Article 48 - Registration of membership changes

(1) A Limited Partnership must ensure that:
(A) where a person becomes or ceases to be a General or Limited Partner, notice is delivered to the CRO within 28 days; and
(B) where there is any change in the Name or Address of a General or Limited Partner, notice is delivered to the CRO within 28 days.
(2) A notice delivered under Article 48(1):
(A) shall be in a form approved by the CRO; and
(B) shall be signed by a General Partner of the Limited Partnership or
authenticated in a manner approved by the CRO and if it relates to a person becoming a Limited or General Partner, shall contain a statement that he consents to becoming such, signed by him or authenticated in a manner approved by the CRO.
(3) If a Limited Partnership fails to comply with Article 48(1), the Limited Partnership and every Partner is in contravention of these Regulations.
(4) It is a defence for a Partner who would otherwise be subject to a financial penalty under Article 48(3) to prove that he took all reasonable steps for securing that Article 48(1) was complied with.
(5) This Article does not apply in relation to a Limited Partner of a Limited Partnership that is a Collective Investment Fund registered by the Regulatory Authority.