Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 s 61
s 61 Admission and retirement of partners
(1) In addition to those persons named as partners in the partnership agreement, a person may become a partner of a Labuan limited liability partnership in accordance with an agreement with the existing partners.
(2) A partner of a Labuan limited liability partnership may cease to be a partner in accordance with the partnership agreement, or in the absence of such agreement, by that partner giving thirty daysβ written notice to the other partners of that partnerβs intention to resign as a partner.
(3) Without affecting the generality of subsection (2), a partner of a Labuan limited liability partnership shall cease to be a partner upon the death or dissolution of the partner.
(4) Where a partner of a Labuan limited liability partnership ceases to be a partner, unless otherwise provided in the partnership agreement, the former partner, his personal representative or its liquidator, as the case may be, shall be entitled to receive from the Labuan limited liability partnership an amountβ
(a) equal to the former partnerβs capital contribution to the Labuan limited liability partnership and the former partnerβs right to share in the accumulated profits of the Labuan limited liability partnership after the deduction of losses of the Labuan limited liability partnership; and
(b) determined as at the date the former partner ceased to be a partner.
(5) For the avoidance of doubt, a former partner, his personal representative or its liquidator, as the case may be, shall not interfere in the management of the Labuan limited liability partnership.
Malay text (authoritative)
Penerimaan masuk dan persaraan pekongsi
(1) Sebagai tambahan kepada orang yang dinamakan sebagai pekongsi dalam perjanjian perkongsian, seseorang boleh menjadi pekongsi perkongsian liabiliti terhad Labuan mengikut perjanjian dengan pekongsi yang sedia ada.
(2) Seseorang pekongsi perkongsian liabiliti terhad Labuan boleh terhenti menjadi pekongsi mengikut perjanjian perkongsian, atau jika tiada perjanjian sedemikian, dengan pekongsi itu memberikan notis bertulis tiga puluh hari kepada pekongsi lain tentang niatnya untuk meletakkan jawatan sebagai seorang pekongsi.
(3) Tanpa menjejaskan keluasan subseksyen (2), seseorang pekongsi sesuatu perkongsian liabiliti terhad Labuan hendaklah terhenti menjadi pekongsi apabila pekongsi itu meninggal dunia atau dibubarkan.
(4) Jika seseorang pekongsi sesuatu perkongsian liabiliti terhad Labuan terhenti menjadi pekongsi, melainkan jika diperuntukkan selainnya dalam perjanjian perkongsian, bekas pekongsi itu, wakil dirinya atau pelikuidasinya, mengikut mana-mana yang berkenaan, adalah berhak untuk menerima daripada perkongsian liabiliti terhad Labuan itu suatu amaunβ
(a) yang bersamaan dengan sumbangan modal bekas pekongsi itu kepada perkongsian liabiliti terhad Labuan itu dan hak bekas pekongsi itu untuk berkongsi dalam keuntungan terkumpul perkongsian liabiliti terhad Labuan itu selepas kerugian perkongsian liabiliti terhad Labuan itu ditolak; dan
(b) yang ditentukan pada tarikh bekas pekongsi itu terhenti menjadi pekongsi.
(5) Bagi mengelakkan keraguan, seseorang bekas pekongsi, wakil dirinya atau pelikuidasinya, mengikut mana-mana yang berkenaan, tidak boleh campur tangan dalam pengurusan perkongsian liabiliti terhad Labuan.
Read this section in the full act β Β· Open Chapter 4 β
Find Act 707 on lom.agc.gov.my β
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).
