26. Assignment of interests

Terms defined in s 2

• distribution

  distribution

  Defined · s 2

  “distribution” means distribution of dividends, profits, returns or refunds of capital by the limited liability partnership, whether in cash or in kind;

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• limited liability partnership

  limited liability partnership

  Defined · s 2

  “limited liability partnership” means a limited liability partnership registered under section 11 or a foreign limited liability partnership registered under section 45;

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• limited liability partnership agreement

  limited liability partnership agreement

  Defined · s 2

  “limited liability partnership agreement”, in relation to a limited liability partnership, means a written agreement between the partners of the limited liability partnership or between the limited liability partnership and its partners which determines the mutual rights and duties of the partners among themselves and their rights and duties in relation to the limited liability partnership;

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• partner

  partner

  Defined · s 2

  “partner”, in relation to a limited liability partnership, means any person who has been admitted as a partner in the limited liability partnership in accordance with the limited liability partnership agreement, and includes a salaried partner whether or not he is an employee of the limited liability partnership;

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