Section 235A(6)

The conditions are— that the scheme is a limited partnership; that the limited partnership is not designated under section 8(2) of the Limited Partnerships Act 1907 as a private fund limited partnership; that the limited partnership— at any time has only one general partner; and on formation has only one limited partner, who is a person nominated by the general partner (“the nominated partner”); that the arrangements constituting the partnership are set out in a deed that is entered into between the general partner and the nominated partner; that the deed prohibits such pooling as is mentioned in section 235(3)(a) in relation to separate parts of the property; and that the deed provides that if an authorisation order is made in respect of the limited partnership under section 261D(1)— the property subject to the scheme is to be held by, or to the order of, a person appointed to be a depositary; the limited partners, other than the nominated partner, are to be the participants in the scheme; and the partnership is not dissolved on any person ceasing to be a limited partner provided that there remains at least one limited partner.

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Source: legislation.gov.uk · retrieved 2026-09-04