Commercial Companies Law

Article 69 — Article (69) Management Activities

Part Two: Partnerships · Chapter Two: Limited Partnership

1. A Limited Partner may not get involved in the management activities related to third parties, but may demand a copy of the profit and loss account and the balance sheet, and may verify, either in person or by a proxy who is a partner or non-partner, their contents by way of reviewing the Company's books and records, provided that no damage to the Company occurs as a result of the same. 2. If a Limited Partner violates the prohibition provided for in Clause [1] above, he shall be liable to the extent of all his own property for the obligations arising from his acts. 3. A Limited Partner may be held liable to the extent of all his own property for all the obligations of the Company, if his management activities cause third parties to believe that he is a General Partner. In which case, the provisions concerning General Partners shall also apply to the Limited Partner. 4. If a Limited Partner conducts any prohibited management activities under an explicit or implicit authorization from the General Partners, such partners shall be held jointly liable for the obligations that may arise from such acts.

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