership in accordance with the terms of the partnership agreement.
(4) A debt or an obligation incurred by a general partner in the conduct of the activities of a Labuan limited partnership shall be a debt or an obligation of the Labuan limited partnership.
(5) A general partner shall at all times act in good faith in the interests of the Labuan limited partnership.
Malay text (authoritative)
Hak dan obligasi pekongsi am
(1) Seseorang pekongsi am dalam sesuatu perkongsian terhad Labuan hendaklah mempunyai segala hak dan kuasa dan hendaklah tertakluk pada semua sekatan dan liabiliti seorang pekongsi dalam suatu perkongsian tanpa pekongsi terhad, kecuali, tanpa persetujuan bertulis atau pengesahan oleh semua pekongsi terhad, seseorang pekongsi am tidak mempunyai kuasa untuk—
(a) melakukan suatu perbuatan yang menjadikan aktiviti perkongsian terhad Labuan itu mustahil dijalankan;
(b) memiliki mana-mana harta perkongsian terhad Labuan, atau melupuskan apa-apa hak dalam mana-mana harta perkongsian terhad Labuan, bagi maksud selain maksud perkongsian; atau
(c) menerima masuk seseorang sebagai pekongsi am atau pekongsi terhad, melainkan jika hak untuk berbuat demikian diberikan dalam perjanjian perkongsian.
(2) Seseorang pekongsi am hendaklah, melainkan jika diperuntukkan selainnya dalam perjanjian perkongsian atau di bawah Akta ini, menjalankan segala fungsi yang perlu dan berkaitan dengan penjalanan aktiviti perkongsian terhad Labuan itu, dan hendaklah menunaikan semua obligasi yang dikenakan ke atas pekongsi am itu atau perkongsian terhad Labuan itu.
(3) Sesuatu harta perkongsian terhad Labuan yang dipindah hak milik kepada atau terletak hak pada atau dipegang bagi pihak mana-mana satu atau lebih pekongsi am atau yang dipindah hak milik kepada atau terletak hak pada nama perkongsian terhad Labuan hendaklah dipegang atau disifatkan dipegang oleh pekongsi am, atau, jika lebih daripada seorang, oleh pekongsi-pekongsi am secara bersesama, sebagai suatu aset perkongsian terhad Labuan itu mengikut terma perjanjian perkongsian.
(4) Sesuatu hutang atau obligasi yang ditanggung oleh pekongsi am dalam penjalanan aktiviti sesuatu perkongsian terhad Labuan hendaklah menjadi hutang atau obligasi perkongsian terhad Labuan itu.
(5) Seseorang pekongsi am hendaklah pada bila-bila masa bertindak dengan suci hati demi kepentingan perkongsian terhad Labuan.
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Find Act 707 on lom.agc.gov.my ↗
Text as at 1 July 2023 (LOM reprint); amendments made after that date may not be incorporated.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
