California Corporations Code

§ 15904.08

CORP § 15904.08 Effective Jan 1, 2007Title 2 · Ch. 4.5 · Art. 4

Statute text

(a)The fiduciary duties that a general partner owes to the limited partnership and the other partners are the duties of loyalty and care under subdivisions (b) and (c).

(b)A general partner’s duty of loyalty to the limited partnership and the other partners is limited to the following:

(1)to account to the limited partnership and hold as trustee for it any property, profit, or benefit derived by the general partner in the conduct and winding up of the limited partnership’s activities or derived from a use by the general partner of limited partnership property, including the appropriation of a limited partnership opportunity;

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Legislative history

Added by Stats. 2006, Ch. 495, Sec. 20. Effective January 1, 2007. Section operative January 1, 2008, pursuant to Section 15912.04.