Seanad debates
Friday, 6 November 2020
Investment Limited Partnerships (Amendment) Bill 2020: Report and Final Stages
9:30 am
Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source
The only point of clarification is, the voting strength of all the people is determined in the original partnership agreement. That is where it is determined. People can have a majority of shares but the partnership agreement is the one that runs the partnership and they appoint the general partner to do the job on their behalf. So, the partnership agreement decides the voting strength and they sign up to that at the beginning, irrespective of the voting. One could have somebody with a lot of shares but who does not want to have any particular involvement and be totally passive. That is set out in the partnership agreement, not solely on the basis of shareholding and that is agreed when people sign up to the partnership agreement to start with.
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