What About the Partners' Decisions in the Absence of Statutory Provisions in an SLP? - SLP XVII - #337-326*

Earlier we mentioned the decisions that specifically have to be taken by the partners in a special limited partnership (SLP - société en commandite spéciale). The partnership agreement should therefore indicate which decisions are not taken by the partners. The form and conditions of these decisions should also be stated. 

However, if the partnership agreement of the SLP is silent:

1- the decisions of the partners are taken: 

• in a general meeting; or 

• through a written consultation;

the written consultation takes place as follows:

• each partner has to receive the text of the resolutions or decisions to be taken expressly stated and shall cast his vote in writing;

2- the decisions are validly taken by a majority of the votes cast (regardless of the portion of interest shares represented);

however, for decisions regarding:

• changes to the company's purpose;

• the change of nationality of the company;

• the conversion or liquidation of the company;

the latter are adopted only by the approval of:

• the partners’ quorum representing 3/4 of the partnership interests; and

• of all general partners;

3- such meetings or written consultations may be convened or initiated by:

• the manager or managers; or by

• partners representing more than half of the partnership interests.

References: Article 320-6 §2 of the law of 10 August 1915 on commercial companies as amended; Partners' Decisions and Partnership Agreement (SLP), April 19, 2021, Bertrand Mariaux, #336-325*.

*Podcast #337

What About Partners' Decisions in the Absence of Statutory Provisions (SLP)? *Article #337-326* *Podcast #337 *YouTube Video 326* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 326* 

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)
Contributor: Cédric Buisine, Avocat

Partners' Decisions & Partnership Agreement - SLP XVI - #336-325*

First, it is important to mention that, with regard to the proportion of voting rights and unless the partnership agreement provides otherwise, the voting rights of each partner are proportional to the partnership interest that each partner holds in the special limited partnership (SLP - société en commandite spéciale). Let us consider the decisions that must be taken by the partners (i) before mentioning certain elements that must be indicated in the partnership agreement (ii). 

I - Decisions to Be Taken By the Partners

The law expressly provides a series of decisions that must be taken by the partners. There are as follows:

1. changes in the company's object;

2. change of nationality of the company; or

3. conversion; or 

4. the liquidation of the company.

II - Decisions Not Taken By the Partners, Forms and Conditions of Adoption 

The partnership agreement shall determine which decisions the partners do not take. The partnership agreement shall also determine in what forms and under what conditions these decisions are to be taken. If there are no stipulations in the partnership agreement in this respect, the law will govern some of these elements, which we will discuss later.

References: Article 320-6 §1 & 2 of the law of 10 August 1915 on commercial companies as amended; Acts Expressly Authorised for the Limited Partner (SLP/SCSp) - SLP XIII, April 8, 2021, #333-322*, Bertrand Mariaux.

*Podcast #336

Partners' Decisions & Partnership Agreement (SLP) *Article #336-325* *Podcast #336 *YouTube Video 325* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 325* 

Partners' Decisions & Partnership Agreement (SLP)*Article #336-325**Podcast #336*YouTube Video 325* To see this publication, go to our blog The VADE-MECUM - ...

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)

Contributor: Cédric Buisine, Avocat

The Partners' Share in the Profits and Losses - SLP XV - #335-324*

The special limited partnership (SLP - société en commandite spéciale - one of the Luxembourg partnerships) offers real flexibility to its partners, due to its contractual nature.

Thus, distributions and reimbursements to partners and the conditions under which the SLP may request their restitution are governed by the partnership agreement. 

Therefore, as the law provides, unless otherwise stipulated in the partnership agreement, the share of each partner in the profits and losses of the SLP is in proportion to his partnership interest.

References: Article 320-5 of the law of 10 August 1915 on commercial companies as amended ; What Is a Special Limited Partnership (Société en Commandite Spéciale) January 14, 2021, #321-310*, Bertrand Mariaux.

*Podcast #335 (see Link on LinkedIn Article)

*YouTube Video 324* 

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)

Contributor: Cédric Buisine, Avocat

The Possibility for a Limited Partner to Act in the Management of an SLP - SLP XIV - #334-323*

In our previous publications we stated that in a special limited partnership (SLP - société en commandite spéciale) one of the specific attributes of the limited partner (LP) is that he is prohibited from performing acts of management with respect to third parties.

If he were to disregard this prohibition, the LP would be held indefinitely, jointly and severally liable to third parties for all the company's commitments in which he had participated.

However, it will be possible for an LP: 

1. to act as a member of a management body; or 

2. to act as a proxy for a manager of the SLP (a manager who may also be general partner as well); or

3. to be granted a corporate signature power by the latter even when acting as a representative of the company.

The LP will be able to act in this manner without incurring joint and several liability vis-à-vis third parties for the company's commitments, provided that the representative capacity in which he is acting is indicated, as required by law.

References: Article 320-4, §6 of the law of 10 August 1915 on commercial companies as amended; #213-202* De la possibilité pour un associé commanditaire d’agir dans la gestion d’une SCSp, 20 juillet 2020, Bertrand Mariaux; #331-320*-Two Specific Features of the Limited Partner-SLP XI-March 24, 2021, Bertrand Mariaux; #328-317-The Liability of the Managers of an SLP (Excl. GP)-SLP-VIII, March 3, 2021, Bertrand Mariaux; #211-200* Responsabilité de l’associé commanditaire (limited partner) et acte de gestion (SCSp), 18 juillet 2020, Bertrand Mariaux; #210-199* Deux particularités de l’associé commanditaire (limited partner) - SCSp, 17 juillet 2020, Bertrand Mariaux.

*Podcast #334

334-323* - The Possibility for a Limited Partner to Act in the Management of an SLP - SLP XIV *Article #334-323* *YouTube Video 323* . . . . . . . .

*YouTube Video 323*

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)

Contributor: Cédric Buisine, Avocat

Acts Expressly Authorised for the Limited Partner (SLP/SCSp) - SLP XIII - #333-322*

In a special limited partnership (SLP - société en commandite spéciale), the principle laid down by the law is that the limited partner (LP) may not perform any management act (acte de gestion) vis-à-vis third parties. The LP is also indefinitely, jointly and severally liable, vis-à-vis third parties, for all the commitments of the company in which he has participated in contradiction to the foregoing prohibition, as stated in paragraph 3 of article 320-4 of the law of 10 August 1915 on commercial companies. Finally, the limited partner is also indefinitely, jointly and severally liable to third parties, even for commitments to which he has not been participating, if he has habitually performed acts of management with respect to them, as the law also states.

But then, how can the limited partner act without incurring liability? The actions authorised for the limited partner and therefore not constituting acts of management (actes de gestion) sanctioned by law are the following:

1. the exercise of the prerogatives of a partner;

2. advice and guidance given to:

   1. the SLP;

   2. its affiliated entities; or

   3. their managers;

3. acts of control and supervision;

4. granting of: 

   1. loans;

   2. guarantees; or

   3. security interests; or

5. any other assistance to : 

   1. the company; or

   2. its affiliated entities; and

6. authorisations given to the managers in the cases provided for in the SLP's partnership agreement for acts which exceed their powers.

References: Article 320-4, §2, 4, 5 of the law of 10 August 1915 on commercial companies as amended; De certains actes expressément autorisés pour l’associé commanditaire (SCSp) - #212-201*, 19 juillet 2020, Bertrand Mariaux.

*Podcast #333

333-322* Acts Expressly Authorised for the Limited Partner (SLP/SCSp) - SLP XIII *Article #333-322* *YouTube Video 322* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 322* 

333-322* Acts Expressly Authorised for the Limited Partner (SLP/SCSp) - SLP XIII*Article #333-322**Podcast #333*YouTube Video 322*To see this publication, g...

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)
Editor: Niki Shillinglaw

Liability of the Limited Partner and Management Act - SLP XII - #332-321*

We mentioned earlier that the limited partner (associé commanditaire) may not perform any act of management with respect to third parties in a special limited partnership (SLP - société en commandite spéciale). It is interesting to note that, as in the case of a common limited partnership (société en commandite simple), the general partner (associé commandité) is in principle jointly and severally liable for the commitments of the SLP.

If, however, a limited partner was to perform any act of management despite the prohibition set out in the foregoing principle, he would be held indefinitely, jointly and severally liable with the SLP, vis-à-vis third parties, for all the commitments of the company in which he had participated.

Finally, the limited partner will also be held jointly and severally liable with the SLP, indefinitely, vis-à-vis third parties and creditors, for commitments in which he has not participated, if he has habitually performed acts of management for the said commitments. We shall see how the concept of management act fits into the framework by addressing in particular what does not constitute a prohibited management act for the limited partner.

References: articles 320-1 (1), 320-4 § 2, 3 et 4 of the law of 10 August 1915 on commercial companies as amended ;  Two Specific Features of the Limited Partner-SLP XI-#331-320*, March 24, 2021, Bertrand Mariaux ; #200-189* Qu’est-ce qu’une société en commandite spéciale ? July 7, 2020, Bertrand Mariaux.

*Podcast #332

Liability of the Limited Partner and Management Act - SLP XII *Article #332-321* *YouTube Video 321| . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI https://mariauxavocats.com/vademecum/f5xrypc59rtxbtkfggffdkzbwy49cr https://www.linkedin.com/pulse/liability-limited-partner-management-act-slp-xii-bertrand-mariaux To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 321* 

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)

Contributor: Cédric Buisine, Avocat

Two Specific Features of the Limited Partner - SLP XI - #331-320*

It should be noted that the provisions applicable to the special limited partnership (SLP - société en commandite spéciale) are identical to those applicable to the common limited partnership (société en commandite simple) in this respect. 

The question of the impact of the ranking as (possible) creditor (in the event that the limited partner (LP - associé commanditaire) enters into a transaction with the SLP) - vis-à-vis the SLP of which - he is a partner is interesting.

I - The Possibility of Entering Into Transactions With the SLP and the Impact of the LP's Creditor Rank

An LP may enter into any transaction with the SLP. Its ranking as a preferred creditor status or not (unsecured creditor) - depending on the terms of the transaction - will not be affected by its LP position. The fact that an LP is an LP of the SLP has no impact in this regard. There is no conflict of interest by that fact alone. There is, however, an important limitation to the position of LP when it comes to the management of the SLP.

II - Can a Limited Partner Perform Management Acts With Regard to Third Parties?

The law is clear: an LP may not perform any act of management with respect to third parties.

References: article 320-4, §1 & 2 of the law of 10 August 1915 on commercial companies as amended; with regard to the société en commandite simple: Deux particularités de l’associé commanditaire (limited partner) (SCS) #189-178*, 27 juillet 2020, Bertrand Mariaux.

*Podcast #331

331-320*-Two Specific Features of the Limited Partner-SLP XI *Article #331-320* *YouTube Video 320* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI https://mariauxavocats.com/vademecum/prgb5h9e8s7d6zcgjh3f4hgalxr9ew https://www.linkedin.com/pulse/two-special-features-limited-partner-slp-xi-bertrand-mariaux To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 320*

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)

Contributor: Cédric Buisine, Avocat

Editor: Hannah Seulgee Jung

Acts of Management Going Beyond the Corporate Purpose and Legal Representation - SLP X - #330-319*

As we have already pointed out in the case of common limited partnerships (société en commandite simple), these are classic company law provisions. The special limited partnership (SLP, société en commandite spéciale in French) will be bound by the acts of its managers even if these acts exceed the corporate object. 

However, the SLP shall not be bound if it proves that the third party: 

(i) knew that such act exceeded the objects of the company; or 

(ii) could not have been unaware of it under the circumstances.

Moreover,  the managers represent the company in relation to third parties and in court, either as plaintiff or defendant.

To go further: article 320-3, paragraphs 5 and 6 of the law of 10 August 1915 on commercial companies as amended; #209-198* Des actes de gestion dépassant l’objet social et la représentation en justice (SCSp); #329-318* Powers of the Managers & Delegation - SLP-IX, Bertrand Mariaux; with regard to the société en commandite simple; article in French  #188-177* Actes dépassant l’objet social de la SCS et représentation judiciaire - Gérance, Bertrand Mariaux.

*Podcast #330

330-SLP-X-Acts of Management Going Beyond the Corporate Purpose and Legal Representation *Article #330-319* *Podcast #330 *YouTube Video 319* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI https://mariauxavocats.com/vademecum/z7mfne2zcs5pce88krg4257f3tb65j https://www.linkedin.com/pulse/acts-management-going-beyond-corporate-purpose-legal-mariaux To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 319*

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)

Contributor: Cédric Buisine, Avocat

Editors: Hannah Seulgee Jung & Nikolai Shillinglaw

Powers of the Managers & Delegation - SLP IX - #329-318

The principle laid down by the law is that: each manager may carry out on behalf of the company all acts necessary or useful for the achievement of the company's purpose.

The partnership agreement of the Luxembourg special limited partnership (SLP, société en commandite spéciale) may restrict the powers of the managers. However, such restrictions are not binding on third parties, even if they are published. 

The articles of association may also mention that one or more managers are entitled to represent the company alone or jointly. And in this case, this clause is binding on third parties under the conditions provided for in Title I, Chapter Vbis of the amended law of 19th December, 2002 on the register of commerce and companies and the accounting and annual accounts of undertakings.

Finally, and still on a contractual basis (in the partnership agreement), the managers of an SLP may delegate their powers to one or more agents who are only responsible for the execution of their mandate.

References: Article 320-3, paragraphs 3 and 4 of the law of 10 August 1915 on commercial companies; #208-197* Les pouvoirs des gérants et la délégation (SCSp), 15 juillet 2020, Bertrand Mariaux.

*Podcast #329

Powers of the Managers & Delegation - SLP-IX #329-318* *Article #329-318* *YouTube Video 318* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI https://mariauxavocats.com/vademecum/hywycpm7r69m5nmsmns77zc6jrnmpr https://www.linkedin.com/pulse/powers-managers-delegation-slpscsp-slp-ix-329-318-bertrand-mariaux To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 318*

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)

Contributor: Cédric Buisine, Avocat

Editor: Nikolai Shillinglaw

The Liability of the Managers of an SLP (Excl. GP) - SLP VIII - #328-317

It is interesting to remember that general partners (GPs - associés commandités) have unlimited, joint and several liability for all obligations incurred by the special limited partnership (SLP - société en commandite spéciale). What about the liability of managers who are not GPs? In this case, general law (droit commun) provisions apply. This implies that these managers are liable to the SLP for the execution of the mandate they have received and for any faults committed in the course of their management.

Joint & Several Liability Towards Third Parties and Towards the Company for Breaches of the Law as well as the Partnership Agreement

The aforementioned managers are jointly and severally liable either:

1. towards the company;

2. towards any third party;

for any damage resulting from infringements of: 

1. the law of 10 August 1915 on commercial companies as amended; or 

2. the limited partnership agreement.

Release From Liability 

The said managers are discharged from liability for offences in which they did not take part under two cumulative conditions: 

1. if no fault is attributable to them; and

2. if they have reported such offences to the management board and the nearest general meeting of shareholders following the commission of the offence(s).

References: Articles 320-3 §2, 320-1 (1) and 441-9 of the law of 10 August 1915 on commercial companies as amended; #207-196* La responsabilité des gérants d’une SCSp (hors associé commandité), 13 juillet 2020, Bertrand Mariaux; the common limited partnership (société en commandite simple - SCS) is subject to the same rules as those mentioned in this article - in this respect, see publication : La responsabilité des gérants de la SCS (hors associés commandités) #185-174*, 22 juin 2020, Bertrand Mariaux.

*Podcast #328

The Liability of the Managers of an SLP (Excl. GP)-SLP-VIII *Article #328-317* *YouTube Video 317* . . . . . . . . #ImpactInvesting , #corporate , #avocat , #ServeAndThrive , #ThriveAndAccomplishYourMission , #MariauxAvocats , #MissionDriven , #MissionDrivenVenture , #alternativeinvestment , #limitedpartnership , #LP , #SpecialLimitedPartnership , #SLP , #SCSp , #sociétéencommanditespéciale, #DFI https://mariauxavocats.com/vademecum/mcjzl8thhl7wd9wd6bynysxzarmanx https://www.linkedin.com/pulse/liability-managers-slp-excl-gp-slp-viii-bertrand-mariaux To see this publication, go to our blog The VADE-MECUM - https://mariauxavocats.com/vademecum.

*YouTube Video 317* 

328-317-The Liability of the Managers of an SLP (Excl. GP)-SLP-VIII*Article #328-317*: https://mariauxavocats.com/vademecum/mcjzl8thhl7wd9wd6bynysxzarmanx *...

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)

Contributor: Cédric Buisine, Avocat

Editor: Nikolai Shillinglaw