Article 63 - Financial year of a Limited Partnership
(1) The first financial year of a
Limited Partnership starts from the day on which it
is incorporated and lasts for period ending on the financial year end date
specified in the Incorporation Document falling not less than six months and
not more than 18 months after the incorporation of the Limited Partnership.
(2) The second and any subsequent financial year shall start with the day immediately following the end of the
Limited Partnership's previous financial
year and shall end on the financial year end date in the next calendar year.
Limited Partnership may by notice in the Prescribed Form given to the CRO
specify a new financial year end date having effect in relation to:
Limited Partnership's current financial year and subsequent financial
Limited Partnership's previous financial year and all financial years
subsequent to that previous financial year
where a Limited
Partnership's "previous financial year" means that year immediately preceding its current financial year.
(4) The notice shall state whether the current or previous financial year:
(A) is to be shortened, so as to come to an end of the first occasion on which the new financial year end date falls or fell after the beginning of the financial year; or
(B) is to be extended, so as to come to an end on the second occasion on which that date falls or fell after the beginning of the financial year.
(5) A notice under Article 63(3), stating that the current or previous financial year is to be extended is ineffective, if given less than five years after the end of an earlier financial year of the
Limited Partnership which was extended by virtue
of this Article.
(6) A notice under Article 63(3) may not be given in respect of a previous financial year if the period allowed for laying and delivering accounts in relation to that year has already expired.
Limited Partnership's financial year shall not, in any case, be extended so as
to exceed eighteen months and a notice under Article 63 is ineffective if the
current or previous financial year as extended in accordance with the notice
would exceed that limit.